Owning a liquor store means providing a product that is a large part of most celebrations, and it’s something that will never go out of style, but your potential risks are as big as your potential benefits–your liquor store insurance coverage should be a big consideration in your business planning.
As a business owner you choose the endeavors that will hopefully be the most rewarding, both financially and otherwise; you’ve probably given thought to your shop’s location, and the stock you’ll carry, and you probably know some of the basic risks. Deciding on the amount and type of liquor store insurance to purchase can feel almost like gambling; do you really need to take on more overhead in the form of bigger premiums? If it covers your general bases, like slips and falls, does your liquor store insurance really need to do more?
A good rule of thumb when comparing quotes for liquor store insurance–or any business insurance–to look at coverages in addition to costs. Many business owners looking for a streamlined solution opt for a “BOP” or Business Owner’s Policy.
- Business Interruption. This is a coverage that can help you meet your obligations in case an event occurs that temporarily sidelines your income.
- Commercial Property. The building and equipment you use should be covered by a commercial property policy.
- General Liability. This is a basic, foundational policy that can help with damages if you’re found liable for injury to a third party.
A BOP can give you a starting point for your liquor store insurance that you can build on as you grow. Other exposures to consider are…
- Employee Dishonesty. It is possible to protect yourself through endorsements on your liquor store insurance from certain acts by employees.
- Crime Insurance. It’s an unfortunate fact that liquor stores are often targeted for robberies; ask your insurance professional about coverage for your liquor store insurance that may cover costs in case of robbery.
- Umbrella Coverage. The number of lawsuits brought against liquor stores should highlight the wisdom of considering additional coverage for your liquor store insurance policy; an umbrella policy extends the limits of your coverage in case it’s needed.
It may seem as if liquor store insurance is simply one more cost to take into account, and another expenditure that you can economize on, but consider how expensive a lawsuit can be, or what a loss to close your doors for good over an incident that could have been paid for with the correct coverage.
Call one of our specialists today at 844-255-8660 or click here for a quick, free quote on your liquor store insurance.