Bars and night clubs have various insurance coverage needs that are exclusive from those of many other kinds of businesses. We will talk about many of those different coverage options that will protect your business from various types of insurance claims.
Many companies shy away from offering coverage for certain types of risks like night clubs, restaurants, wine bars, topless clubs, cigar bars, lounges, hookahs, sports bars, dance halls, comedy clubs, and pool bars just to name a few. You will want to make sure that you do your research and find a company that will not only give you a reasonable premium, but will also offer the coverage you need.
You never know when you will have a claim and you don’t want to be at risk for having certain exclusions on your policy when it is too late. You should at least understand the many different coverages that are available. Once you educate yourself on what these coverages are, you can determine what chance you think that you will incur any of these claims.
Bar and Restaurant Coverage Types
- General Liability Insurance:
General liability insurance covers losses for your negligence in bodily injury or property damage claims.
- Liquor Liability Insurance:
Liquor liability provides coverage for bodily injury or property damage by intoxicated patrons of your establishment. General liability insurance will not cover you for losses pertaining to intoxicated guests.
- Bouncer Liability Insurance:
Bouncer liability covers physical harm by employed bouncers to your patrons. Also covers injury to your employed bouncers.
- Assault and Battery Liability Insurance:
Assault and battery provides liability if fights occur while on the premises and patrons are injured. This coverage must be in place if you want coverage for these types of losses as a general liability policy will exclude these losses as well.
- Workers Compensation Insurance:
Workers compensation covers injuries to your employees while on the job. Working in a fast paced environment with food and beverages can greatly increase the likelihood of an injury to your employees.
- Cyber Security:
Insurance coverage on things like the misuse of data or illegally obtained client data. Don’t expose yourself to a claim scenario like your clients credit data being illegally obtained and used.
These are just some of the coverage options that you could choose from. Understand that, as is the case in many commercial policies, there are many endorsements that can be added to your policy that can cover losses like employee dishonesty, damage to outdoor signs or windows, employee discrimination complaints, and many, many others.
Rates can vary greatly depending on several factors.
Insurance Rates for Restaurants and Bars
Common rating factors for insurance premiums will include the some of the following factors.
- Hours of operation
- Types of entertainment
- Capacity of patrons
- Location of your establishment
- Annual sales
- Annual payroll
- Types of coverage chosen
- Years experience or years in business
- Loss history
Every establishment is different and you want to make sure that you discuss your needs with an agent that specializes in these forms of coverages and policy types to make sure that you minimize your losses. Whether you have a quiet lounge or a tavern with a mechanical bull, bad things can happen that can put you out of business unless you are properly insured.
Call and talk with a knowledgeable agent today to see what coverage would be recommended for your establishment. Our agents can be reached at 704-494-9495 or by emailing firstname.lastname@example.org.