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Hospitality insurance programs are essential for a wide range of businesses. Many social clubs and venues serve alcohol and provide entertainment to their patrons, and the owners of these businesses need adequate insurance protection against the risks inherent in providing these services. Here are three types of businesses that need hospitality insurance.
1. Bars and Lounges
One of the big liability risks at bars and lounges, whether it be a sports bar, pub, tavern, or cocktail lounge, is that alcohol consumption can lead to accidents. Alcohol-related accidents often lead to lawsuits against the establishment that served the alcohol, and the establishment’s owner needs coverage to pay the fees associated with fighting litigation.
2. Comedy Clubs and Jazz Clubs
Owners of venues where people gather to watch stand-up comedy or a jazz performance can be subject to lawsuits due to alcohol consumption if they operate a bar inside their club or venue. They can also face liability claims from performers or neighboring businesses.
3. Nightclubs and Adult Nightclubs
Nightclubs, and particularly adult nightclubs, are vulnerable to risk because of the nature of their business. Nightclub owners can face claims resulting from risks involving valet parking, performers, patrons, DJs, and a host of other areas.
Owning one of these venues can be costly when problems occur, which is why it is important to find the right hospitality insurance programs. An experienced insurance professional can create a package that meets a hospitality business owner’s needs.
Your hospitality business is focused on serving the needs of the thousands of customers that pick you to help whet their appetite. The insurance coverage that you select must be designed to help you continue to serve your customers in times when you experience a loss (and make sure that you’re back up and running as quickly as possible) in the event that a major issue develops.
You need a hospitality insurance policy that has coverage’s and support specifically designed for a company in this dynamic industry. As a restaurant owner, you’ve worked hard to create a successful business that serves the needs of your customers and provide a positive dining experience. Any risks or exposures can easily affect your reputation and bring your operations to its knees.
Choosing the right insurance agency with sound solutions
That’s why its important that you partner with an insurer that will cater to all of your insurance needs by helping you manage the protection of your business, staff and guests. That means someone that offers customized coverage’s that are specifically designed with a restaurant in mind. Many agencies operate within this area that specialize in helping restaurants with their insurance and risk management.
Being in the hospitality business is different than many other types of businesses, and you need someone who understands those differences. Insuring a restaurant requires in depth knowledge and experience about which types of coverage’s are critical and what coverage’s are considered just desirable to have. The objective should be to provide each restaurateur with a customized insurance program at the lowest possible price.
As an owner, you’re concerned with a slew of different issues, including loss control and how to proactively avoid claims from occurring. Loss prevention is one of the most effective claims management tools of all.
Whether you’re the owner of a fine dining establishment, cafe’, diner, sandwich shop, fast food place, or other so-called hospitality venue, you’ll want the option to choose from a number of programs, including packages that include business liability protection, property coverage and crime. It doesn’t matter if you have a single location or multiple locations, you can get a tailored hospitality insurance solution that is guaranteed to be the right fit for you.
Today the hospitality industry is thriving and full of excitement and challenges. But there are risks associated with providing a location for a multitude of people to spend extended time for a fee. This means that you can be held liable for a slew of issues that could arise, from a slip and fall by the pool, to a food borne illness while dining in your establishment. Certainly a lot of things can and possibly will go wrong.
As a hospitality owner, a person or business can even be named in a lawsuit for an incident that occurred off premises, or simply if circumstances bear out that there was some connection to the establishment. If you contact a New Mexico Insurance Agency you can likely purchase hospitality insurance that can provide you with peace of mind and the assurance that you will be protected in the event that an incident results in an unexpected claim.
Insurance is easy to acquire and readily available
There are a number of companies operating in the area that offer hospitality insurance in comprehensive policy packages. The amount of the cost for coverage will usually be determined by the size of your business. The comprehensive coverage that you can purchase will, of course, vary from provider to provider.
Whether you run a hotel, social club, restaurant or tavern, you need to have coverage for injuries, damages, and other unforeseeable events. You’ll want to include commercial property insurance, general liability coverage, liquor liability (if you serve alcoholic beverages), loss of income, and umbrella insurance for added protection. There are other policies available and a reputable agent can go over your particular exposures and help you tailor a package to fit your precise needs.
When it comes to your business, it is likely your greatest investment and you need to protect it. Just one lawsuit related to your operations could spell financial disaster, as this is just the type of occurrence that can ruin or bankrupt a small business and significantly cripple a medium or large size business. This is why an investment in coverage provided by a New Mexico Insurance Agency is actually low compared to the cost that you will encounter if you don’t have it and end up facing a costly claim.
Everyday, millions of people flock to their local pub after a hard day at the office to unwind and relax. Whether it’s a business meeting where executives are brokering a deal over drinks, or a group of friends taking the opportunity to meet at one of the local lounges, bars or pubs in every city, all filled with people just looking for a break. This relaxed atmosphere can also result in some patrons over-indulging, and this is wherein the problem lies.
While alcohol can loosen a person up, there are times when misunderstandings may occur and alcohol often adds fuel to the fire. Your clients can quickly and unexpectedly become the focal point of a lawsuit due to injuries caused or sustained by others inhabiting your premises. This is when you need the solid protection of pub insurance that provides you relevant coverage for the type of exposures you’re prone to.
A fun time can quickly turn sour
While owning a bar, tavern, or pub can be rewarding, the type of place where people come to gather to watch their favorite team on television, participate in karaoke or trivia contests, or just to unwind after a long workday, it’s can also be the scene of the type of behavior that results in injuries to innocent parties. From a business standpoint, you can’t afford to have your pub sustain damage, or your reputation, because of the fact that one of your bar patrons decided to get out of hand.
But this can be one of the drawbacks of running a successful bar. There’s likely to be those occasions where situations occur that are more conducive to accidents, lawsuits, and property damage due to people all drinking together in a small space. And if someone leaves your pub intoxicated, and soon after causes an accident while driving, your establishment could very well be held liable for damages. Such lawsuits can be enough to close your business down for good.
Don’t let a lack of proper pub insurance allow that to happen to your bar or tavern. You shouldn’t be forced to bear the cost of these types of exorbitant claims. Partner with an agency with agents you can trust to understand the risks that your establishment is most likely to encounter.
Many people who own businesses understand that there are many circumstances that could occur for which you can be held liable. This means you would likely be sued for virtually any incident that may occur on the premises. This is even truer in the hospitality industry, where a business can be named in a lawsuit for incidents occurring off the premises, or for issues that were only vaguely connected to your actual place of business.
One of the biggest liabilities that a hospitality insurance company will have to cover concerns problems related to alcohol consumption. If you purchase hospitality insurance you can provide peace of mind and assurance knowing that you are protected in the instance of an unforeseen claim being brought against an employee or the establishment.
Hospitality insurance is well worth the cost
This type of coverage is relatively low priced in today’s market and there are a number of businesses that serve or sell alcoholic beverages that can obtain this protection at a reasonable price. However, the cost associated with not having this protection can be significant and anyone that has experienced having to defend against a lawsuit or pay a large settlement would advise others to ensure having it in place.
There really isn’t any excuse for not having the proper type of coverage on hand. This insurance product is most beneficial to caterers, restaurants, taverns, social clubs, hotels and any other type of business that is selling or serving alcoholic beverages on a regular basis.
After all, when it comes to your business, you need to protect your investment to the best of your ability. One lawsuit related to this type of issue can ruin or bankrupt small businesses and significantly impact medium or larger-sized businesses.
This is why the investment is so vital and the fact remains that having a hospitality insurance company in your corner is the best solution to the cost that you may encounter if you do not have proper coverage and are facing these types of claims on your own. Keep in mind that by purchasing this policy you’ll be protecting yourself, your business, your employees, and even your patrons.
It could take some time to find just the right insurance broker to handle the special liability insurance needs of clubs, bars, and restaurants. Any business that sells, serves, or allows alcoholic beverages to be consumed on the premises should be concerned about their liability issues. Hospitality insurance, in the form of liquor liability coverage, protects your business should your customers or patrons end up suing your business for damages related to being intoxicated.
Most food service businesses that serve alcoholic beverages carry liquor liability insurance in order to be covered for any possible costs related to claims of liquor-related injuries, assaults, or accidents that occur on and off their business premises. Coverage options may vary, depending on the policy that was purchased.
Most states have “dram shop” laws
Most states have “dram shop” laws that will hold your restaurant or catering business accountable if, for example, one of your employees serves alcohol to someone who is already visibly intoxicated and then proceeds to cause harm to either themselves or others. If an incident occurs where an intoxicated client attacks another patron, or in the event they drive their car and end up having a car accident, any affected party could actually hold your establishment responsible for damages and file a lawsuit.
Having liquor liability insurance ensures that your business will be covered for the legal fees, settlements, and medical costs that your business may face, up to the limits of your existing policy. In order to get an idea of how quickly these type of violations can add up, let’s presume that one of your servers does serve alcohol to an inebriated person who causes an auto accident on his or her way home.
In addition to any property damages and/or physical injuries that result from the wreck, your food business could be found liable for violating state laws pertaining to not having hospitality insurance coverage, serving an intoxicated person more alcohol, or failing to properly train your employees in how to handle inebriated patrons.
Even when your business is found not at fault, lawsuits without merit happen all the time. You’ll still end up having to hire a lawyer to defend your business, and attorney fees alone can be enough to financially desecrate a small business. Speak to an agent about any questions you may have regarding hospitality insurance coverage.