Bars & taverns, like any other business, must run with the right kind of insurance to protect their assets, reputation, staff, and customers. Not only is alcohol served to people who come in, creating plenty of potential liabilities, employees also need insurance coverage for their own well-being.
Bars & taverns need multiple layers of insurance to stay safe and keep everything running smoothly while also avoiding major risks and financial fallout. Here are the different types of insurance that bars & taverns can invest in to make sure they stay in line.
1. Property Insurance
One of the main perks for having property insurance is that it will protect bars & taverns from losses resulting from physical damage to a property. This type of insurance can provide coverage for the physical building as well as personal property that is used within an establishment.
2. Replacement Cost
Another option of property insurance is that it can also be covered with actual cash value or its replacement cost. Many owners of bars & taverns will choose replacement cost, even though it is more expensive. The reason for this is that it is a good investment if a business suffers a large loss.
3. Flood and Earthquake
If bars & taverns lie in an area that is susceptible to natural disasters like floods and/or earthquakes, it would be in an owner’s best interest to get insurance for that specifically. Flood insurance can be purchased as well as earthquake insurance to ensure a business will be covered in the worst case possible.
4. Business Income
To protect a property against lost income that they may lose in the event of a major disaster at a bar, owners may want to pick up a business income coverage option. This will protect their income while remodeling their building during its shutting down.
5. Liability Insurance
There are two separate types of liability insurance for bars & taverns that they will need to have in order to operate. First there’s general liability insurance, which will protect a business when a third party claims they received an injury on the property in question. If a customer were to slip and fall, breaking or hurting an ankle or wrist, for example, this type of insurance would protect bars & taverns.
Another type of insurance is liquor liability insurance, which comes separate from general liability. In order to get insurance for an establishment that serves liquor, this kind of liability insurance will need to be purchased.
About American Team Managers Insurance Services
Founded in 1998 by Chris C. Michaels, American Team Managers Insurance Services (ATM) has provided wholesale and MGA services to more than 5,000 independent insurance agents throughout the United States. Our goal is to establish close, long-term relationships with our agency partners and insurance carriers and provide competitive products for the Exclusive and Non-Exclusive markets that we serve. For more information on our products and services, give us a call at (877) 671-7503 to speak to a representative.