Most new business owners treat insurance like a boring afterthought—until it wipes out a year of profit in a single day. I know, because it happened to me.

CONNECT WITH THE GUEST - WADE MILWARD https://www.protectmyfranchise.com

CONNECT WITH THE HOST – TY MCBRIDE

LinkedIn:   / tymcbrideokc  

Preservan Franchise Info: gopreservan.com

On today’s episode of Entrepreneurship Through Franchising, we’re breaking down what every future business owner needs to understand about risk, coverage, compliance, and hidden exposure BEFORE they invest. I’m joined by Wade Millward, founder and CEO of Rikor Insurance Consultancy, one of the few people in the country who truly understands where business owners get blindsided. Wade has placed over $100M in premium and specializes in helping franchise systems and small business owners avoid costly mistakes—from incorrect liability policies to subcontractor COI disasters. In this episode, you’ll learn: Why insurance is not just a box to check How to read the FDD (Item 7 + Item 8) to understand true startup and operational risk The single biggest insurance mistake first-time owners make What to ask the franchisor during discovery to uncover hidden risk How to validate insurance assumptions with existing owners The subcontractor trap that quietly destroys margins How businesses get hit with surprise audits and massive premiums What insurance you actually need on day one in home services Why some business models aren’t viable in certain states due to insurance alone How Rikor helps owners get clarity long before they sign If you’re evaluating a franchise or thinking about buying a business, this is the insurance masterclass you didn’t know you needed. Understanding this before you invest can protect your capital, your sanity, and the future of your business.