Owning a franchise can be an exciting venture, but it’s not without its own set of risks and challenges—from financial and operational, to legal and compliance-related. One way to protect your business and gain greater control over your insurance costs is to pool your risks with other franchises in a captive insurance program. In fact, 7-Eleven franchisees did just that in October of 2023, joining forces to create National Captive Insurance Solutions, Inc. (NCIS).
Operating as its own insurance company, NCIS provides general liability, property, crime, liquor liability, and business interruption coverages for franchisees across the 7-Eleven network. Marsh supports NCIS as the program administrator, assisting with insurance placement, financial reporting, regulatory compliance, and more. And, for franchisees, Marsh is your one-stop-shop for access to NCIS and all your insurance needs.
Below we explore four key reasons why you should consider joining NCIS to protect your franchise.
- Built For Franchisees, By Franchisees. One of the primary advantages of joining NCIS is that it’s designed to meet the unique needs of participating 7-Eleven franchisees. The NCIS insurance program was built by those who understand the nuances and risks associated with 7-Eleven franchises, so the insurance premiums reflect your claims experience. When you join, you’ll have access to a Businessowners Package, or BOP, that contains five uniquely-tailored, competitively-priced insurance products—general liability, property, crime, liquor liability, and business interruption. And as an added bonus, Marsh can be your one stop-shop for all your franchise insurance needs, offering additional coverages such as workers’ compensation, excess liability, employment practices liability, and earthquake and flood insurance.
- Stable, Competitive Insurance Rates. NCIS applies a “strength in numbers” approach to risk management. When you join the captive, you share your business risks and losses with other 7-Eleven franchises. This approach helps ensure NCIS isn’t at the mercy of the standard insurance market and empowers the captive to negotiate more favorable insurance premiums for all franchisees, essentially saving you money in the long run.
- Compliance With Your Franchise Agreement. When you obtain coverage through NCIS, you can rest assured you’re satisfying a key insurance requirement in your franchise agreement. Not only that, you’ll also be able to eliminate the administrative step of providing proof of coverage to 7-Eleven Corporate—Marsh will handle that for you.
- Valuable Guidance And Insights From Leading Risk Advisors. Joining NCIS unlocks valuable guidance from the experienced risk professionals at Marsh. Marsh is focused on working with NCIS to help simplify the insurance management process, so you can focus on running your business. A global leader in insurance broking and risk management with more than 150 years of experience, we’re uniquely qualified to help you protect your business and identify new opportunities to mitigate risk.
Marsh is the exclusive administrator of the 7-Eleven® Franchisee Insurance Program. We can help you protect your franchise with comprehensive business insurance and quality customer service.
Not a current member of National Captive Insurance Solutions, Inc.? Let’s talk. Give us a call at +1 (855) 546-5361 to speak with one of our dedicate account managers. We’ll review your policy and explain the available coverage options.