Running a bar can be an exciting and profitable business venture. However, there are certain risks that you must understand in order to protect yourself and your investment. Consider these reasons why bar insurance is crucial to the success of your business.
Protection Against Claims
Victims of accidents, violence and other alcohol-related events may file claims against your bar in an attempt to hold you responsible for their personal losses. Examples include:
Slips and falls
Employees may also file claims for workplace misconduct or if they become victims of patron violence.
Protection From Losses
Claims cost money, and you may be charged legal fees even if you are not held responsible for a patron’s claim. Insurance can help reduce or eliminate the costs associated with claims so that your business does not suffer.
Protection of Your Property
Insurance helps protect your property from damage and theft. If your property is affected during a dispute between patrons, you can avoid repair and replacement fees and get your bar back up and running quickly.
What Protection Do I Need?
For full protection, your bar insurance program should include general liability, liquor liability, assault and battery and product liability. If you offer additional entertainment or services, such as valet parking, check with your insurance agent to make sure your entire operation is covered.
If your primary business is to provide the labor necessary for other companies to thrive, then your risk management portfolio needs to be robust. As the employer of record for the labor pool, you are responsible for meeting government mandates and maintaining compliance with regulations regarding insurance. You also wind up with the liability for employment practices that employers assume, which makes employment practices liability insurance important.
What is Employment Practices Insurance?
This form of insurance protects you against the cost of settlements related to workplace practices stemming from:
Discrimination in employment hiring practices
To protect your company with robust coverage, it’s important to find policies that flex with you—policies that includes insurance for your clients, and that also include the duty to defend against these claims. That way, you know that you are covered. This means having coverage with a broad definition of torts and worldwide reach.
Finding Your Employment Practices Liability Insurance Policy
The best choice for your policy is going to be the company with the most knowledge of your particular industry. Operating as a staffing services provider gives your business a unique set of needs, and your liability policies have to reflect those needs to make sure that you are fully covered.
As you are operating your business, you may wonder what insurances are required. In case you are wondering if you can benefit from getting Carmel professional liability insurance, the short answer is “Yes.”
Help With Legal Expenses During a Lawsuits
No matter what type of business you run, there is always the possibility that a client or customer is going to file a lawsuit at one point. Whether this claim has any grounds or not is irrelevant. You will still probably need to spend quite a bit in legal fees, and your business may not have the revenue necessary to adequately defend yourself. With professional liability insurance, your provider assists with the fees.
Protect Your Company’s Reputation
Without insurance, you may not be able to hire the best legal help around. This could end up costing you in the courtroom, and losing a case can severely damage your organization’s reputation. With insurance, you are in a much better position to defend any accusations brought against your business.
Although every business owner hopes they will never have to deal with a lawsuit, they happen all the time. Be ready just in case a lawsuit is brought against your company. Carmel professional liability insurance is available, and you can definitely find a policy that works for you.
Most startup businesses are worried about cutting costs and increasing revenue. This is one of the best ways to grow the business. For this reason, it makes sense that many new businesses might overlook a Carmel commercial package policy when they are purchasing insurance. While you might assume that your new business has few risks and little to insurance, a package policy still can offer a lot of benefits.
Customized to Your Needs
A package policy is not just for large businesses. It can be customized to meet the needs of all businesses, including a small startup. This way you can select the coverage that will benefit you the most during your first years in business.
You Probably Have More Risks Than You Realize
In many cases, even startups have a decent amount of risks. If you have employees, then you probably want to consider a workers compensation plan. Equipment, property, and automobiles also add to your risk. Fortunately, a Carmel commercial package policy can provide coverage for these assets.
Change as Your Business Grows
As your business grows, you can make changes to your package policy. This way, you will always be protected.
Package policies can also help you save money on your insurance costs. Contact an insurance agent today for more information.