drink in glassRunning a liquor and spirits store can be a very profitable, small business. Outside of large chains and state-regulated enterprises, small business liquor stores serve as profitable lifelines of business for many American families.

Liquor stores are very high risk businesses. Like all businesses, there are risks associated with retail sales. However, liquor stores contain very sensitive and at times very costly merchandise. The insurance risks are even higher.

When purchasing insurance for your liquor business, you need to consider how much insurance you need and why it is so important to have high coverage levels at your liquor store.

High Coverage Levels

Consider the merchandise you have on hand. Liquor stores actually carry high-valued merchandise.

Liquor, even the most basic grade, often costs a pretty penny. Your store might also carry other items like glassware, storage containers and mixers. That’s not to mention your top shelf liquor, which can run to hundreds of dollars per bottle. Liquor also increases in value with age, making its price go even higher.

Your store also likely has very expensive anti-theft and protection equipment due to the high sensitivity of liquor sales. These are expensive and very strong systems that are not cheap to install or maintain. You want to protect them.

If this inventory were to be stolen, damaged or lost, then you have a high likelihood of losing precious inventory trying to replace these items.

You should consider extra investment in property and inventory damage coverage. Should an incident occur that damages your property or inventory, the high levels of coverage will help to replace the damages.

If you have questions about your business insurance coverage, know that Exceed Insurance is here to help you. If you have questions or concerns, call us today at (855) 539-2333.

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