Bar Insurance in New Hampshire
What is Bar Insurance?
Operating a bar or similar establishment in New Hampshire involves a significant investment and comes with a substantial amount of risk. Though there is not a specific policy called Bar insurance, the right coverage offered through an independent insurance agency, such as HPM Insurance, can helps establishment owners protect their businesses and investments from many of the risks that these businesses face.
Bar insurance policies are commercial insurance policies that have been customized specifically for bars and other drinking establishments. Most are package policies, which means they come with multiple coverages that together provide an array of protections.
What New Hampshire Businesses Need Bar Insurance?
Drinking establishments in New Hampshire can benefit from the insurance protections that are offered through an experienced insurance agent who can customize the insurance specific for the needs of your drinking establishment. Given the high risk, and cost, of liquor liability, you want an agency that understands the nature of your business and sees it beyond just being a place to consume alcohol.
Coverage needs and costs can vary depending on if you run a nightclub, with a live music and dancing, a tap room serving local brews or a high-end bar serving customized and unique cocktails.
Business owners who are unsure what commercial insurance policy is most appropriate for their operation should talk with an insurance agent who has experience in the bar and hospitality space.
What Coverages Are Available for Bar Insurance Policies?
Tavern insurance policies may offer a number of different coverages. Some of the more commonly selected ones are:
- General Liability Coverage, which may guard against a range of common accidents that result in lawsuits
- Liquor Liability Coverage, which may guard against alcohol-related incidents that result in lawsuits
- Assault and Battery Coverage, which may guard against assault and battery lawsuits
- Commercial Umbrella Liability Coverage, which may provide additional protection against large lawsuits
- Commercial Property Coverage, which may insure owned equipment and buildings
- Food Contamination Coverage, which may insure food against spoilage following a covered disaster
- Equipment Breakdown Coverage, which may cover important equipment in the event of a malfunction
In addition to these, policies may also offer product liability, cyber liability, business interruption and other coverages. Businesses can usually adjust their policy’s particular coverages for their specific situation and needs.
Why Do Bars Need Liquor Liability Coverage?
Most businesses that sell or serve alcohol should carry liquor liability coverage in case they’re sued over an alcohol-induced incident that they’re allegedly responsible for.
If an intoxicated patron is involved in a slip-and-fall accident, fight, sexual assault or even DUI after leaving an establishment, the business that allowed them to become so drunk is sometimes held financially responsible for the harm and/or damage incurred. Even if a business is ultimately exonerated from such allegations, merely defending an establishment in court can be expensive.
Liquor liability coverage normally extends liability coverage to a variety of alcohol-related lawsuits that a business could face. Thus, the coverage normally relieves much of the burden that this risk creates.
How Much Does Tavern Insurance Cost?
Tavern policies’ premiums vary because they’re based on several factors. Along with coverage selection, location, annual liquor and food sales, building size and many other items can influence how much a policy costs.
Even with variance among policies’ premiums, however, this insurance tends to be affordable. Premiums are almost always more affordable than facing a major disaster with no coverage in place would be.
How Can Businesses in New Hampshire Get Bar Insurance?
For help insuring a bar, tavern or similar establishment that’s located in New Hampshire, contact the independent insurance agents at HPM Insurance. Our agents have assisted many businesses with this insurance, and our team has the expertise necessary to help you find a bar insurance policy that will provide your bar with robust protections.