Owning and running a bar or tavern can be an extremely lucrative endeavor. Varying state liquor laws and regulations make it difficult for bars and nightclubs to form large chains. For this reason, the bar and tavern industry is one of the few that makes it easy for small and newly established businesses to compete. These businesses require a large initial investment, so you will want to be sure to protect yours with bar insurance that reduces your financial risk.
Coverage to Protect Bar and Tavern Investment
Whether you own a small tavern, a wine bar, a high-end martini bar or large popular nightclub, you will need to have insurance coverage that protects you and your property. Some insurance policies are mandatory, while others may be required by lenders if you have a business loan. Optional coverage is available and highly recommended because establishments that serve alcohol face an increased risk of damage and liability claims.
Bar Insurance to Cover Your Liability Risks
Bar liability insurance can protect you from the potential lawsuits that may be filed against your establishment. There are many different types of liability coverage you can purchase. In each case, your bar liability insurance coverage will provide compensation for MOST related court costs and legal fees.
Bar Insurance to Protect Your Property and Assets
In addition to bar liability insurance, you will need to protect your physical property and assets. The following coverage options will likely be available with your bar insurance policy
Is Bar Insurance Expensive?
Every bar has unique risks based on the size of the business, and the types of products served. Thus, every bar insurance policy is different. The cost of a bar insurance policy varies greatly from one establishment to the next. On average, these policies run about $3,000 to $5,000 a year, but if your bar is a small one, you can expect to pay less than that.
Some factors that influence your insurance rates include:
The only way to know for certain how much insurance will cost for your establishment is by comparing rate quotes from a variety of insurance providers.
You may contact us to learn more about the right tavern insurance for you.
6060 Norwood Dr.
P.O. Box 89
Mentor, OH 44060
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