If your dream is to own a bar for entertaining patrons so they can come and enjoy a drink at the joint, then let us inform you that opening a pub is no cake-walk, especially in the USA. During the planning stage, you are required to complete formalities of applying for a business license, selecting the décor, establishingcontact alcohol dealers, and hiring staff.
Moreover, it may be helpful to learn that bars are places that are susceptible to accidents, property damage as the revelers are intoxicated. Here, the establishment is held liable in case of any mishaps.
You may have to deal with lawsuits, which can be time-consuming andtroublesome; it may also not be possible to continue with the business with these problems.
Additionally, there is need to invest a big sum of moneyfor starting the business and it is likely that you might end up losing your investment if not adequately insured. Therefore, we advise you to opt for insurance coverage as a means of protecting your investment.
It would be advisable to contact insurance agents so then can draw a tailor-made policy to suit your requirements. You must discuss your needs with them and ask them for a quote. Try driving a good bargain and ensure you are getting a good deal; only then should the contract be signed.
You may also want to study the below-listed options when preparing the policy.
- General Liability: This coverage concerns itself with the medical and legal expenditure. In case of injuries to individuals within the bar premises, you are able to stake a claim.
- Property: In the event of property needing repairs or replacement, as per the terms of this cover, you remain insured. Physical assets such as inventory, glasses, furniture etc are included herein.
- Food-related Complaints: As a bar-owner, it is your responsibility for keeping the kitchen clean and adhering to the food safety guidelines. However, under this policy, in the event of food-poisoning grievances or other issues, you are in a position to make a claim.
- Auto Liability: Bars provide valet-parking services and in the event of untoward incidents relating to a patron’s car when parked within the building, in accordance with this option, compensation has to be given by the insurance corporation.
- Liquor Liability: It is a well-known fact that fights, brawls take place at bars and pubs. For any such incidents, pub-owners can claim Liquor liability to protect themselves from any losses. This liquor liability insurance covers property destruction, injuries caused by the patrons that are under the influence of alcohol.
- Assault & Battery: As mentioned earlier, brawls are common at bars. Sometimes, employees, patrons are involved in the fights.Where this option is concerned, injuries to persons or damage to physical propertymakes the insurance company liable to compensate the bar-owners.
There are numerous insurance-based companies that offer an array of options to bars. However, it is important to discuss your requirements with the agents and learn about their various offers. Furthermore, you must conduct research on the reputation of the organizationbefore doing business with them.