Bar Insurance
A bar or drinking establishment is a very lucrative business that has a share of challenges. Bars follow strict liquor laws in different states, especially when it comes to the franchise business. It has meant small businesses can operate. Alcoholic drinks are primarily served, with some establishments serving food and snacks. Insurance is a necessity for protecting your business.
Bars feature activities like contests, promotions, “happy hour” where drinks are sold at discounted prices, ladies’ night, live entertainment by music bands, all-comedy night, etc. Some bars have a dance space or a dance area where local DJs entertain customers as they dance and enjoy their drinks.
Insurance policies for your bar helps protect your establishment from lawsuits and claims.
Cost of buying Insurance for your Bar
The following factors determine the cost of insurance. Location, size of establishment, operational hours, drinks inventory, number of employees, experience, and claims history.
Liability Insurance for a Bar
Bar insurance can provide the safety net you need if a claim is filed against you. It will cover your legal fees and settlement costs, protecting you from financial ruin.
Types of Bar Insurance
General Insurance Liability
The policy pays claims resulting from bodily injuries and property damage within or outside your bar, such as parking.
Liquor liability coverage
The policy covers damages caused as a result of alcohol intake in your establishment.
Assault battery coverage
If there’s a brawl in your bar and a customer gets injured, the policy covers property damage and bodily injury resulting from the fight.
Types of Property Coverage for your Bar
The following coverages are needed in addition to the above.
Building coverage-the policy covers claims resulting from damage caused by fire, theft, and vandalism.
Content policy insurance -covers the items and types of equipment in the bar, such as the music system, furniture, computers, pool table, TVs, and speakers.
Lost income policy- If your bar is closed due to covered damage, this policy ensures your bar stays afloat. It covers the lost income of the bar.
Flood insurance– Is your bar located in a flood-prone area? This policy covers damage brought on by floods.
How to cover your employees
workers compensation– protect your employees if they suffer a work-related harm or injury. It covers for medical care and lost income while they seek treatment.
To get the ideal amount of insurance coverage for your establishment, it is essential to consult a reliable insurance agent to advise you on the right coverage for your business.