The Michigan specialty insurance brokers at MFE Insurance created a blog educating on what kind of restaurant insurance policies franchise owners should acquire. Franchisees should always acquire their own insurance policies, as the franchiser's policies will likely not cover incidents that occur in a franchised restaurant.

Owning and operating a franchise means that every day is a learning experience with new challenges to meet. Among those challenges are the many liabilities that a restaurant faces on a daily basis. If you aren't properly covered by a comprehensive suite of insurance policies, you may be at risk for losing thousands of dollars in lawsuits, medical payments, or replacing damaged goods. As a franchisee, protecting yourself with strong insurance policies can help you continue operating instead of using your money to financing unexpected costs.

There are several insurance policies you may want to consider purchasing for your restaurant. Property insurance protects your building and other property in the event of a fire or smoke wind, and hail damage in addition to vandalism and theft. If your equipment is damaged or breaks unexpectedly in other situations, equipment insurance will help you replace it. Spoilage insurance will reimburse you for the cost of damaged perishables if the power goes out, while product liability insurance helps you handle cases in which a guest becomes ill from your food. Some types of insurance, such as workers compensation and liquor liability insurance, may be required. These help employees pay for medical bills if injured on the job and protect your finances if an intoxicated patron causes harm to themselves, another person, or to your property. Several other insurance policies are available depending on your restaurant's unique needs.

Speak to the restaurant insurance brokers at MFE Insurance for more information and how to acquire any of the insurance policies above. The agency's experienced brokers can help you choose a customized insurance package that protects your employees, guests, property, and more, ensuring that you are able to pay for medical expenses and legal fees without overburdening your business's finances. For more information, contact MFE at 213-266-7990 or online at https://www.mfeinsurance.com.

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