How to Customize Bar Insurance
Bar insurance is a type of insurance policy that protects bar owners from risks associated with owning a pub, nightclub, or tavern. These risks include potential lawsuits from bodily injuries when an accident happens on your premises. It also can include workers compensation and property damage. The insurance policies are customizable to suit the specific needs of your establishment. Here are tips and guidelines on how to customize bar insurance:
Understand Your Risks
Understanding the risks of owning a bar will help you choose a bar insurance coverage that covers all assets, including your workers, customers, property, and valuables. Your hours of operation and type of services you offer determine the potential risks. With serving alcohol, there is a chance of intoxicated patrons slipping and falling. If you host live events and entertainment, there is a chance of property damage. Bar insurance covers these instances.
Your location is another determining factor when assessing possible risks. If you operate from an area that is at risk for natural disasters, or has a higher crime, you should choose property protection coverage. Most states require workers compensation to cover workplace injuries. Evaluating all risks will help you customize a package that meets your bar’s specific needs for maximum protection.
Understand Different Policies
Bar insurance may include different coverages to protect against varying risks and liabilities. By understanding these options, you’ll be able to select the best policies for your establishment. The common policies include:
General Liability
This coverage protects your bar from multiple potential risks. It caters to damages caused by an employee’s actions, or faulty equipment. The policy protects against claims from customers or other third parties for bodily injury, personal injury, or property damage. For example, if a patron slips and falls on a wet floor on your premise, the injured may sue you for medical expenses incurred.
Property Insurance
Your business premise, equipment, and inventory are at risk of damage caused by fire, theft, vandalism, or malfunctioning freezer. Repairing and replacing the damaged property may take a financial toll on your business and in severe cases, may result in a closedown. Property insurance caters to these expenses, which helps your bar to get back on business without disruptions. When getting a property insurance, assess the location of your bar and the value of inventory and equipment that needs covering.
Workers’ Compensation
To succesfully run a bar, you need servers, bartenders, and other workers for smooth operation. Most state laws require employers to have a workers’ compensation. It protects employees from work-related injuries like burns, cuts and falls. The policy coverage goes to medical expenses and lost wage during recovery.
Liquor Liability Insurance
This policy is useful for any business serving alcohol. It protects your business from claims emanating from liquor-related incidents, such as DUI accidents. It also protects you from liability when sued for overserving patrons.
Consult a Reputable Bar Insurance Provider
Customizing bar insurance sees that every aspect of your business is covered from unforeseen circumstances. It gives you peace of mind knowing that you are financially protected, and that your workers and customers have a safety umbrella. Consult a reliable insurance agency for guidance. The providers will evaluate your needs and discuss the necessary policies to tailor a plan that covers your bar adequately.