If you’re in the hospitality and food-service business, like bars or restaurants, you could purchase liquor liability insurance to protect your finances, inventory, and employees. This type of coverage is beneficial for organizations that sell or serve alcohol due to the inherent risks associated with it. Here is more information about liquor liability coverage and its benefits:
What is Liquor Liability Coverage?
Also known as dram shop insurance, this form of coverage shields your business if an intoxicated customer causes injury or property damage after drinking at your establishment. If your establishment serves alcohol, you need this protection to protect yourself from experiencing legal and financial trouble.
Depending on your establishment and needs, a qualified agent can customize your policy to cover all potential losses from an incident. This policy helps safeguard your bar, nightclub, or restaurant from issues related to drunk driving and fights.
Benefits of This Coverage
In many states, businesses with liquor licenses are required to own liquor liability insurance to avoid legal fines and penalties. If you have general liability policy, it won’t be sufficient to cover damages related to fights, property destruction, or assault. Here are more details about the benefits of dram shop insurance:
Covers Expensive Lawsuits
Under dram shop laws, your business may be liable if a customer drinks excessively at your bar or event and causes an accident. Whether the incident occurs inside or outside your premise, you can be held accountable.
Liquor liability coverage covers attorney fees, settlements, and other court expenses. It can also handle investigation costs, expert witnesses, and depositions when the case goes to court. This can help ease the burden of dealing with issues stemming from intoxication.
Pays For Medical Bills
If an intoxicated person harms employees and other customers in your business, liquor store insurance pays for their medical bills. Examples of expenses this coverage caters to include ambulance fees, psychological counseling, and surgeries.
Once the injured individual files a claim, an insurance company investigates the incident and allows you to negotiate the amount to pay the victim. For the coverage to pay for hospital costs properly, talk to an agent who can customize the policy to include all the specific needs.
Caters to Property Damage Expenses
If a customer gets drunk in your establishment and damages your business or nearby property, insurance can repair or replace it. With dram shop insurance, it’s easy to get financial assistance for repair or replacement.
This might include damaged vehicles, buildings, and décor. This means you don’t have to use business finances to buy new items or equipment if a drunk patron ruins them. Your establishment can continue operating instead of taking long breaks. You won’t need to worry about fixing damaged fixtures, furniture, or windows. Slowdowns can lead to a loss of income.
Buy Liquor Liability Insurance Today
Bars and nightclubs face unexpected risks. It can be helpful to buy insurance to protect your business from losses and interruptions stemming from those risks. A qualified agent can explain what the policy covers and how the claims process works. Call trusted insurance specialists today to know about purchasing liquor liability coverage.
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