If we have learned anything from the past few years, it’s that it’s nearly impossible to predict business risks on the horizon. From the pandemic to the supply chain shortages, to devastating hurricanes and more, there are threats to operations present at all times. What can you as a liquor store owner do to protect yourself? A great way to start is by partnering with a specialty insurance provider, who knows the ins and outs of the liquor store niche, and obtaining coverage you can rely on.
Insurance can protect you from a wide range of common risks confronting liquor stores by offering you critical coverage and risk mitigation tips. These risks may include:
- Theft: We have seen theft incidents rising at liquor stores across the country. Even something as simple as teenagers stealing a few bottles of vodka can prove costly to your bottom line. With a good insurance policy, you can be protected for inventory lost due to theft, and by working with an insurance provider, who knows the niche, you’ll receive valuable safety tips to reduce the chances of theft.
- Slip and falls: Slips, trips and falls are incredibly common and can lead to a hefty loss depending on the injury. A simple leak in a bottle can lead to a customer slip and fall situation. Good insurance coverage will ensure you’re covered should an accident occur. Your insurer may also share additional safety insights, including details on how often you should be cleaning and drying floors to prevent slip and falls.
- Equipment breakdown: If any on-site equipment breaks down, your insurance policy can help cover for the replacement parts needed and the loss of work incurred. Your provider may also share safety tips regarding proper maintenance and upkeep to limit future equipment breakdowns.
Finally, insurance coverage can provide support against loss of business. For example, let’s say your business is part of a strip mall and there’s a break in sprinkler system. This may lead you to shutdown for a few weeks. In this case, a business interruption policy would help you stay whole even while your business is closed.
Work with a specialty insurer, like PAK Programs, who knows the risk profile of a liquor store and can offer expert insights, risk mitigation counsel and coverage designed to fit your needs. Getting coverage is simple with our new quote to bind button. Learn more here
