Package liquor stores generally sell several kinds of canned and bottled alcoholic beverages, such as beer and wine, for on-site consumption only. Occasionally kegs of hard liquor may also be available. Several kinds of licenses are required for the products sold, as well as for the actual operations. Some states require the liquid to be sold in marked packages, while others allow it to be sold in loose forms. Sales are typically done at a fixed location, with employees working behind the scenes.
Liquor Store Insurance protects your business against legal fees in the event of injury or damage to your establishment. Depending on how you’re acting and if you’ve already held business licenses, your business is either “directly liable” or” contributory” in the event of an accident or damage to your operation. In cases where negligence or legal fees result from your business operations, then the liability and legal fees are deductible from loss. Keeping adequate coverage will help assure that you don’t pay excessive amounts out-of-pocket after an accident.
You can buy liquor store insurance to protect you in other situations as well. If you’re renting space to sell liquor, you may need to purchase additional coverage for possible injuries that happen on-site. Purchasing the coverage is simple: just add coverage to your current policy. If the liability issue isn’t resolved then you’ll have to pay the additional cost for legal fees and medical bills. A good insurance policy should have provisions that can cover lost income during a premises closure or liquor store emergency. If you do own the building, then you’ll need an insurance policy that will cover damage and repair to the structure.
Many states also require employers to purchase BOP coverage for liquor retail businesses. Although business owners policy will probably include liability policies for accidents, vandalism, theft, and sales damages, employers can also choose to add additional coverage for their own peace of mind. What exactly does this mean to you? Basically it means that your business is covered in the event of something bad happening at your establishment. For example, let’s say you open a bar with one of the best lines in town. If one of your customers slips and falls on the floor, they would most likely sue your business for financial damages.
The same principle applies when it comes to liability for negligence. For instance, let’s say that a customer slips and falls while intoxicated and has to be taken to an ambulance. The ambulance will likely be covered under your general liability policy. However, if there was alcohol or wine served to your customer at the bar, and they end up in an alcohol rehabilitation facility, your business could be held responsible under the special laws that govern establishments serving alcohol to intoxicated customers.
One of the worst things that can happen to a business is liquor store bankruptcy. Most liquor stores run on credit, and if they are unable to pay for their monthly bills, they can go out of business. This includes customers, who have already spent money at the store before they walk in. So make sure that your insurance policy covers you for both loss of income and lawsuits for products and negligence. Also, keep in mind that most states require businesses to provide proof of liquor store operations to the state’s Alcoholic Beverage Control Commission.