What Are Insurance Coverage Required By The Bar In Houston?
Is your bar insured?The insurance of your bar is very important that must comply according to the required guidelines, rules and regulations. You require specialized bar insurance to keep your business going without any problem.There are three main insurances that you must have for your establishment, which are namely:
- Property Insurance
This insurance will protect bar’s personal property and any physical damage to the building in which your bar runs. Take property insurance based on its replacement cost or actual cash value.
- Replacement cost coverage – It is very important to remain in business for a long run and sustain the losses.
- Building ordinance coverage –Buy this insurance, if you owned the bar. This insurance would cover the cost of repair if building got damaged.
- Fine art coverage insurance –This insurance is important to cover artwork, bric-a-brac, décor and other collectibles in a bar.
- Business income coverage –This insurance covers the loss in income during shutdown of the bar that is damaged by fire.
- Flood insurance or earthquake coverage –If your bar is located in flood and earthquake prone area, then your property gets covered under this insurance.
You are required to estimate the cost of replacement of your property to determine the amount of insurance coverage. If the property gets destroyed by fire or due to any other reason, you will get the compensation.
- Liability Insurance
This is a very important insurance that is required by you.It is of two types:
- General liability coverage –This insurance covers the claims by the third party for physical injury done to a person in your premises like a person got his leg fractured in your bar. Product liability insurance (part of general liability coverage) covers the suits of physical injury caused to a person from the product you are selling like liquor, food items,
- Liquor liability coverage –This insurance is required on selling of liquor. The cost of this insurance is estimated on various factors like nature of business, the sale of alcohol and the state in which your bar is located. It is very important to have the information of the liquor laws in your state.
Liability insurance will keep your business away from various legal and social threats.
- Assault and Battery Coverage
This insurance protects you from the claim of a patron against an injury to him by the bar owner or the employee of the bar. The patron can sue you for “expected or intended injury.” So, remember to take this insurance under liability insurance.
- Take Commercial auto liability cover if you are using avehicle in your business.
- Workers compensation policy – This insurance is required if the workers are employed in the bar.
P.S.: Insurance Agent – Pickthe right insurance agent that has a complete knowledge of bar insurance in Houston. He must understand your business and the laws in Houston.