Damages Covered By Liquor Store Insurance & Why You Should Choose Property Coverage.
Running a Liquor Store business has its own set of risks that are difficult to anticipate. Let’s learn about them and also discuss why you need to have Property Coverage as one of your options.
If you own a Liquor Store, you must know the amount of stress involved in running it. Of course, you have to make sure every product you sell is of the highest quality.
Apart from that, you also need to actively ensure that you don’t sell it to the wrong customers or at the wrong time. Selling alcohol to underage individuals or an intoxicated person is prohibited by the law and should be taken very seriously. So is selling it after the legal hours permitted by law.
The customers also might commit a crime, get into an accident, get injured, or pass away under the influence. And such cases can be traced back to your business. In this case, you and your business may also be involved in a lawsuit.
Besides that, there are many other ways your Liquor Store business can cause you financial problems. One of those factors that you often overlook is property damage. Your base Liquor Store Insurance policy may not cover property damage.
So, let’s discuss the various options you can choose for your Liquor Store Insurance and learn how they protect the business.
Types Of Insurance
We will discuss every option in detail and understand how they protect you from the risks.
- Commercial General Liability Insurance (CGL Insurance):
CGL Insurance provides coverage for claims for bodily injuries, property damages, or anything that may hold your business accountable. It is provided to the business owners and anyone else responsible for the business.
The injured person can be a customer, service provider, or even someone passing by the store.
In case your employees get injured on-the-job, Workers Compensation Insurance pays for their medical expenses and rehabilitation. It also covers the loss of income due to the inability to work due to injury.
- Data Protection Insurance:
If your system gets hacked, then your customers’ sensitive information will definitely get leaked. In such cases, your business will be held accountable for data breaches. Data Protection Insurance will settle the claims and keep your finances protected.
When it comes to selling such influencing products, there’s always the risk of huge claims. That’s where your Umbrella Liability Insurance comes in handy. It covers high-value claims and protects your business against financial losses.
Liquor Liability Insurance protects you against third-party bodily injury claims involving your customer. If the customer ends up hurting someone or damaging something, they will have a claim against them. That same claim can be traced down to your business. Your Liquor Liability Insurance covers the cost of such claims.
Let’s assume that your business has to shut down for repairs for an extended period. In such a case, Business Income Coverage will cover the losses caused due to an inactive business by providing you your average income. This will be based on your previous sales records and profit margins.
If a fight breaks out within the vicinity of your store, then your business will be liable for certain damages and injuries. Considering the nature of the business, it’s understandable that this may be a common occurrence. Hence, it’s always wise to choose Assault & Battery Coverage to protect yourself from such claims.
You can’t rely on intoxicated individuals to act civilly. Hence, if you do end up denying them service, then they could end up acting abruptly. This can include damaging your property and vandalism. This is where your Direct Damage insurance comes in. It covers the cost of damages and repairs caused due to such incidents.
When it comes to Liquor Store Insurance, there is one option that you often overlook. That option is Business Property Insurance. That’s because when you usually invest in a Business Owners Policy, you always undermine the importance of Property Coverage. But every Small Business Insurance requires this option as it protects the store as a whole.
Once your store is up and running, it’s your responsibility to ensure everything you have built is well protected. That includes all the property and all the content in the store.
With Property Coverage, your store is protected from damages to the store caused by natural causes or an external source. It also protects against damages due to power failure, fire incidents, damages caused by vandalism and theft, coverage for items lost within the premises, and any other sort of damages.
Closing Thoughts! –
Choosing the right options that are perfect for your business can get tricky at times. Despite all the information we provided here, you may still have questions that are specific to your business.