Wine Bar Insurance
If you’re planning on opening a wine bar or have already done so, you’re probably wondering about several steps that you can take to ensure that you and your business are protected at all times. In this article, we will be exploring whether you even need insurance, and if so, what type of insurance would work best for your wine bar.
Wine Bar Insurance
Do Wine Bar Owners Need Insurance for Their Business?
You might be wondering, is it even worth it to get insurance for your wine bar? When establishing a well-run business, there is an absolute need for insurance. Every type of business, no matter which industry it functions in, faces a myriad of risks daily. To ensure that those risks do not create an issue for their business, several business owners get insurance as soon as the business is established.
What Type of Insurance Do They Need
One of the most common types of insurance that all business owners invest in is general liability insurance.
General Liability Insurance
General liability insurance is an incredibly comprehensive and common insurance type for all business owners. This is because it covers a variety of common risks that you might have to deal with, especially at an establishment that sells alcoholic beverages.
Here is a list of some of those risks:
- Property damage
- Advertising injury
- Personal injury
- Medical payments
- Bodily injuries
- Legal defence and judgment
Of course, you are in no way required to invest in this insurance. However, running a business without it is hazardous. If you end up getting sued for some reason, you could be facing thousands of pounds worth of fees. By investing in general liability insurance, you will be able to receive compensation for damages, which could prevent your business from going into loss.
2. Liquor Liability Coverage
The issue with general liability insurance is that this type of insurance does not provide compensation for claims that pertain to the services or sales of the wine you sell. Therefore, it is essential to purchasing liquor liability coverage, particularly as the owner of a wine bar. Certain regions require you to obtain liquor liability coverage to receive a liquor licence. Several different factors dictate the purchase price of liquor liability coverage. Here is a list of some of those factors.
- The percentage of wine sales about your total sales
- Your business’s nature
- What region does your business function in
You should be aware of certain aspects of purchasing liquor liability coverage. This includes understanding that there are certain regions where the bar owner is made liable for the injuries inflicted on third parties by the patrons intoxicated within the bar. That is not all; some liquor and general liability coverage claims may fall within a grey area. These grey areas could lead to disputes between the insurers who purchased these licences. A great way to avoid such disputes is to purchase these insurances from the same insurer.
3. Assault and Battery Coverage
Another type of insurance coverage that you can purchase is known as Assault and Battery Coverage. A good reason to do so is that even do general liability insurance and liquor liability insurance do not exclude battery and assault; they do, however, exclude the injuries that are either intended or expected from the perspective of the person insured. In simple terms, the actions by you, as the owner of the wine bar or your employees towards a patron causing disturbances, if lead to injury to that patron, could cause trouble for you. Suppose you end up being sued by that unruly patron.
In that case, that suit could fall within the exclusion known as “expected or intended injury”, which could lead you to pay hundreds of pounds as compensation for damages, despite you or your employees only doing your job.
Wine Bar Insurance – To Conclude
These three insurance types are vital for any business, particularly a business that deals with the sales of alcoholic beverages. Your best course of action is to purchase them from a single insurer. This could even help you when negotiating the payment terms of your insurance. There are several other types of insurance that you can purchase; however, the three mentioned above are the most beneficial and crucial.
Find out more about the importance of insurance here.
Other useful links about Business Insurance:
Is Buildings Insurance a Legal Requirement?
What is Buildings and Content Insurance?
What is the Importance of Public Liability Insurance?
Remember to Compare Your Business Costs is here to help your business every step of the way from business advice, or saving you time and money on your business purchases such as: