Bottles of Wine

If you operate a liquor store in Indiana, you are part of a nationwide industry worth more than $45.5 billion. The Hoosier State has 359 licensed retail liquor stores, roughly 1 for every 3,500 residents.Whether you own a store in Evansville or Indianapolis, you likely play a part in your local economy.

Like every business, liquor stores face hazards. A common threat to most businesses is fire, and liquor stores are not immune. On the contrary, alcohol is a flammable substance, so fire risks are more severe in liquor stores. Should a fire break out, it could accelerate to uncontrollable levels very quickly. The store owner might need to turn to their liquor store insurance coverage for recovery assistance.

Fire Protection in Business Insurance

Liquor store owners need several variations of business insurance in case of fire. Each type of coverage will play a unique role in minimizing financial losses.

  • Building Insurance: If you own your store's building, enroll in this coverage. This protection can cover the structure and may also extend to detached buildings. Make sure you have policy limits that cover the value to rebuild the structure.
  • Property Coverage: A liquor store is a lot more than just a building. It may have inventory, shelving, business supplies and computer systems. Should a fire occur, this coverage can help you replace or repair damaged items.
  • Business Interruption Coverage: You may not be able to operate your liquor store when it’s undergoing repairs after a fire. This protection can essentially help you pay the bills during the repair process.
  • Workers Compensation Coverage: If a fire injures your employees, they’ll need to seek medical attention. Should an employee miss work to recover from these injuries, this coverage can supplement their income. Most business have to offer this coverage by law for work-related injuries.

Remember, each type of insurance will work along with the others to help you manage your costs after a fire. Talk to your insurance agent about the best ways to combine your coverage to have maximum protection.

Preventing Store Fires

No one wants to have a fire in their liquor stores, so owners should do their best to prevent them. A variety of proactive steps exist, such as:

  • Installing fire alarms and suppressant systems throughout the business
  • Banning smoking and open flames on the premises
  • Having an emergency procedure in place to immediately respond to fires
  • Storing your alcohol in safe manners to reduce flammability

If a fire does start, you should have resources to try to control it. However, if things escalate, immediately contact the fire department and your insurance company. The faster your response, the better your chances of controlling damage.

Exceed Insurance has plenty of liquor store insurance options. Contact us to learn more!

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