If you currently own or are planning to open a bar, then you need bar insurance. Insurance for bars is not typically one type of insurance — to be fully covered, you should have a few different types. This can help protect you and your bar from multiple situations. Creating a comprehensive insurance package with Tabak Insurance can help bring you peace of mind so that you can focus on your business.
Types of Insurance for Bars
There are a few different types of insurance for bars. Before opening your bar, consider which type of bar insurance you are interested in and which ones you may want to do without. Keep in mind that some types of insurance are legally required and not optional.
General Liability Insurance
General liability insurance protects against damages caused by you, employees, or equipment. It can also protect you from third-party claims for injuries, property damage, and theft that may occur at your bar. The coverage can help you cover medical expenses, legal feeds, and settlements in the event of a lawsuit.
Liquor Liability Insurance
Any business that serves alcohol should have liquor liability insurance. It can protect you from claims resulting from intoxicated customers who cause harm to themselves, property, or other people. This insurance also covers injuries that a server might sustain because of an intoxicated customer. Without this coverage, some states can hold your business liable for those situations. Liquor liability insurance is often a requirement for obtaining or renewing a liquor license. Customers go to bars to drink alcohol, so having specific insurance that protects you from alcohol-induced accidents can help you protect your business.
Assault and Battery Liability Insurance
Every now and then, a fight may break out at a bar. Some states and courts could hold you liable for any injuries sustained in one of these fights. Assault and battery liability insurance can protect you in this scenario or other similar cases. While it is not usually required for a bar, it can help give you peace of mind and offer your business more protection from circumstances that are not always within your control.
Property Insurance
Property insurance can help you protect your physical assets. This type of coverage is customizable, so you can cover all of the necessities. While you can choose what you want to have covered, many people decide to include their equipment, inventory, building, and furniture. Property insurance covers losses or damages caused by fire, natural disasters, theft, or vandalism. In the event of one of these situations, property insurance provides financial assistance to repair or replace damaged property. This can help your bar financially recover so you can continue to serve customers.
Workers’ Compensation Insurance
Workers’ compensation is generally a legal requirement for any business that has employees. It can be especially helpful for bars because your employees could fall, burn, or cut themselves while working. Workers’ compensation protects employees in the event of a work-related illness or injury. It provides medical coverage, wage replacement, and disability benefits that can help an employee as they recover. It also protects your bar from potential lawsuits by employees. When you are signing up for this insurance, you may want to make sure that you are protected as well, and not just your employees.
Why Bars Should Invest in Insurance
Insuring your bar can give you peace of mind, but there are a few other reasons that you should invest in insurance.
Financial Protection
One of the biggest benefits of insuring your bar is the financial protection that it offers. Property damage, accidents, or legal claims can be expensive. Insurance can help cover these costs and help you avoid severe financial setbacks or even closure.
Legal Security
Because some states can hold you liable for damages or injuries caused by intoxicated individuals, your bar may be susceptible to legal claims. Liquor liability insurance can help protect you and cover legal defense costs, settlements, and potential damages in the event of a lawsuit.
Compliance With Regulations
Many insurance policies, such as workers’ compensation and liquor liability insurance, are often required by the law or regulatory agencies. To operate legally and maintain your license, you need to remain compliant with these regulations. If you fail to do so, you could receive penalties, revocation of licenses, or fines. You can avoid these consequences by investing in the required insurance policies.
Create a Custom Insurance Package With Tabak Insurance
We know that every bar, restaurant, or pub has different needs. That’s why we make it easy to customize your own insurance package. We recommend looking into the insurance options listed above but can speak with you about additional insurance for bars or restaurants. Tabak Insurance has a fast turnaround time, so if you call us today, your bar could be insured as early as tomorrow. Contact us to speak with one of our experts or to receive an online custom quote.
