As your bar grows and develops, you need an insurance company that can keep up.
There are a lot of risks associated with running your own establishment, and a lot of things could happen to your bar that you never expected. Do you have the coverage you need to handle all those situations? Do you feel like you can totally rely on your current insurance company when they happen?
Unfortunately, too many bar owners find out too late that their insurance doesn’t cover everything they thought it did.
It is possible to avoid surprises like this, though, if you watch out for some very distinct signs that it is time to switch your bar insurance company.
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Your Needs Have Changed
This is, of course, the simplest and most straightforward reason to consider switching insurance companies. As your bar grows and changes, you may need to extend your coverage to deal with a wider range of potential issues. Are you moving into a larger location? Are you adding food products to the menu? Are you employing more people than you expected?
Businesses must evolve and change if they want to stay in business. If your current insurance company can’t keep up with your needs, it may be time to explore some different options.
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Your Insurance Level Doesn’t Correspond to Your Bar’s Value
This is your business and your livelihood, so you – and your insurance company – need to value it appropriately. This means the amount your bar is insured for should be appropriate to its value. Otherwise, you’ll end up underinsured, which creates a situation in which all your losses may not be completely covered.
Make sure that your bar business insurance provider is able to get you a policy that won’t leave your assets unprotected.
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The Terms of Your Insurance Plan are Outdated
If your current insurance policy is the same as it was ten years ago, there’s a good chance that there are better options for coverage out there. If your insurance company is on the ball, they should be able to work with you on updating your terms to match the needs of the industry. After all, laws regarding the insurance required for bars is changing all the time, and liquor laws in general can be re-evaluated without warning. How will this impact your coverage? If yours is outdated, it may be time to re-evaluate your options.
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Your Rates are Just Too High
Many bars stick with their old insurance providers – despite the higher rates – just because it seems too difficult to change. Remember that we’re talking about your bottom line, here, and every dollar matters. If you’re paying too much, and your current insurance company won’t work with you to find better rates, there’s a very good chance that another agency will.
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Unresponsive or Ineffective Customer Support
If you’ve been with a company long enough, they may start to take your business for granted. If your company hires inexperienced staff, then you may not get the kind of support or help you need. Whatever the reason, if you are consistently getting slow, unresponsive service from your bar insurance company, then it may be time to explore the alternatives and find a company that is really dedicated to providing the help you need, when you need it.
Is It Time to Make the Switch?
If you’ve experienced some of these situations, then there’s no better time than the present to look at other companies that provide liquor liability insurance. You can shop for new business insurance any time of the year (it’s not like you have to wait for an open enrollment period), and that means you can immediately find a policy that covers your needs.
Of course, you should always make these decisions carefully. The signs and signals we’ve listed here are good reasons to make the switch, but you should only do so if you know the company that you’re switching to won’t fall into those same problems.
You should also make sure that your new policy won’t inadvertently leave out anything for which you need coverage. This is something that can happen because most bar insurance plans are claims-made policies instead of occurrence policies. So, on top of knowing what’s covered, you have to know when a claim can be made.
At Tabak Insurance Agency, we’re here to support you through the entire process, from finding the right policy to making sure you get the help you need when the unexpected happens. Get in touch with one of our agents to learn more.
