Types of Bar Insurance Coverage
As profitable as a well-run bar or tavern can be, there is also potential for costly liability claims due to a large amount of people drinking in a relatively small area. For example, harm that comes to property or people due to someone drinking at your establishment could cause a lawsuit to your business. Sometimes, these lawsuits are large enough to shut a small tavern down. Here are the different types of coverage you may want to look at in the tavern insurance market.
Commercial property insurance is one kind of insurance you will need to protect your business. This coverage protects against losses resulting from physical damage to your property, such as the building as well as the property inside. You can base the insurance off of its actual value or the cost of replacing the property. Getting replacement cost coverage can be more expensive, but it can be a lifesaver if there is a large incident in your bar and you need to replace a lot.
General liability coverage protects your business against claims or suits by patrons or other third parties, and liquor liability coverage protects against claims involving the sale of alcohol. Both of these are important to find in the tavern insurance market. Be sure to look into these and more.