Published On: July 3, 2024

As a new bar owner, you can protect your investment by enrolling in a comprehensive insurance plan. These plans are composed of individual policies that cover specific aspects of operating a business. At Tabak Insurance, we offer customizable insurance policies for pubs, taverns, restaurants, and nightclubs. Here is more information about insurance for bars and how to create a comprehensive plan for your new establishment:

Customizing Your Insurance Coverage

Opening a new business involves making sure your property and staff are adequately protected if an accident occurs. Bars are potential environments for slips, falls, and altercations. Insurance for bars helps protect against lawsuits and medical costs related to these incidents. Here are some key insurance policies to include in your bar’s comprehensive coverage plan:

General Liability Insurance

General or commercial liability insurance safeguards your business against third-party lawsuits. It is one of the most beneficial options for new bar owners, as it provides coverage for claims related to personal injury and property damage. This policy covers incidents like a customer slipping on melted ice or a waiter spilling a drink on a customer’s purse while serving them.

Liquor Liability Insurance

Liquor liability insurance is key for new bars, providing specialized coverage that addresses the daily risks associated with serving alcohol. This policy can cover legal fees and medical expenses if someone becomes intoxicated and damages property or injures themselves. It may also include coverage for incidents involving physical altercations on the premises, such as if an intoxicated individual starts a fight and injures another person. In some areas, enrolling in liquor liability insurance is a legal requirement for bars to obtain a liquor license.

Workers’ Compensation Insurance

If you employ servers and bartenders at your new bar, you can enroll in workers’ compensation insurance to help protect them. This policy covers the cost of medical treatment for injuries or illnesses sustained by employees while performing their job duties. It also provides compensation for lost wages if an employee cannot work due to a work-related injury or illness. Workers’ compensation insurance applies to various scenarios, including slips and falls, cuts and burns, and lifting injuries. Our agents at Tabak Insurance can help you customize a policy that fits your staff’s needs and state requirements.

Property Insurance

Property insurance safeguards your bar’s physical assets and business premises against damage from fire, vandalism, and natural disasters. It covers the bar’s contents, including furniture, bar equipment, and kitchen appliances. It can also cover inventory, such as your liquor stock. Some property insurance policies help recuperate lost income and operating expenses if the bar is temporarily unable to operate due to a covered loss. This aspect allows you to maintain cash flow while recovering from flooding or storm damage. It can enhance your new bar’s resilience by providing a safety net against various risks, supporting long-term growth and sustainability.

Determining the Right Amount of Coverage

When determining your level of insurance coverage, work with an agent at Tabak Insurance to assess your bar’s specific risks. Review the number of employees and the average volume of customers you expect to have, as this can help you tailor your coverage types and monetary amounts. Evaluate potential risks associated with your bar’s location, such as crime rates and weather-related hazards. List your physical assets, including the building, furniture, equipment, and inventory, and make sure each area is adequately covered. You can also identify activities you plan to host in your bar that may increase risks, such as live music, large events, or food service. 

Evaluating these aspects allows you to build an insurance policy that protects your new business against potential liabilities and unforeseen events. You can regularly review and update your insurance coverage as your business grows or changes. New equipment, expanded operations, or changes in staff size may require adjustments to your policies.

Enroll in Comprehensive Insurance for Bars

A comprehensive approach to insurance helps protect your bar from a range of risks, from property damage to legal liabilities. It allows you to safeguard your financial investment as you launch your new business. Our agents at Tabak Insurance will help you build a balanced policy that provides comprehensive coverage for each aspect of your bar. Contact us today to evaluate your insurance needs and create a customized policy.

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