Three Components of Liquor Sales Liability

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bar insurance cost

Operating a bar is just like operating any other business. When it comes to making sure your overall operation is successful, you need to pay careful attention to each area and provide the resources to keep them running smoothly. While we can’t give you an exact total on what these resources will run, we can help you understand your bar insurance cost.

To have the most comprehensive plan in place, you will want to include the following coverage areas.

Commercial Property Insurance. This will help with any damage that occurs to the physical structure of the building, interior components and related signage. This can be done in actual cash value or replacement cost.

Assault and Battery Insurance. Some companies choose to include this endorsement under their liquor liability policy. This works to protects individuals from harm that occurs in the unlawful event of the use of force by another individual.

Liquor Liability Insurance. The risks associated with intoxicated patrons can be addressed through this insurance. The cost for this coverage relies on the state in which you operate, the amount of sales your liquor service brings and your overall operations.

To figure out your bar insurance cost, you will look at what policy limits to set. It is advised to maintain coverage in each of these areas.

Mitigate Errors and Oversights With an E&O Policy

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errors and omission policy

Whether you’re strictly in the business of managing other peoples’ wealth or you have a person or persons on staff who are solely responsible for managing your company’s money and investments, you face particularly unique exposures. As a financial advisor, you could recommend the wrong investments. Your fiduciary—who could be a director, CFO or hourly employee—could make irresponsible investments on your company’s behalf, fail to diversify client investments or conduct negligent investment practices. In either of these instances, you could be held financially liable if a client decides to sue. Fortunately, an errors and omission policy can protect yourself and your company from financial devastation.

Even if you do everything by the book, a client or customer could walk away dissatisfied. Disgruntled customers can be ruthless, and many have no qualms about suing a company when money is at stake. An E&O policy can help you cover the cost of attorney fees and litigation when this does happen, and if the courts hold you responsible, the right policy can even cover all or part of the settlement. Depending on the policy you select, you may even be covered for business interruption, business loss, and reputation management when a lawsuit does arise.

If you want to protect your business, your wealth and your reputation, invest in a errors and omission policy today.

The Challenges of Running a Financial Institution

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insurance, financial institutions

Business ventures always carry an element of risk. On top of properly managing and compensating employees, assets must also be protected in order for a business to stay afloat. This rings true especially for financial institutions, where the handling of money is the sole purpose of their existence. By taking necessary precautions such as being protected under specialized insurance, financial institutions such as credit unions, banks, finance companies, retailers as well as firms that manage assets and stocks can do everything possible to ensure that they and their customers are always protected.

Loss Prevention

Retaining clients, assets and growing profits are paramount to the success of a financial institution. A large component of achieving this comes from actively practicing loss prevention. Important considerations must be made, especially with the growing trend of e-commerce. To protect confidential information as well as assets, safeguards must be put in place to prevent the following:

  • Phishing scams
  • Hackers accessing sensitive information
  • Viruses spread to computer systems
  • Failure of cyber services

However, this does not mean that more common issues such as those occurring within the company should be ignored. Holding employees accountable for accuracy, taking the proper steps in the event of a theft, and having a recovery system in place in case of other criminal activity is also crucial. By having a reliable system for conducting business, as well as more formal measures such as comprehensive insurance, financial institutions can conduct business more efficiently with crime and theft kept to a minimum.

Marinas Need Liability Coverage for Visiting Watercraft

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While a marina may not handle large passenger or cargo ships, that does not mean marina liability insurance is not important. A docked boat that stays a day, a week or longer requires some amount of protection. Here are some common types of marina liability coverages.

Ship Repairer’s Legal Liability

A ship that docks for repairs is still at risk for further damages. Liability insurance covers any accidents involving negligence of workers or other boaters in the area. Any marina that performs repairs needs this kind of coverage to prevent losing money for their services.

Marina Operator’s Legal Liability

It is one thing for marina insurance to cover damages to marina property, but what about when non-marina property is damaged? When watercraft not owned by the marina is at the marina, then the marina could be liable for any damage that happens. Some reasons watercraft may be present include:

• Alterations
• Maintenance
• Storage
• Mooring
• Refueling
• Launching
• Hauling

Marina liability insurance is important to protect a marina from costs associated with damage at a dock or other marina property. Whether customer watercraft is present for repair or some other reason, accidents that cause damage can be covered by the marina’s liability insurance. A marina protected by the right liability coverages is less likely to incur excessive costs when something goes wrong.

Boat and Yacht Club Insurance Concerns

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recreational marine insurance programs

The key to finding the right coverage is identifying the needs of a boat club and proceeding from there.Recreational boating is not without its risks, which is why recreational marine insurance programs are so important for boat and yacht clubs. Covering property damages at a club is an important part of recouping the costs of repairs and replacement parts. Some property coverages offered in marine insurance programs include exhibition locations, piers, wharves, docks and owned watercraft, such as boats visitors can rent.

Liability coverage is also an important kind of insurance for a yacht club to have. This can cover scenarios relating to pollution, bumbershoot, ship repairs and general liability. While a yacht club should do everything possible to limit these risks, since accidents can and do happen, liability insurance is a must.

Recreational marine insurance programs can also protect workers at a recreational facility. Employee coverage can include worker’s compensation and coverages required by local, state and federal laws. Protecting employees is just as important as protecting the property they work on as both contribute to the atmosphere of the club.

A recreational marine facility, such as a boat or yacht club, needs insurance to cover unexpected accidents. This coverage should look at property damages, liability and employee safety. The key to finding the right coverage is identifying the needs of a boat club and proceeding from there.

Malpractice Insurance in the Healthcare Profession

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When a malpractice suit is filed many attorneys name everyone involved in the care given to their client. HPSO malpractice insurance is available to healthcare providers in a large number of professions to aid in protecting against financial loss.

What Malpractice Insurance Covers

Malpractice insurance is designed to protect the insured against liability for bodily or personal injury that may result from services that were performed. This protection extends to work done outside a traditional business environment, such as providing care in the home or working as a volunteer.

Who Can Malpractice Insurance Cover

Those working for healthcare facilities and agencies often depend on malpractice coverage provided by the employer but may opt to purchase additional HPSO malpractice insurance of their own. Providers who are self-employed should not neglect this important facet of financial planning. Students and volunteers are also eligible to purchase malpractice insurance.

What Professions Can Be Covered

While it may be common to think of malpractice insurance as a safeguard necessary for doctors and nurses, these are some of the many other professions that qualify for the protection:

• Psychologists
• Dentists and dental hygienists
• Optometrists

Protecting the investment you’ve made in your career is vital in today’s contentious legal environment. HPSO malpractice insurance can shield you from the financial impact of a dispute related to the practice of your profession.

Not Having Canine Liability Insurance Can Bite

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dog owner liability insurance

Dogs are instilled with many amazing instincts that can prove their loyalty to their owners. Often, they offer companionship and protection. Research has even revealed that a beloved canine can help to reduce stress. Yet owning a dog can have its various challenges. Dogs temperaments can be as diverse as their physical appearances, which presents unpredictability. Many dog owners can trust their beloved friends to behave well under normal circumstances. Nevertheless, under variable situations, dogs can become subject to biting an individual or another animal, causing injury and monetary damages to the victim. This results in the owner having to take financial responsibility for the unfortunate event. It can become very costly to pay for medical bills, and even more expensive if the victim decides to file a lawsuit against the dog owner concerning a dog-biting incident. Having dog owner liability insurance could solve the financial trouble concerning the misfortune. This type of an insurance policy will help to protect a dog owner from becoming financially drained if their canine were to ever injure anyone.

With all of life’s uncertainty, dog owner liability insurance is an investment that can help dog owners have financial security in the case of a dog bite. It can be comforting to pet owners to know that this type of insurance is obtainable and that their money and investments are protected against the unexpected.

Three Home Insurance Options Simplified

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There are many available OC insurance options. With many coverage options available, it can be difficult to find the right one for your home. Here is a breakdown of the top three homeowners insurance coverages to help you choose the coverage that’s best for you.

1. Basic Form (HO-1)

A basic homeowners insurance policy that protects against incidents including, but not limited to, fire and smoke, explosions, lightning, vandalism, and theft. It typically does not cover floods and earthquakes, and any items you want covered inside your home must be specified when you purchase your policy.

2. Broad Form (HO-2)

In addition to the incidents covered in HO-1, it also covers damage caused by falling objects, weight of ice, snow or sleet, freezing HVAC systems, accidental water overflow, and more. Broad form usually also covers your belongings and can sometimes your personal liability as well if someone gets hurt in your home.

3. Special Form (HO-3)

It is the most common type of home insurance because of its flexibility and affordability. Your exact coverage is policy-specific and can include coverages for you home, belongings, structures attached to your home as well as personal liability.

Don’t be confused by all the OC insurance options. Use this simple guide to support your research in finding the right policy for your home.

What You Need To Know About PEO Insurance

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A professional employer organization operates as a human resources department on an outsourced basis. PEOs are common in small and medium-sized businesses which do not need an HR department on site. Some of the things that a PEO can manage include HR management, administration of benefits, and help when complying with employer-based laws.

PEO Insurance

When you have a PEO, they are often responsible for providing your medical insurance. The advantage of this system is that a PEO usually has dozens of clients, which means the PEO may have hundreds of employees for which the coverage is provided. Many insurance companies offer more attractive rates for PEOs because of the large amount of staff who will be covered by the policy. It is also common for these policies to be of a higher quality for the price paid.

Other Advantages of PEO

While PEO insurance is already an attractive option, PEOs can also provide you with other things your business needs. Having these additional services makes the price of a PEO more reasonable and gives you peace of mind knowing HR problems are handled correctly.

Choosing to bundle insurance from a PEO along with other services can drop your workload and save you money. It is an excellent option for anyone who has a small business.

Is the Liquor Liability Coverage on Your Bar Enough?

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bar liquor liability

A DUI can be costly in many ways. A DUI accident may result in serious bodily injury or even death. If a person leaves your establishment intoxicated and causes damage to others or himself/herself, you as a bar owner may be named a responsible party. If this were to occur, is your bar liquor liability insurance sufficient enough to pay for assessed damages?

When looking at insurance for your bar, be sure to do business with a hospitality insurance specialist. These agents will be able to give you the details of what is covered under general liability insurance and what you should add-on to cover special circumstances. In the case of a DUI, victims and their families often assign blame to the last place the impaired driver patronized. If that was your bar, you want a policy that offers investigative services. A thorough investigator may find circumstances that contributed to the accident that had nothing to do with your bar.

A poor decision by one person can change the course of many lives. As a bar owner, you don’t want to be left in a bind because you didn’t have the best bar liquor liability coverage. Be sure you speak with an expert who can offer you an insurance policy that covers you in any situation, even in the most tragic.