tavern insurance market.
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As the owner of a bar, you understand better than most how dangerous the hospitality industry can be. Bar fights, accidents in the bathroom, property damage and assault and battery are the least of your concerns. In addition to worrying about what your patrons do while in your establishment, you also have to worry about what they do once they leave. Are they going to cause a car accident? Will they injure someone while inebriated? Though you cannot control what happens when patrons leave your bar, you can control what happens to you in the event that an intoxicated patron causes more problems than you could have imagined, thanks to the tavern insurance market.
Bar and tavern insurance is designed to prevent bar and tavern owners from assuming liability for something that an intoxicated person did after leaving the bar. Unfortunately, the law states that when an inebriated person wreaks havoc, the person or establishment who served him or her the liquor could be held financially liable. If the drunk person causes a car accident, assaults another person or damages another’s property, the liquor establishment could be on the hook for thousands to tens of thousands of dollars. Most drinking establishments don’t have that kind of dough, which is why the tavern insurance market was created.
If you don’t want to be on the hook for damage caused by somebody else, do yourself a favor and get the coverage you need today.
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.