Insurance Guide for Bar Owners
Owning a bar can be profitable, but it also requires a significant financial investment. Bar owners also face some unique risks that many other business owners do not experience. Carrying adequate insurance coverage is essential for protecting your property and assets against all the potential hazards that could jeopardize your business. It will also give you the peace of mind of knowing you’re prepared for a worst-case scenario.
What Kind of Insurance Does a Bar Need?
The types of insurance coverage needed by a bar typically include:
- Property: Commercial property insurance will protect against damage to the building and exterior fixtures, as well as the personal property you use to operate your establishment. Covered perils include things like fire, theft, vandalism, burst water pipes and storm damage. Specific coverages that are available include equipment breakdown, food spoilage and loss of income if an event disrupts your business operations.
- General liability: We live in a litigious society. General liability coverage will safeguard your business against claims or lawsuits filed by third parties (including patrons) for injuries or property damage sustained while at your establishment. For example, if a patron is injured after slipping on a wet spot or becomes ill after eating contaminated food and sues you, your GL insurance would provide coverage.
- Liquor liability: As a bar owner, you could be deemed liable for claims resulting from the sale of overconsumption of alcohol on the premises. For instance, if an intoxicated patron is in an accident that results in injuries or property damage while driving home from your establishment, you could be sued for the damages. Liquor liability insurance will protect you and your business in this type of situation. You can include this coverage as part of a GL plan or purchase it as a stand-alone policy.
- Assault and battery liability: Liquor liability policies typically do not provide coverage for injuries resulting from altercations involving intoxicated patrons. Assault and battery liability insurance will protect you against lawsuits stemming from these types of incidents.
- Workers’ compensation: If you’re a New York bar owner with a staff of employees, you must carry workers’ comp insurance that provides benefits if they experience a work-related injury or illness.
Insurance Tips for Bar Owners
You can help to reduce your insurance costs and minimize your risks by working to create a safer environment for your patrons and employees. Make sure your servers and bar staff recognize the signs of over-intoxicated patrons and “cut them off” if necessary. Keep your building in good repair and eliminate any potential hazards. Make safety awareness and training a top priority for every employee.
Contact Kokkoris Insurance Services for Your Bar Insurance Needs in New York
The experienced pros at Kokkoris Insurance Services can help you get your New York bar insured. Our dedicated team will assist you in finding the right coverages for your establishment at competitive rates. Give us a call at 718-728-0606 or contact us online for a free quote today.