What You Need to Know about Tavern Insurance

Taverns are popular hot spots for people to enjoy a good time. However, as a business owner, you have to be aware of the possible risks associated with operating such venues. For example, while it’s customary to offer your patrons alcoholic beverages, it could lead to potential issues. You also have to make sure that you hire quality staff and insure your business against future uncertainties.

Why is Tavern Insurance an Asset?

Tavern insurance protects your business against property damage, theft, and vandalism. You are also covered if one of your customers is injured while visiting the property. The policy covers any repairs to damaged property, legal fees, settlements, and medical expenses. Tavern insurance protects your business from suffering a financial catastrophe and ensures that your business will continue to function in the future.

Necessary Coverage

As you research tavern insurance, remember that you are legally obligated to carry some type of coverage, or you risk having your business shut down. Look for policies that cover your business, staff, and customers. Commercial property insurance will cover any damage sustained by the physical structure of your tavern. It can also help replace or repair damaged equipment. General liability coverage is important, as it protects your business against possible legal action if a patron or vendor is injured on your property.

Workers’ compensation protects your business by taking care of your employee’s treatment if they sustain an injury in the workplace. Liquor liability coverage protects your business if you are held liable for any bodily injuries or property damage as a result of serving alcohol to a patron. The type of coverage you need for your insurance varies according to your tavern’s location, the size of the tavern, and the type of services offered. You can also do some research to determine if it’s more beneficial to purchase individual coverage or a package policy.

How Much Does Tavern Insurance Cost?

Generally, tavern insurance policies cost between $70 and $95 a month. However, your policy may vary based on your tavern’s size, location, revenue, and claims history.

Possible Risks

There is a lot of public traffic at your tavern. Combine that with alcoholic beverages, and you can expect the worst to happen at any moment. Perhaps a spilled drink causes someone to slip and fall. Maybe there is a crack on the dance floor that causes someone to get injured.

Try to stay up to date on tavern maintenance. The tavern should have good lighting, and all fire exits should be marked. Check the premises monthly for possible cracks. Make sure that there are no issues with your parking lot. If you employ a bouncer, you should document all of their activity to prevent possible legal action.

Consult with RMS Insurance Brokerage, LLC

Tavern insurance is essential. Take time to assess the future of your business before choosing a policy. You want to be protected in any situation. Our team here at RMS Insurance Brokerage, LLC can help you find the right policy for your establishment. Contact us today to learn more!