The hospitality industry is a dynamic sector that includes a variety of businesses, including bars, taverns, and pubs. These places serve as gathering places for friends, family, and the community.
However, for business owners, bars have inherent risks, including liabilities from slip-and-fall accidents, alcohol-related incidents, and foodborne illnesses. Unfortunately, standard insurance may not cover all exposures. To help your clients protect their businesses, you may need to offer specialized insurance coverage, like bar insurance.
To protect businesses within the hospitality industry, owners must consider various staple options.
General liability insurance is a foundational coverage. It protects against third-party claims for bodily injury, property damage, and personal injury. General liability may cover common liabilities, including:
Work closely with your clients to tailor general liability coverage to address their specific risks.
Liquor liability insurance protects against liabilities arising from the sale or service of alcoholic beverages. It addresses claims related to alcohol-induced accidents, injuries, or property damage. Insurance agents must ensure their clients have adequate liquor liability coverage with sufficient limits to mitigate the financial impact of potential claims.
Products and completed operations coverage is protection from liabilities arising from products sold or served to customers, as well as completed operations such as catering or events. Insurance agents should emphasize the importance of this coverage to their clients and help them select appropriate limits based on their business activities.
Bars, taverns, and pubs may be at a higher risk for violence and security breaches than other hospitality businesses. People may become more prone to fighting when under the influence of alcohol. Work with your clients to determine their risk of fights, altercations, or other security incidents to determine how much assault and battery insurance they need.
Excess liability insurance provides an extra layer of protection against catastrophic losses. Coverage for bars, taverns, and pubs can provide financial security and mitigate risks associated with high-value claims. Your clients' excess liability limits depend on the value of their assets.
When assessing hospitality industries for insurance purposes, you should consider various factors, including the size and scope of the business. For instance, a large bar serving as a music venue may require liquor liability and music venue insurance.
Conduct a thorough risk assessment so you can tailor the policies to meet the unique needs of particular establishments. Keep in mind that the bar's location can also affect insurance needs.
Helping your clients choose suitable insurance options is critical to their satisfaction. You should partner with insurers with experience covering hospitality businesses and offer specialized bar insurance solutions. By collaborating with knowledgeable and reputable insurance providers, agents can deliver value-added services and peace of mind to their clients. Contact us today to learn more about comprehensive insurance options for taverns, bars, and pubs.
At RMS Hospitality Group, our expertly crafted policies are written specifically for the hospitality industry. We offer custom-tailored solutions to meet any venue’s specific needs. For more information, contact our knowledgeable experts today at (888) 359-8390.
At RMS and associated firms, business continues as usual. Our staff is remote-capable and available to handle all partners, brokers, and insureds at the present time.
