Many agents can provide an insurance policy for liquor stores, but is it the right coverage for YOUR liquor store?
Here are some things to consider:
Does Your Insurance Cover You When the Power Goes Out?
What happens to your liquor store if a storm causes the power to go out triggering a surge through the system that burns out the motors to yor coolers? The wine and beer that’s being kept refrigerated would probably get over-heated because your equipment is dead, but does your insurance policy pay for the spoiled inventory? Or a for a new cooling system? Or for income that was lost while the store was closed during the outage and repair/recovery?
How’s Your Liquor Liability Coverage?
The minute you ring up a sale for beer/wine/spirits you are responsible for the patron. Does your insurance policy cover you if an employee sells alcohol to a minor, or an intoxicated customer who then drives away? What about assult and battery, when your employee rightly refuses to sell to a drunken customer who then gets belligerent and possibly violent?
What About Employee Crime?
Most businesses have loyal and hard-working employees, but would your insurance policy cover you if you discovered an employee had been stealing from your liquor store for weeks, months, or even years? Most insurance policies either exclude this coverage or only give you $2,500 for the resulting lawsuit and financial loss.
How is Your Liquor Store Classified?
Liquor stores have a unique set up: on the one hand you have highly flammable products in stock, and on the other hand you are a retail shop selling harmless alcohol-related goods. Many insurance carriers are able to classify the liquor sales as one rate and the non-alcoholic goods (such as bottle openers, corkscrews, baskets, etc.) as another rate, thus giving you the right coverage at the right premium.