Providing alcohol serving or selling services in your business can come back to bite you if you don’t have the right Liquor Insurance policy.
This blog will help you find the perfect match for your business.
Businesses that indulge in selling or serving alcohol often take a lot of risks. You can’t always predict the kind of customers you might face in your day-to-day business. You also can’t forecast any incident that may occur. These incidents can lead to property damages and claims. That’s where your Liquor Insurance comes in handy.
Whether you’re getting insurance for liquor stores, restaurants, hotels, pubs, bars, or cafés, you need liability coverage. Especially if you serve alcohol, then you need Liquor Insurance to protect your business. Of course, when it comes to liquor stores, your Liquor Store Insurance covers the same risks. But you will still need more Liability Insurance Coverage to stay completely protected.
So let’s learn more about the different risks any business faces when they sell or serve alcohol. We will also talk about various Liability Insurance Coverages that will help these businesses.
There are several risks a business owner can face for serving or selling liquor. These can come from your customers and employees. Let’s check out some of the most common risks.
- Assault And Battery: When the emotions run high, an intoxicated customer or guest can get into a brawl with your employees or other patrons. In such cases, there is a very high chance of a fight breaking out in your establishment or elsewhere. While intoxicated individuals may not have control over their actions, they will face the consequences later. Any assault and battery charge against your patrons can affect your business. Claims for such cases usually consist of medical bills, rehabilitation support, and other charges. While the customer is usually responsible for the incident, your business will also be held equally responsible for it.
- Underage Drinking: It’s common for businesses to ask their customers for ID cards to verify their age and eligibility to be served alcohol. However, there is a chance your employees miss this step when there is a rush in the store. There are also cases of fake IDs provided by the customers that are difficult to verify. In such cases, if the underage individual gets caught drinking, then the business responsible for selling liquor to them is also held responsible. As underage drinking is a major crime in the country, your business will need to pay huge fines for being involved in this incident.
- Driving Under Influence: It’s a well-known fact that intoxicated individuals are not allowed to drive as per the law. Driving Under Influence or DUI is a very grave crime that can lead to very high fines and imprisonment. Moreover, if the individual causes any damages while DUI, they will be held liable for the repairs. Any business that allows such an individual to drive will also be held equally liable. It’s always advisable to confiscate the intoxicated individual’s keys and get them a cab ride home.
Suggested Liability Insurance Coverages As Per Business
Apart from Liquor Insurance, certain businesses will require other types of Business Liability Insurance coverage to protect their business. Let’s learn about them.
- Liquor Store: Liquor Store liability is not limited to just the Liquor Insurance. There are other commercial general liabilities that the business will require. These include Property Damage Insurance, Umbrella Liability Insurance, and Commercial Property Insurance. There are some other Liquor Store Insurance premiums that will also be helpful during such incidents. But their requirements may vary business-to-business.
- Restaurant: Restaurants that serve alcohol usually can get Host Liquor Liability Insurance with Restaurant Insurance. Apart from General Liability Insurance, they will also need Risk Management Insurance, Bar Insurance, and Commercial Property Insurance. If a restaurant indulges in risky activities like Flambe, and Table-Side Services, then they should also opt for Umbrella Liability Insurance. Apart from that, Assault And Battery Coverage is also highly recommended.
- Hotels: Hotels that offer alcohol services should definitely have a substantial investment in Business Liability Insurance. To get maximum coverage, they should get elaborate General Liability Insurance and Umbrella Liability Insurance. Moreover, the hotel would also require a variety of extensive Liability Insurance coverages that protect their establishment.
The Last Sip Of Tips
Insurance is a key investment for every business. But knowing what kind of insurance you need is also very important. So, when you’re getting Liquor Store Insurance coverage, Restaurant Insurance, or even Hotel Insurance, just make sure that you get the right guidance. Only then will you be able to get the perfect coverage for the lowest price possible.
Speaking of the right guidance, we are here to help you with that. With over 20 years of experience and thoroughly professional insurance experts, you will get all the tips and advice you need to find the perfect plan for you. Just call us at 855-5EXCEED or write to us at [email protected] for any questions and queries.