Do you own a liquor store?
If so, you don’t need me to tell you that there are a number of ways your store, and business, could lose money — such as theft or breakage, to name a few.
But did you know that it’s possible to find yourself in a lawsuit simply because one of your customers purchased liquor from your store and acted irresponsibly later on?
It’s a fact, and it does happen more and more these days.
So the question is, how can you be sure that you have all your bases covered?
Liquor store insurance simplified…
The purpose for having insurance is to protect you and your business from financial loss and hardship caused by unforeseen circumstances.
And when it comes to protecting a retail-based business like a liquor store there are some typical coverages you’ll need, such as:
- general liability (for “slip and falls”)
- commercial property
- commercial auto (if you make deliveries)
- worker’s comp (if you have employees)
- liquor store insurance (for possible lawsuits resulting from liquor sales)
So how can you be sure you have enough coverage?
There are two important factors when it comes to insurance policies:
- coverage limits
- possible exclusions
Coverage limits simply refer to the maximum amount of money your policy will pay out per instance or accident. It’s important to know these amounts (or for an insurance specialist to know) in order to identify any possible gaps in coverage. For example, some liability policies only “pay out” if and when you have other insurance coverage, such as auto.
As for possible exclusions, this refers to specific cases or incidents that are not covered by your policy or policies.
For example, a liquor store liability policy may provide you with protection from a lawsuit, but only in cases where the sale was legal (i.e. not selling to minors, etc.).
Every type of policy will outline specific instances or cases that are not covered (such as flood damage in a commercial property policy) — and it is important for you to know what these limitations are since not all policies and companies have the same exclusions.
So what does this mean in plain English?
Even if you have insurance coverage for your liquor store, it makes sense to have a comprehensive review of your existing insurance from time to time.
Why is that?
Because insurance companies typically change (or amend) policies that are already “in force.”
For example, my homeowners policy recently increased by 33% for no particular reason at all. Possible changes to your existing policy or policies could be:
- premium amount
- coverage limits
- list of exclusions
- any amendments
The bottom line?
It makes good business sense to get an insurance review from time to time. And if you find out that you’re all set, you’ll have peace of mind knowing you are covered. And if they do find gaps in coverage you can take steps to protect your business.
Does that make sense?
Get your free no-obligation quotes today
Are you searching for New York business insurance?
For a no-cost evaluation of your day to day business operations visit Bruen Deldin DiDio Associates’ website, or give them a call at 800.660.6934. As a a full-service insurance and bonding agency and broker committed to excellence for more than 65 years, they can help identify any gaps in your existing insurance coverage.
And if your business is located in another part of the country why not save time and money with a free, customized, quote comparison from qualified business insurance providers.
Get your free, no-obligation business insurance quotes online today.
Or you can follow the link for our directory of business insurance providers that can help you get set up for your State or Metro area.
Either way the choice is yours…