Do you want to know how you can manage your Liquor Store Insurance Coverage better?
Then we highly recommend you to read this blog before your finalise your Liquor Store Insurance.
It doesn’t matter how big or small the business is; avoiding claims is always high on the priority list. Not only the natural and unexpected disasters but also other claimable incidents that occur in situations that you could have prevented.
This also applies to liquor store businesses. Many insurance claims against your liquor store fall under incidents.
Incidents that you could have evaded if your business had functioned more efficiently.
Your business can overcome these obstacles by following some small safety measures. But the fact is, what may seem like an apparent error in the process for others might not always catch your eye. So it’s always good to have a second opinion. Especially when it comes to the way your business works.
That’s where this blog comes in. Please continue reading to learn how you can avoid claims at your liquor store business.
Intoxicated CustomersThe first and most important tip comes under customer safety. You should make sure every customer is in a sound condition before providing them alcohol. Even if they seem slightly intoxicated, you should avoid selling them anything. Post-purchase incidents and third-party property damages are common Liquor Insurance claims. Property damages can also lead to Property Damage Insurance claims.
Entry And Exit Points At Liquor StoreMaking sure that your store has definite points of entry and exit is extremely important. It would be best if you also marked them appropriately for the customers to follow. This ensures that the customers know the exit route if there is an emergency. A proper process minimizes injuries and casualties while also keeping the business flowing smoothly. Moreover, it also leads to fewer claims.
Emergency LightingIt would be best to prepare for situations where your business experiences a power outage or any other external obstacles. In such cases, installing emergency lighting, especially around the entry and exit points, is important. This will help guide the customers out of the store without risking any major injuries or theft.
Clean FlooringMaking sure that your floors are clean and dry will reduce the risk of incidents. Considering the nature of the liquor store business, you can always have spills and wet floors. Attending to them as soon as the incident occurs and making sure that your floors are dry will reduce the risks of injuries. This keeps both, the customers and your employees safe at all times. Following this process will ensure fewer Commercial General Liability Insurance and Workers Compensation Insurance claims.
Updated LicensesEvery liquor store needs licenses and assurances to legally sell alcohol. It’s also wise to make sure all your licenses are valid and up-to-date at all times. Most customers don’t actively look out for them. However, if it does catch someone’s eyes, they can report you to the authorities. Hence, you will be liable for the unauthorized sale of liquor. This can lead to Workers Compensation Insurance and Umbrella Liability Insurance claims. Moreover, you can also lose your liquor license and be sentenced to prison time.
Final Thoughts on Liquor Store Insurance COSTIt’s easy to overlook some of these steps when running a liquor store business. But it’s also true that many smaller claims fall under these categories. When you look at the bigger picture, such frequent claims also increases the Liquor Store Insurance Cost.
Your Liquor Store Insurance Premiums get more expensive, and hence it also affects your annual finances. And the best way to manage any Business Liability Insurance is by making sure that you have fewer claims. For more detailed guidance for your business, you can always call us on 855-5EXCEED to speak to an insurance agent.