DO I NEED LIQUOR LIABILITY INSURANCE FOR MY PRIVATE PARTY?
Liquor liability coverage is a specially designed insurance program for privately held parties, events and other gatherings where alcohol is served. Some auditoriums and local laws mandate liquor insurance for serving alcohol in the events but this is not the only reason for you to consider alcohol liability insurance.
It goes without saying that by deciding to host an event where alcohol is sold, served or encouraged; the chances of drink related issues and its consequences are more likely to take place. Liquor liability coverage is added to bars, restaurants, pubs and taverns as a part of their insurance program. However, even if you are holding a onetime event, you still need liquor liability coverage to compensate for damages, injuries and financial losses that occurred from someone’s irresponsible behavior related to alcohol.
PREVENTION IS BETTER THAN CURE – STREETSMART INSURANCE AGENCY’S ALCOHOL LIABILITY INSURANCE CAN PROTECT YOU
Even if your state does not have any mandatory alcohol liability insurance requirements, it is still a smart move to purchase one before holding a private event where alcohol is served because as they say, prevention is better than cure. Alcohol related lawsuits are constantly on the rise in our time and age. In fact, there are quite a few attorneys that specialize in these cases and these lawyers can go to any extent to win the case for their clients.
Needless to say, the action of such attorneys and the overwhelming public attention that compensation cases can get makes it really difficult fighting them in the court. Secondly liquor liability lawsuits are very expensive and time consuming. You will not only lose significant money fighting these claims but will be held back from your regular work, which will make the situation all the more difficult. In order to prevent these common issues related to liquor serving event, it is better to purchase alcohol insurance and protect yourself.
LIQUOR LIABILITY COVERAGE IS NOT ONLY FOR COMMERCIAL ESTABLISHMENTS
Most US states mandates any commercial establishment that sells alcohol to carry some sort of liquor liability coverage. However, privately held events are equally vulnerable to vandalism, liquor related fights and commercial damage. You need alcohol liability insurance if you are a:
- Wedding coordinator
- Event Manager
- Private Party Organizer
As long as liquor is served at the party premises, you are exposed to various liquor related problems that can ultimately lead to a lawsuit. The best way to protect you from getting sued is buying adequate liquor liability coverage.
5 FACTORS TO CONSIDER IN ALCOHOL LIABILITY INSURANCE
Battery coverage – almost any lawsuit that is filed against a bar or restaurant is the result of a fight. This is the reason why it’s important to make sure that your policy gives coverage for assault and battery claims. If your insurance policy does not cover this requirement, the policy is bound to be much lower in real value.
Defense cost – one of the biggest costs in running a liquor store and fighting against numerous lawsuits is the cost of retaining a lawyer. Your insurance agency knows this and this is why you might find people coming to you with policies that deduct ‘Defence cost ‘from the total coverage. For instance if your insurance policy is worth $500,000, it is reduced to $400,000 because an amount of hundred thousand dollars is deducted as the lawyers’ fees. Truth being told, even a policy with the lowest premium is not worth it if it does not bring out these conditions, provided that your business already has an appointed skilled legal counsel that does not need coverage.
Employ coverage – if your business serves liquor then your employees will get drunk, irrespective of the rules you set. Your insurance agency knows this and this is why sometimes they tend to exclude employees from your coverage policy. You need to specifically check this and make sure that your employees are covered in any legal liability insurance that you take.
Psychological damage – when your insurance policy claims that it covers any kind of damage, you should be sure about the definition of ‘damage’. Most insurance policies cover physical damages. However, if a person files a lawsuit against you saying he has suffered damage in non-physical ways like psychological stress, trauma or any other such damages, you want your insurance policy to take care of it. That’s right, never go for an insurance policy that does not cover such kind of damages and is quite limited with ‘damage’ definitions. Chances are that most claims that are filed against you would be of such kind and if you did not know that your insurance policy does not cover such kind of problems, you will regret that you ever took the policy.
Reduce premiums – did you know that good insurance agencies give reduction on premiums if you are willing to attend their free classes and training on safety and no claim history? That’s right; some insurance companies reduce premiums by as much as 20% if you are willing to attend the basic safety training.
However, you must always note that no liquor liability insurance will cover for any sales that are opposed to the law and sales to minors. It’s very important for you to sit down with your insurance agencies and understand each and every term of the policy.
WHY STREETSMART INSURANCE AGENCY?
Good agencies are hard to come by, and being a liquor store you definitely need the best. Unlike most generic insurance agencies out there we make sure that we help you out in almost every risk associated with your business. We do not force you onto a complex terms and conditions that help you to understand every bit of the policy so that you are sure that you will be safe under any circumstances.
We ensure that we give you a customized insurance policy that has been specially designed for your business and the risk associated with it. All you need to do is to just fill out this online application form and we will be more than happy to get back to you with an affordable quote.