Running a bar in Massachusetts requires a sizeable investment, and that investment should be protected when it’s possible to do so. One way bar owners can protect their investment is by purchasing bar insurance.
Bar insurance is specialized commercial insurance for bars and similar businesses. Because these businesses typically need multiple coverages, most bar policies are underwritten as package policies that contain several coverages within them. Bar owners often can choose the adjust these included coverages to suit their bar’s situation.
The majority of bars and taverns in Massachusetts probably ought to have tavern insurance in place. Liquor liability coverage is generally required to obtain a liquor license, and other coverages provide important protections. Without insurance, an establishment can be exposed to major financial risks.
While this insurance is well-suited to meet the needs of most bars and taverns, other businesses that serve alcohol might find that another type of policy is better for them. For instance, restaurants and nightclubs frequently have some similar coverage needs but also different ones too. These businesses will likely be better off with a restaurant or nightclub policy.
Business owners who aren't sure whether tavern insurance or another commercial insurance should be purchased for their business can consult with a knowledgeable insurance agent. An agent who specializes in these policies will be able to review a business' risk exposure and then make an informed recommendation.
The exact coverages in tavern insurance policies can vary, but most offer a variety of property and liability protections. Property protections primarily insure a business’ assets, while liability protections are mainly to protect in situations where a business might be responsible for injury to others or damage to their property.
Some of the more frequently offered property protections are:
Some of the more frequently offered liability protections are:
An experienced insurance agent can help bars and taverns sort through all of the coverage options that a policy offers.
Premiums for bar policies vary, because the rates are based on a multitude of factors. Insurance companies frequently look at an establishment’s location, square footage, beverages served, customer count and claims history, among other factors, when calculating rates.
Even with variance in policy premiums, however, bar policies tend to be affordable. Their premiums are almost certainly less than what a major claim could cost if an establishment is uninsured.
For help insuring an establishment that’s located in Massachusetts, get in touch with the independent insurance agents of Garrity Insurance. Our agents can show you bar insurance policy options from many insurance companies in the state, and we have the expertise necessary to help you select the best one for your business.