If you own a bar, you need insurance to protect your building, equipment, patrons, employees, and yourself. Bars and other establishments that serve liquor may need additional insurance coverage that other businesses do not need. Here is a guide to the common types of insurance for bars.
What Type of Insurance Does a Bar Need?
1. Property Insurance
Property insurance is vital for all businesses, including bars. This type of insurance covers the building itself as well as property used within the building. For bar owners, this might include beer taps, refrigerators, glassware, and furniture. Your property insurance policy can be enhanced with various options, including replacement cost coverage; this would pay out the replacement cost of damaged, destroyed, or stolen property rather than its actual cash value at the time of the loss. Business owners can also add on business income coverage, which will replace lost income if your bar needs to be shut down or remodeled after a disaster. Flood and earthquake insurance can also be added to your policy.
2. General Liability Insurance
General liability insurance can protect your bar from third-party claims against accidents and oversights that might otherwise devastate your business. Common risks include customer injuries — such as a slip-and-fall accident in your established — or damaged customer property.
3. Liquor Liability Insurance
In many states, you will need liquor liability insurance to obtain a liquor license. This type of insurance provides coverage for legal fees, settlements, and medical costs if your establishment sells alcohol to an intoxicated person who then harms other people or damages property. Laws vary by state as to who is responsible in such situations.
If you are shopping for insurance, turn to the experts at Goggans Insurance in Scottsboro, AL. For over 30 years, this reliable insurance agency has provided businesses and residents throughout Jackson County with affordable policies that fit their specific needs. Call (256) 574-3440 to get a quote, or visit their website to learn more about their services.