If you are just opening up a brand new bar or nightclub, before you let in your first clients, you need to make sure that you have all the correct insurance. Here are the top five types of insurance you need in order to protect your business.
#1 Commercial Property Insurance
The first type of insurance you need to make sure that you have is property insurance. If you are renting the building, your contract probably requires you to have commercial property insurance. If you have a loan against your business, your bank may also require you to carry commercial property insurance.
Even if there is no outside entity requiring you to carry property insurance, it is still a good investment. If anything is ever stolen from your business or if your business catches fire, commercial property insurance will take care of the damage. Just make sure that your coverage limit will actually cover the cost of replacing all of your belongings if something were to ever happen to your business.
#2 Natural Disaster Insurance
Unfortunately, commercial property insurance does not always cover all types of natural disasters. If you live in an area where natural disasters are known to occur frequently, you may want to also invest in a natural disaster insurance policy. That way, if a natural disaster ever does strike, you will be able to reopen your business instead of closing it for good. Natural disasters can cause a lot of damage; the best way to make sure you can recover from such an event is by having the right insurance coverage.
#3 Liquor Liability Insurance
If you have been issued a liquor license, your state may require you to also purchase liquor liability insurance. This type of insurance will protect you from any actions that your customers take as a result of consuming alcohol while they are at your business. It will also protect you from any mistakes or choices that employees may make concerning the service of alcohol.
#4 Health Insurance
If your business is small enough, you may not be required by law to provide your employees with health insurance. However, if you want to stand out from the other bars and nightclubs in your area and foster loyalty among your employees, one of the best ways to do so is by offering your employees health insurance. Health insurance can be a large investment though, so make sure you can reasonably afford to offer this benefit.
Before you open your new bar or nightclub up for business, make sure you have at least the first three types of insurance listed above. You should also talk with an insurance agent at Affordable Insurance about the specific details of how your bar or nightclub will run and operate in order to ensure that you have the proper insurance coverage to protect your business and investment.