If you operate a pub, nightclub, or tavern, you might need coverage to protect your business from financial losses or lawsuits. Depending on your bar’s risks, a qualified agent can help you choose a sufficient policy that shields your business. Here is more information about the different types of bar insurance coverage:
General Liability Coverage
General liability coverage protects your bar from the legal and financial risks of operating this type of business. This type of bar insurance helps pay for medical costs if a customer slips and falls on a wet floor or if an incident arises with an intoxicated patron. This also covers repair and replacement expenses if your staff damages a customer’s property. General liability insurance pays for legal fees, court expenses, and compensation if someone sues you after an incident occurs in your establishment. With this form of coverage, you don’t have to use your business finances to cover any costs related to lawsuits or hospital bills.
Property Insurance
Your building, equipment, and inventory require financial protection from fire, theft, or natural disasters because they could occur any time. Property insurance lets you fix or rebuild your bar if a storm or fire damages it and causes losses. This type of coverage also buys furniture, refrigerators, and ovens if someone steals or vandalizes them. Insurance covers the cost of buying new stock if a flood ruins your bar’s inventory or property. To access this compensation, you file a claim with your insurer so that they can assess the damage.
Liquor Liability Insurance
In many states, they require bar owners to have liquor liability insurance to protect against claims arising from alcohol-related incidents. Some places have laws that require bar businesses to buy this coverage to obtain a liquor license. This insurance is useful if a customer drinks excessively and harms themselves or others within your company. With this coverage, you can settle the costs of any legal claims or damages instead of using money from your establishment. If an incident occurs, having this coverage allows you to pay for medical expenses and lawsuits, protecting your reputation.
Workers’ Compensation Insurance
Workers’ compensation insurance pays for associated medical costs if any of your employees gets injured while working. Most states also require this type of insurance. If your staff gets injured and cannot work for some time, this coverage replaces a percentage of their wages until they recover. This coverage also pays for legal fees and settlements if an employee sues your bar due to injury. To help your employees recover, workers’ compensation insurance covers physical therapy and rehabilitation costs. When reviewing your policy, an agent checks the business’s size, employee roles, and safety measures to help you buy sufficient coverage.
Buy Adequate Bar Insurance Today
As your bar grows and serves more customers, you can work with an agent to review and update your policy. If you need help finding sufficient coverage, talk to an insurance professional who can talk you through everything. Call an insurance agency today for more information to get covered by bar insurance.
