The wine industry substantially impacts the U.S. economy, explaining the high number of investors in the sector. Nonetheless, it’s not all rosy for investors, including wine bar owners. They face numerous risks, including fires, business vehicle damage, employee injuries, personal injuries, floods, and storm damage.
Unfortunately, many businesses lack the financial muscle to absorb the shock of unforeseen losses. With that in mind, it is recommended to acquire wine bar insurance to reduce the impact of losses.
Speak to a trusted insurance agent in Northridge, CA, about the available options if you’re looking to protect your investment.
Here are a few components of wine bar insurance:
A wine bar requires a sitting area, a sound system, furniture, refrigerators, and counters to run smoothly. Unfortunately, you can lose these critical assets because of vandalism, theft, fire outbreaks, or natural disasters.
Commercial property coverage caters to damage, repairs, and replacement costs. The insurance can reimburse you the cost of repairs if an electrical fault triggers a fire that burns down a section of the bar.
Workers’ compensation coverage protects wine bar owners and employees. If an employee becomes sick or injured in the line of duty, the insurance plan pays for medical expenses, lost income, disability benefits, long-term care, and death benefits.
The workers’ compensation coverage can also cover the legal fees and settlement amount if an injured worker sues you.
Liquor liability coverage is necessary for all establishments selling alcoholic beverages. It can cater to legal fees, medical costs related to bodily injury, and property damage caused by intoxicated persons.
Any business that sells alcohol, despite its size, is exposed to liquor liability and would benefit from the insurance cover.
General liability coverage is a critical component of wine bar insurance. No law compels businesses to buy general liability cover. Even so, not having it can land you in financial trouble. The cover protects you and your wine bar from claims related to bodily injuries and property damage related to your products, services, and operations.
It can also protect you if you’re held liable for the damage to the landlord’s property. It’s important to note that general liability coverage doesn’t cover the cost of your personal injuries and medical bills.
You may also need commercial auto coverage to protect you against physical damage to the vehicles you own, lease, or hire in your business. It also provides liability coverage for property damage and bodily injury to others while using the insured business vehicles.
A fire outbreak in the bar can cause stock loss, business closure, injuries, and property damage. If your wine bar is uninsured, it’ll face lost income, repair expenses, liability claims, and loss of market share.
Fortunately, businesses can reduce their exposure to loss by acquiring wine bar insurance.
At Panorama Insurance Agency, we work with multiple insurers to give clients a tailor-made insurance policy that meets their business needs.
Contact us online or call us at 818.781.6630 to request a quote.