Insurance for Bar Owners – Overview
When it comes to protecting your business, it’s important to have quality insurance so that in the case of an emergency or disaster, business can go on. Insurance is intended to cover certain unexpected financial obligations, which could include lawsuits, medical bills, or property damage. Bars and taverns face unique liabilities and require insurance policies tailored to their needs.
What Bars and Taverns Insurance Covers
Bar and tavern insurance basic coverage should include property insurance and liability insurance that cover specific property, perils and liabilities faced by a bar or tavern.
Property insurance covers specific property in certain situations, according to your policy. For example, your property insurance could not only cover the building and your property inside, but things like food spoilage, equipment breakdown, signs outside of the building, specific expensive items like a wine collection, or sewer and drain backup. Your policy could also include business interruption service to help with the costs of running a business if business has to stop temporarily.
Most policies cover property damage in the case of fire, vandalism, theft, certain storms like wind, hail, or heavy snow, and water damage that originates on the premises, like a broken pipe or a clogged shower drain. You also have the option to add coverage in the case of specific perils to your policy, including floods, earthquakes or sprinkler leaks.
Liability insurance for a bar or tavern should cover general liability, like injuries that occur on the premises. It could also cover liabilities for damage done to the property if you lease it, liquor liability, or pollution.
It’s also important that your bar or tavern should have insurance that covers money and securities, as your business that likely accepts cash.
Considerations for Bars and Taverns Insurance Coverage
It is always important to insure your business. Make sure to consider possible situations that could put your bar or tavern at risk, and get covered.
- Your wine collection may be expensive, and replacement in the case of theft or damage could put a strain on business finances. A rider to your plan that covers your wine collection can help.
- Theft and robbery of cash that your business has earned can hurt without a policy that covers money and securities.
- Damage to the building due to a customer can be costly, whether you rent or own the premises. Your bar and tavern insurance can help cover the cost.
How to Get Started
It is important to evaluate the needs of your bar or tavern, and to find an insurance policy that fits. A professional at Fusco & Orsini can help you get started.