How To Safeguard Your Bar With the Right Insurance
Restaurant insurance helps protect your bar from events threatening your business continuity and income. Bar insurance policies can be tailored to address particular bar and restaurant environment vulnerabilities and the inherent risks of serving alcohol. Options include protection and policies that cover all aspects of operation. Here are ways to safeguard your bar with the right insurance:
Comprehensive General Liability Coverage
The foundation of your bar’s protection strategy is general liability insurance. This coverage protects you from claims arising from injuries or damage to your property, such as slip and fall accidents. It covers property damage caused by your staff or your operations, or things like cuts from broken glass. Many property owners and event venues often require this coverage before they sign rental agreements with you. Having general liability coverage allows you to focus on your customers and not on potential risks.
Liquor Liability Insurance
Liquor liability insurance focuses on the risks of serving alcoholic beverages to your customers. This specialized bar insurance covers your business when intoxicated patrons harm themselves or others. Liquor liability is required in many states before liquor licenses are granted to alcohol-served establishments. Incidents such as fights between intoxicated patrons leading to bodily injuries are also covered. Legal defense against claims resulting from alcohol related automobile accidents after leaving your bar is included. High-volume occasions such as holiday promotions and tastings can be covered by adding special event coverage. Liquor liability limits can be tailored with the help of experienced insurance agents to meet your specific operation.
Property Insurance
Property insurance covers your physical assets: buildings, bar equipment, and valuable inventory. The coverage includes custom bars, booths, lighting systems, and kitchen equipment. This protection deals with damages from electrical fires, burst pipes, or storm damage. Antique mirrors, artwork, or memorabilia are high-value items that should be appropriately documented and valued. Outdoor spaces such as patios, decks, or parking areas can be covered under property policies as well.
Business Interruption Insurance
Business interruption insurance could provide financial support if your bar cannot operate normally due to various circumstances. Policies pay for ongoing items such as rent, loan payments, and staff salaries. This protection also applies to rebuilding after fire damage or extensive water damage repairs. Some policies cover temporary relocation to alternative premises during significant renovations. Extra expense coverage caters to emergency equipment rentals or expedited shipping fees.
Employment Practices Liability Insurance
Employment practices liability insurance covers your employment decisions and practices. The coverage also covers allegations of wrongful termination, discrimination, harassment, or improper management conduct. This insurance will help pay for legal defense costs. Issues involving full-time staff, part-time employees, and sometimes independent contractors are protected. The coverage may include wage disputes or promotion decisions. Your policy could also include protection against claims from job applicants for discriminatory hiring practices.
Get Bar Insurance
To help your bar or restaurant be successful, get a comprehensive insurance policy. Different types of bar insurance cover particular risks that could lead to significant financial losses otherwise. Regularly review your insurance so your policies can move with the growth of your business and the changes in your needs. Contact an insurance professional to assess your coverage and find ways to improve.