How Much Does Liquor Liability Insurance Cost - When looking for manufacturer insurance, one of the biggest questions you might have is, “How much does product liability insurance cost?”
We know this can be frustrating for those hoping to get a certain number with a single web search. However, every business is unique and has its own needs. A single policy won't work if you end up paying for coverage you don't need and miss out on other benefits. Today, Insurance Canopy breaks down manufacturers' insurance costs for you.
How Much Does Liquor Liability Insurance Cost
On average, Insurance Canopy insurers can pay between $800 and $1,400 per year. Your annual premium is calculated based on several factors such as:
Does Your Business Need Liquor Liability Insurance?
When you compare the hundreds of thousands of dollars spent on product liability claims, the cost of product liability insurance makes sense. Your policy will help you avoid paying for legal fees, medical bills, and more on your own.
We know time is money, so with Insurance Canopy's fast response, you'll receive an offer within 48-72 business hours. To help us set up your coverage, we will evaluate your business based on:
To start the quotation process, you need to submit an application detailing your business and product(s). Our quote request can be completed completely online in 10 minutes or less, allowing you to focus on your business again. Once your offer has been created, an authorized agent will contact you to discuss your policy.
Our team has more than ten years of experience in product quality responsibility. We don't just want to help you meet your insurance requirements, we want your business to be successful. Insurance Canopy has helped companies reach high-demand markets and retail stores. When you think of manufacturer insurance, think InsuranceCanopy. We are proud to insure companies like you.
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Brianna is a Marketing Communications Specialist at Insurance Canopy. She specializes in all types of insurance, from fitness trainers to product liability and more. Outside of work, he can often be found at a concert, traveling or filming.
The way we do business has changed in recent years. E-commerce operations expand the boundaries of where and how we do business. Because of this digital economy, more... Many or all of the products listed here are made by our partners who reimburse us for the costs. This can affect what products we write about, where and how the product appears on the page. However, this does not affect our estimates. Our opinions are our own. Here is a list of our partners and here is how we make money.
If you own a liquor business, you already know how liquor is changing the way you work compared to other small businesses. When you sell, serve, or produce alcohol, you will need a liquor license and you must comply with various alcohol regulations. And since selling alcohol can be a potentially lucrative but also risky part of your business, you may want to consider an additional business insurance option: alcohol liability insurance.
In this guide, we'll explain everything you need to know about small business alcohol liability insurance, including coverage, cost, where to get it, and how to decide if it's right for your business.
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Liquor liability insurance (sometimes also known as liquor store liability insurance) is a form of business liability insurance that protects small businesses that produce, sell, or serve alcohol. This type of insurance usually covers personal injury or property damage claims brought against your business as a result of the actions of people under the influence of alcohol to whom you served or sold alcohol.
While most businesses are protected against these types of claims with general liability insurance, most general liability insurance excludes alcohol-related claims, so this form of insurance is especially good for restaurants, bars, breweries, wineries, and any company that deals in alcohol. . . as part of their daily activities.
In addition, liquor liability insurance is even more important for businesses operating in states with liquor store laws. These laws make businesses liable for the actions of an intoxicated person who is served alcohol, especially if that person was clearly intoxicated. These laws vary in their specifics, but generally make it easier for your business to be prosecuted for alcohol-related incidents. Currently, 43 states have liquor store laws.
Answer a few questions and we will match you with an insurance partner who will help you calculate the cost.
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Any business that sells or serves alcohol as part of its daily business should consider investing in alcohol liability insurance. These types of businesses may include:
Also, it's worth noting that depending on the state your business is located in, you may need to purchase alcohol liability insurance in order to get an approved liquor license. There may be other scenarios where your company also needs to have this type of insurance; for example, if you are applying for a business loan, you may be required to show alcohol liability insurance to the lender.
Whether or not your state enacts a liquor store law, liquor liability insurance can be important in protecting your business that sells or serves alcohol. Liquor liability insurance usually covers any bodily injury or property damage caused by a drunk person who serviced your business, even after he left your location. In particular, this may include:
In these situations, alcohol liability insurance covers legal costs (legal fees, attorneys' fees, and settlements) if your business is sued. However, coverage may vary depending on the individual policy and the state in which your business is located (because each state has its own rules and laws regarding liquor store liability).
What Is Excess Liability Insurance?
While alcohol liability insurance protects businesses that sell or serve alcohol as part of their normal business, host liability insurance protects your business if it serves or allows alcohol to be consumed at an event it hosts.
Host liability insurance is usually included in your company's general liability insurance policy and therefore covers you against any personal injury or property damage claims that arise from the actions of an intoxicated person who consumed alcohol at an event you organized. Essentially, host liability insurance protects businesses that are not in the business of serving or selling alcohol as a daily practice.
As with most business insurance policies, the cost of alcohol liability insurance will vary. Much of this difference has to do with the different laws that states impose on businesses that serve or sell alcohol. In Michigan, for example, any retailer applying for a liquor license must be able to show at least $50,000 in liability insurance. In general, it's safe to say that the stricter the liquor store laws in your state, the more expensive your liability insurance policy will be.
In addition, the cost of your policy may also be dictated by other factors such as the size of your business, the type of business (such as a bar or supermarket), the amount of alcohol sold, your claim history, and the amount of coverage. you want with your policy.
Texas Liquor Liability Insurance Services
For example, according to financial management website howmuch.net, the average cost of alcohol liability insurance is between $900 and $1,200 per year. On the other hand, online insurance marketplace Insureon reports that its customers typically see average annual costs ranging from $255 (for retail) to $545 (for restaurants) and $2,060 (for bars). However, these costs are also highly dependent on the amount of your policy: for bullion, Insureon's average coverage is $2 million; for restaurants, it's $1 million.
To reduce the cost of alcohol liability insurance, you can contact your insurance provider to see if you can add this type of insurance in addition to your other insurance policies to a so-called business owner policy. By bundling different types of commercial insurance with the same provider, you can often get a policy at a lower price.
Also, by simply reducing the risk of a claim or lawsuit, you can often find more affordable alcohol liability insurance options. By showing the insurance company that you hired professional staff, trained them thoroughly, and reduced your company's risks in other ways (for example, by introducing a strong identification policy and offering soft drink options), you can lower the cost of your policy.
If you are looking for this type of insurance, you can start with your current insurance company if you have one. If you don't already have commercial insurance or your current provider doesn't offer this type of insurance, check out the following options:
Liquor Liability Insurance: Protect Your Business
While working with an insurance broker or agent can be more expensive than doing your own alcohol liability insurance, it can be worth it if you're buying commercial insurance for the first time. An insurance broker or agent will work with you to discuss your business needs, obtain quotes from different providers, and compare the quotes received to determine which one can offer you the best policy.
To make sure you are using a reliable insurance broker or agent, you can ask other business owners for referrals or check out any resources your local chamber has to offer.
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