Liquor Liability Insurance in Covington, GA
Serving and selling alcohol can be a lucrative and integral part of many businesses’ operations. Companies in the hospitality, entertainment and retail sectors may all attribute a significant portion of their revenue to these products. However, the sale, consumption and distribution of alcohol also involve potentially high risk levels, making liquor liability insurance a necessity.
What Is Liquor Liability Insurance?
Liquor liability insurance comprises various financial protections and coverages focused on limiting potential out-of-pocket losses for incidents involving alcohol. While exact coverage details may vary, a liquor liability insurance policy typically provides businesses with assistance in responding to the following situations:
- Bodily injury liability—If a guest becomes intoxicated and causes harm to others, liquor liability insurance may help businesses manage financial repercussions.
- Property damage liability—If an overserved guest damages someone else’s property, such as while driving drunk, this coverage may offer financial protection.
In addition to potentially covering direct costs and losses related to intoxicated customers, liquor liability insurance may also render aid for legal expenses should a policyholder be named in a resulting lawsuit.
How Much Is Liquor Liability Insurance?
The following factors typically determine liquor liability insurance rates:
- Location
- Industry
- Percentage of total sales earned via alcohol
- Deductible
- Claims history
- Coverage limits
Is Liquor Liability Insurance Important?
Any business with operations that regularly include alcohol should consider purchasing liquor liability insurance. In some cases, coverage may even be legally required, meaning that failure to secure an appropriate policy could have significant legal repercussions. Given these stakes, responsible companies should conduct their due diligence to secure adequate coverage.
We’re Here to Help
At Lord & Associates Insurance Agency, our team is eager to help businesses in the Covington, Georgia, area understand and address their coverage needs. Contact us today to learn more about your options or to get a personalized liquor liability insurance quote.