Insurance policies are customizable to accommodate your business’s changing needs. If you’ve expanded the seating capacity for your bar or made a personnel overhaul, reassess your needs to make necessary coverage adjustments. You can modify coverage or update policy details to protect your bar from potential liabilities and lawsuits. Here’s more information about how you can adjust your bar insurance:
Review Insurance Needs
Before adjusting your bar insurance, review all liabilities and risks your business faces to identify the necessary coverage. Your bar may require various policies, including general liability, worker’s compensation, liquor liability, and commercial property coverage. General liability insurance covers the cost of damages caused by you, your equipment, or your employees. Liquor liability insurance pays for bodily injuries and property damages caused by an intoxicated patron who was served alcohol at your bar. Worker’s compensation insurance covers medical bills and benefits paid to employees injured at work. Property insurance protects your equipment, inventory, and commercial building.
You can purchase other endorsements like cyber liability and event coverage if you cater or allow patrons to order online. If you’re planning to expand the customer seating area, the commercial property insurance needs adjustment to cover additional chairs and tables. Your general liability insurance also needs to be adjusted to cover the added square footage. If you’re planning to add food to your menu, you need expanded coverage for the new equipment and fixtures. Your worker’s compensation policy also needs adjustment following staffing changes. Reviewing your insurance needs allows you to identify specific coverage types to purchase.
Speak to an Insurance Provider
A bar and restaurant insurance agency can review your policy to identify necessary changes that align with your needs. A review of your existing policy involves noting what’s covered and identifying the limits and exclusions. Your insurance agency might suggest increasing property coverage and liability limits if your bar has grown. Increasing coverage is also suggested if you’ve added new services like entertainment, updated your equipment, or made major property renovations. Your new policy factors in all improvements and expansions to provide adequate coverage and liability protection. Your insurance agency may also suggest adding specific coverage, such as special event insurance, or reducing unused coverage.
Speaking to an insurance agency allows you to compare, analyze, and customize policies to reach the coverage your bar needs. You can choose bundle policies like property and liquor liability or adjust limits and deductibles to match your budget. Increasing deductibles lowers your monthly premiums but comes with a higher ask when a claim is made. Adjusting limits allows you to provide enough coverage for higher potential losses. You can also speak to the insurance agency about updated laws and compliances that affect your policy. After reviewing and discussing these issues with the insurance agency, you can update your information and sign the contract for your new policy.
Purchase Adequate Bar Insurance
Insurance adjustments provide your business with adequate coverage and help you avoid paying for unnecessary policy features. Whether you’re scaling up, downsizing, or renovating, speak to your insurance agency to adjust your policy accordingly. You can also shop around for better policies before renewing your coverage. Contact a bar insurance agency today to learn more about policy adjustment procedures.
