Comprehensive bar insurance protects you against potential risks your business faces. You can get coverage for general and liquor liabilities, commercial property insurance, and workers’ compensation. The insurance also covers business income, assets, and employees and pays for lawsuits or medical bills from injury. Here’s why every bar owner should explore comprehensive insurance:
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Pays for Liability Claims
Liability claims may be costly, especially if patrons suffer serious injuries. Bars are inherently high-risk environments where intoxicated patrons might have altercations, which can lead to customer injuries, property damage, and lawsuits. Bar insurance includes a general liability policy that covers medical expenses and lost income, as well as a liquor liability policy for claims related to alcohol-induced incidents.
Many States have laws that require you to carry adequate general and liquor liability insurance. The coverage could protect your bar if you serve alcohol to a visibly intoxicated person who then causes harm to themselves or others. You can purchase assault and battery liability insurance to protect the bar from losses due to fights. Liability insurance policies may also pay for slander and libel and usually cover legal fees paid to attorneys and courts.
Protects Employees and Executives
Comprehensive bar and tavern insurance protects you from all employee-related liability claims. You can purchase workers’ compensation insurance to protect your bartenders, servers, and employees against work-related injuries. The insurance pays for medical expenses and lost wages if an employee is injured at work. Labor laws require you to offer adequate workers’ compensation to avoid negligence lawsuits.
You can also purchase D&O insurance to protect your business, directors, and officers from any potential wrongdoings of executives. Other policies of bars and taverns include errors and omissions insurance, which covers professional errors, like inaccurate expert advice. Such policies protect the workforce and business from out-of-pocket payments during litigations. You can also protect your bar against employee claims of harassment, discrimination, and wrongful termination.
Covers the Cost of Property Damage
Bar property insurance protects your commercial building, equipment, and inventory from fires, vandalism, and natural disasters. Your restaurant may be vulnerable to losses related to stolen cash or equipment, break-ins, and property damage. Losing expensive liquor or wine and ingredients costs will be costly for your business. A refrigerator or freezer malfunction can also lead to the loss of inventory. Such incidents disrupt your operations, resulting in costly downtimes and loss of income.
Property insurance allows you to repair damage, purchase new equipment, and restock inventory without financial strain. You can customize coverage to feature specific risks and perils you want to protect your bar against. Insurance providers also offer business interruption policies to cover closures caused by equipment failure, natural disasters, and other covered incidents. The insurance covers ongoing expenses like rent and wages until you reopen the bar.
Purchase Adequate Bar Insurance Today
Bars face many risks, and complying with standard requirements for liquor liability and workers’ compensation may not be sufficient. You should discover the risks your bar is exposed to and buy comprehensive insurance addressing those areas. Contact a bar insurance provider today to learn more about their packages.