Restaurant insurance is a must have for most bars. Because you are serving some type of food product, even if it is an alcoholic beverage, you need to have the property insurance in place to operate your business. Bars, taverns and other alcohol establishments have unique needs from traditional restaurants and your business insurance needs to reflect the risks of your establishment. The good news is that if you are working with the right insurance company, this does not have to be hard to do. There are a few things to keep in mind.
General Liability Insurance
Perhaps the most valuable of components of your restaurant insurance could be general liability insurance. It can help to protect you from lawsuits and claims made against your company from non-employees. This may come from accidents such as slips and falls, property damage claims and advertising losses. In a bar, you’ll need to protect against liabilities related to accidents. Generally, the cost for liability insurance can be the highest for bars. The median policy limit for these types of policies is usually about $2 million but you can add to this as well.
Liquor liability insurance is also an important additional component. This coverage is necessary for any bar or tavern that has to maintain a liquor license. Most states require this. It helps to cover the business from lawsuits and claims made against them related to things like intoxicated patrons who end up going on to hurt someone else or damaging property.
Protecting Your Valuables and Assets
Further business insurance may be necessary for most restaurants and bars. You may also need to consider:
- Business Owners Policy, which works to protect your business from losses related to your business’s property. It may also provide you with financial protection for other needs you have such as workers’ compensation claims, contents protection and any commercial auto insurance you need.
- Umbrella insurance adds more liability insurance. Generally, this adds an additional $1 million of liability insurance.
Restaurant insurance needs to represent your establishment. With bars, which have a higher risk of liability claims, need more coverage in that area. Customized business insurance like this can help to keep your company operational even when you are faced with numerous losses from such claims.
Get the right coverage for your establishment. Call Exceed Insurance at (855) 539-2333 for more information on the restaurant insurance policies we offer.