Every business owner knows the rewarding feeling of hard work paying off. For this reason they protect their business by getting the right insurance and covering every eventuality. Owning a liquor store represents a greater risk than usual due to the potentially dangerous nature of alcohol. It is essential that you take stock of your business and identify all the different kinds of liquor store insurance that you need.
General liability insurance covers any kind of basic accidents that might result in injury or damage of property on your premises. So if someone slips in your store and hurts their back, general liability insurance will cover the financial loss involved. Of course when dealing with alcohol such slips and falls are commonplace so general liability liquor store insurance is a must.
What kind of additional services does your liquor store offer? If you have additional machinery in your store like games or televisions you need liquor store insurance that covers these assets as well. Does your liquor store serve food? This would represent a greater risk as customers could become sick as a result of ill prepared food. If you have a deep fryer for example there is also the risk that someone could become burned if the machine is not used properly.
If you’re based in Illinois or Wisconsin you are legally required to have dram shop insurance. Dram shop insurance covers incidents that result from you serving alcohol to someone who is already intoxicated or to minors. Typical incidents include drunk driving, vandalism and assault.
If you have employees working for you this represents a further risk as you could be held responsible for any dishonest behaviour they might engage in. For example if one of your employees stole from a client or sold alcohol to a minor.
It’s extremely frustrating when the care and effort you put into growing your business is wasted as a result of a random incident you couldn’t control. However you can control the kind of liquor store insurance you have, so make sure you’re covered.
