Bar insurance is a type of business insurance that is designed specifically to shield against the potential liabilities and risk factors associated with running a bar, tavern, or nightclub. There are several risks associated with running a bar, including property risks, liability issues, and employee incidents. Here is more information on bar insurance and some reasons why owners should get this type of coverage:
Types of Coverage
There are several types of coverage in bar insurance, or business owner’s policy (BOP), that a bar owner needs to help the business survive. The policy gives bar owners a broad scope of coverage to protect them from the financial losses that could result when operating a bar business. Some parts of this BOP insurance include:
1. General liability insurance:
This type of insurance offers broad coverage for bars. It covers injuries to patrons and damage caused by the owner, equipment, or employees. General liability insurance assists with medical bills and legal proceedings if a patron is injured on the bar property. This could include accidents like slips and falls or an employee spilling a hot beverage on a customer.
2. Liquor liability insurance:
Businesses are liable for the damages a drunken customer may cause if the bar served the customer alcohol. An intoxicated individual may cause injury to the owner, staff, other patrons, or property. In these cases, liquor liability insurance will cover the legal costs accrued during a lawsuit. The insurance company pays for the settlements and applicable medical bills.
3. Commercial property insurance:
Property insurance covers you against physical damage to the bar or property within the bar. This can include the building itself, furniture, and equipment. In case a mishap like a fire, theft, vandalism, or a natural disaster were to take place, the business can continue to operate.
Reasons for Coverage
Owning a bar can be a profitable venture., but it needs to be protected against potential lawsuits. Bar owners may experience significant financial losses from liability lawsuits, property damage, or other unforeseen events. Comprehensive business owner insurance for bar owners protects them against multiple risks and liabilities so they can run their business with fewer worries.
Choosing the Right Coverage
Every bar will not need the same type of insurance coverage. Bar owners should reach out to a bar and restaurant insurance agent to learn about their options. These agents will help them tailor their coverage based on all aspects of their business for comprehensive protection. The types of insurance should take into account the building size, the type of bar, and the allowed number of alcoholic drinks served.
Get Bar Insurance
Getting bar insurance is necessary when operating bars, nightclubs, or taverns so everyone can feel protected in case of accidents or injuries. Needed insurance policy coverage can include general liability, liquor liability, property, and workers’ compensation. These policies allow a bar to operate and survive after injuries, damage, or natural disasters. Talk to an insurance agent about what kind of bar insurance your business needs.
