- As a bar owner, you are responsible for the safety of your patrons and your employees. If a customer has a little bit too much to drink and crashes his car on the drive home, your bar could be sued to the tune of millions of dollars.
- If an employee gets hurt on the job, it’s your business that will have to pay. With so many potential risks, it’s absolutely essential that you take the right steps to insure your bar and protect your business interests.
Here are some key bar insurance tips every tavern owner should heed:
1. Get liquor liability insurance
- Serving alcohol to customers comes with a laundry list of risks. A buzzed customer could get in a fight and hurt another patron. Or he could get behind the wheel of his car and cause serious damage or even death to himself or someone else. And all of this can end up with the blame planted firmly on your shoulders.
- Liquor liability insurance protects your business against such lawsuits stemming from the actions of intoxicated patrons. Yes, liquor liability coverage can be costly (that’s why only about 35% of bars that should have this coverage actually purchase it), but it is one of the most important investments you can make.
- Without it, all it would take is one lawsuit to bankrupt your business and leave you broke.
2. Take steps to create a safer workplace
- Not only will a safer workplace keep employees safe and limit your risk, but it could also qualify your business for credits that reduce your insurance premiums.
- Eliminate hazards and make safety training a priority with your team. All of this will help you keep your costs down.
3. Work with an experienced bar insurance agent
- Running a bar is unlike any other business venture. It comes with its own challenges and unique set of risks.
- The average insurance agent won’t understand the bar business and might not be able to set you up with the right coverage you need to truly be protected on all levels.
- Make sure you choose an insurance agent with extensive experience working with hospitality businesses so that you can be sure you’re getting the right bar insurance coverage for your needs.
4. Review your policy regularly
- Over time, your business will grow and change. So too will your bar insurance needs.
- Make sure you and your agent get together annually to review your bar insurance coverage to make sure it still fits your business’s needs.
- Make sure you have the right bar insurance coverage for your business by speaking to the experts at Food & Beverage Insurance Agency. For over 15 years, we have been working with bar and restaurant owners to customize insurance policies that fit their unique needs. Learn more at www.MyBarandRestaurant.com.
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