Owning a liquor store presents it’s own unique risks for you, the business owner, due to the potentially dangerous nature of alcohol.
A liquor store has exposures such as damage to the stock or inventory, the buildings occupied, electronic equipment such as computerized registers and servers, monies & securities, improvements & betterments, etc. Liquor can be flammable. Therefore the exposure to the peril of fire is increased. Fine wines are subject to damage caused by change in temperature.
Slip and falls occur more frequently in liquor stores as a result of spills and high traffic. Many liquor stores hold wine, beer and liquor tasting events. Liquor stores have a high rate of employee theft due to the nature of the product.
Risks from selling alcohol to a minor or an intoxicated customer, running errands in your personal vehicle, coverage for employee theft, or contaminated products due to water, heat or smoke.
Types of Liquor Store Insurance….
General Liability
A general liability policy can be purchased on its own or in combination with a property insurance policy. If your sued, general business liability coverage will protect your liquor store business whether at fault or not, for causing personal injury or property damage, unless specifically excluded.
Property Insurance
Fire, theft, and lightening damage are all risks of owning a liquor store. Property insurance coverage provides protection against these perils. An open peril policy covers all causes of losses not excluded specifically in the policy. On the other hand, named perils must be listed on the policy in order to provide coverage for a loss. A property insurance coverage policy can be tailored to meet the specific needs of your store.
Crime Insurance
Employees, customers and passersby put you at risk of theft and the potential loss from the theft. This insurance cover all types of crimes including theft, vandalism, shoplifting and dishonest employee practices. Many customers pay for items you sell via cash, which you probably carry on your premises at any given time, making you liable for crimes of theft.
Inland Marine Coverage
Inland marine insurance is designed to protect your property while in transit. This coverage also protects your inventory being held in storage. When inventory is stolen in transit or at the storage site, an inland marine policy would cover the loss. Referred to as a floater, it’s highly recommended to fill in the gaps in your insurance coverage and is usually purchased as a supplement.
Business Owners Insurance
This is a package policy that combines different types coverage into one policy, such as electronic data, newly acquired buildings, building and contents, dishonest employee coverage, and business income or extra expense. If there was a natural disaster in your area that caused damage to your building and contents, the BOP can cover repairs and replacements of supplies and equipment as well as help cover the business income you lose while the repairs are being done. These policies are usually less expensive as a package policy.
By choosing these business insurance policies, you can protect your assets and business that you’ve built with hard work. Bagel shop insurance takes care of the unexpected events that might occur so you can continue to run a successful business.
