Serving alcohol brings about many risks for your business. If you plan on serving alcohol on a regular basis, it is important to know how to purchase liquor liability insurance to ensure your establishment is fully protected. If someone were to become intoxicated while at your establishment and then cause damage to another person or property, even after they have left your business, you could be held liable. The financial costs could ruin your business, putting you at serious risk for losing your entire business.
Add-On
Liquor insurance does not automatically come as a part of your business owners insurance. You must apply for a separate policy and undergo an intensive underwriting process as a result. Many businesses forgo this type of insurance, simply because of its cost, which is not a smart business decision because just one incident can cost you more than your insurance premiums would cost.
Clauses
Not every liquor liability plan is one-size-fits-all. Each establishment has its own risks and requirements and will require its own clauses. It is important to determine which clauses are most important to your company and apply for them. One of the most important clauses everyone includes is assault and battery. A few of the other clauses include employee coverage and defense cost coverage.
Assault and Battery
Since a majority of the problems that occur from alcohol consumption end up in a physical fight, assault and battery coverage is essential. This could cover you, your employees and your patrons in the event a physical fight breaks out. It is also important to ensure there is a mental damages clause included in the policy to ensure any mental anguish or stress that is caused by the assault and battery is covered.
Even though many companies try to avoid paying for liquor insurance, it is recommended that you purchase it for your restaurant or bar to fully protect yourself against liability. There are a multitude of things that can happen, either at your business or once your patrons leave your establishment. Regardless of where the incident occurs, you could be held liable if the alcohol was consumed on your property. Take the time to fully understand all the coverage options that are available to you and how you can be the most protected to prevent financial disaster and possibly losing your business as a result.
To learn more about how to find the right liquor liability insurance policy,
