Insurance for bars helps protect businesses and employees from wrongful claims and lawsuits. There are several types of bar insurance, so determine your bar’s needs before selecting your coverage. Here is what you should know and where to start when getting insurance for your bar:
Research and Contact Insurance Providers
A reputable insurance company can help determine what insurance you should choose for your bar. At Tabak Insurance, we offer several insurance coverage types for bars, restaurants, and nightclubs. We can explain each of our packages to help you choose which coverage will best suit your business’s needs. By partnering with our agents, you can focus on the daily operations of your bar. We are available to assist if you have any questions regarding your insurance or need to adjust your coverage.
Start With a Business Owner’s Policy
A Business Owner’s Policy (BOP) is a comprehensive insurance package designed to provide small to medium-sized businesses with a combination of coverages. This coverage addresses common risks most businesses face and can combine property insurance and general liability insurance. BOP coverage can also include additional, optional coverage types tailored to the specific needs of your bar, like liquor insurance.
Identify Your Bar’s Insurance Needs
After acquiring your BOP coverage, identify your bar’s insurance needs by determining the specific risks your bar may face. Research the liquor laws in your state to find any particular insurances that may be required. Some common types of insurance for bars include general liability, liquor liability, property insurance, and workers’ compensation. Bars that offer food, host special events, or cater may have different insurance needs than a traditional bar. Take some time to evaluate the unique aspects of your bar, including the type of alcohol you serve, the size of your establishment, the number of employees, and the location to determine your coverage needs.
Choose Your Bar Insurance Policies
Once you understand your insurance needs and choose an insurance agency, you can start exploring insurance for bars and creating your bar insurance policy. Start by choosing the legally required insurance for a bar and then add the coverage that you and your insurance agent deem right for you. Here are some of the most common insurance types that you may want to consider for your bar:
Liquor Liability Insurance
Liquor liability coverage protects you from legal claims if a patron becomes intoxicated at your bar and causes harm to themselves, others, or your property. Liquor liability insurance can cover legal fees, medical expenses, and settlements involved in these cases. This coverage helps protect your bar’s reputation and finances.
General Liability Insurance
General liability insurance is coverage that safeguards your bar against various risks. These risks may include customer slip-and-fall accidents, property damage, and personal injury claims. Whether it’s a broken chair, a spilled drink, or a customer tripping on a wet floor, this insurance provides a safety net for unexpected incidents that could lead to lawsuits.
Your bar’s physical assets, like the building, equipment, furniture, and décor, are part of your business’s brand identity and operational success. Property insurance helps protect these assets in case of damage or loss due to certain events. These events may include fire, theft, or vandalism. Assess the value of your property before purchasing insurance to make sure that you have enough coverage to replace or repair any items that may be damaged in these situations.
Workers’ Compensation Insurance
Workers’ compensation coverage helps cover some types of medical expenses and lost wages if your employees get hurt on the job. With this insurance, you can comply with legal requirements set by your state or local government. Workers’ compensation insurance also shows your employees that you want to invest in their safety and well-being.
Assess Future Insurance Needs
Bars that plan to eventually offer food, catering, or special event services should assess their future insurance needs. If you choose to franchise your bar, you may want to consider Directors and Officers coverage. If you want to start offering food or catering services, you may want to consider an Errors and Omissions policy. At Tabak Insurance, we provide coverage for bars, restaurants, nightclubs, and food trucks. We can help address future concerns you may have about adjusting your bar’s insurance to meet your future needs.
Insurance for Bars and Tabak Insurance
Securing insurance for your bar is a key step toward protecting your employees and your investments. It can help make sure your business continues to operate after legal claims or unexpected damage. Get started by contacting an insurance company and purchasing basic BOP coverage. You can then identify your bar’s current and future insurance needs to create a customized policy. At Tabak Insurance, we can guide you through the insurance process and help identify local legal requirements for your bar. Contact us today to learn more about our policies and how they can protect you and your bar.