At Coterie, we’re committed to offering our agents and brokers the best coverage options for your client’s business. Based on your feedback, we’re thrilled to now add liquor store coverage to our appetite in certain states.
Your liquor store clients face unique risks. If a patron of their business becomes intoxicated and injures a third party or causes property damage, your client could be held liable for the damages. In order to protect your client from serious financial and reputational losses, it’s important to consider purchasing coverage.
Liquor store coverage
Liquor stores have seen steady growth in the US in recent years, with approximately 46,000 businesses in operation today across the country, accounting for a 2% yearly increase since 2018. While package stores are prevalent across the US, some states such as New York, California, and Texas, have seen a greater growth. Due to the risk associated with their daily operations, liquor stores benefit from a variety of different small business insurance policies.
Policies to look into for your package store clients:
Business Owners Policy
A business owners policy provides several types of coverage in one package. If your client’s business needs coverage, a BOP is a great way to manage costs while maintaining coverage across different areas.
General Liability
A general liability policy will cover four categories of events for which your client would be held responsible: Bodily injury, damage to others’ property, personal injury including slander and libel, and false or misleading advertising. With customers going in and out of the store all day and bottles breaking resulting in spills, liquor stores face potential risks of slips, trips and falls. GL policies will protect businesses from liability arising from claims of injury or damage.
Liquor Liability
Liquor liability insurance is crucial for any business selling or serving alcohol. There is a lot of liability associated with alcohol; fights, automobile accidents, reckless behavior, and other incidents. To protect your client’s business and employees in the event of an incident, package stores and other businesses dealing in alcohol should look into liquor liability insurance. So, what exactly does Liquor liability cover?
Most liquor liability policies will cover the following:
- Protection against customers:
Alcohol can impair judgement and make individuals violent and confrontational. Liquor liability insurance protects liquor store employees in incidents of assault and harassment from rowdy customers.
- Legal fees and court reimbursements:
If a claim does arise from an alcohol-related incident, your client’s business will be faced with substantial legal fees and reimbursements. Insurance can help to cover some of these costs so the burden on your company isn’t as heavy.
- Meeting business requirements
Laws and regulations vary depending on the state. Having the right insurance policies in place will ensure your client’s small business is following the proper laws and won’t run into any legal problems or fines.
Learn more about our new appetite and the small business policies available.
