In, Georgia, many people consume liquor almost every day. Alcoholic beverages provide a substantial risk to your body due to the ingredients they contain. Therefore, many business owners that served liquor in Georgia are required to have insurance to protect their company from any other problems related to alcohol.
This article aims to tell the readers about liquor liability insurance Georgia that many business owners need. If you’re curious about the terms and conditions, stay tuned!
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What is Liquor Liability Insurance in Georgia?
According to 2022 County Health Rankings & Roadmaps of Alcohol data for driving accidents, Georgia has 1.91% per capita as of 2020 for liquor consumption. The data shows a higher percentage than West Virginia, Utah, and Oklahoma. Therefore, some business owners that serve alcohol need protection for their company.
Business owners face several problems for their companies by providing alcoholic beverages on their menus, especially, bars and clubs that offer several kinds of liquor. To support the business by serving liquor every day, some companies require liquor liability insurance Georgia.
The insurance company offers some coverage for business activity that serves alcohol, for example, covers legal fees, medical payment, employee allowance, and BOP (Business Owner’s Policy). Mostly, the liquor insurance agency will cover the general liability policy. The coverage will help the customers while tasting products.
Georgia’s Top 4 Liquor Liability Insurance Providers
As one of the states in the US with decent alcohol consumption, Georgia has several companies that protect customers who visit restaurants, bars, clubs, or any other places that serve liquor. As a result, there are many insurance group company provides coverage to support some business owners.
In this part, four agencies are listed as the best liquor liability insurance Georgia. Certain considerations are vital in determining which insurance providers are the best. For instance, best for restaurants, overall, bars, and small businesses. The differences create the rate of agency but this article only shows the highest rate.
We all know that liquor contains harmful ingredients to our bodies. Some companies may have numerous prices based on the risk of their alcohol and most importantly their coverage providers.
1. Best Restaurants: Founders Insurance
Founders Insurance, the top restaurant insurance business, assists in paying the principal and loan interest if the owners cannot pay. The company has had a flexible policy and offers insurance for liquor for particular events like fundraisers, weddings, and exhibitions since 1901. AM best presents rate A for financial stability.
For the price, the agency gives prices starting from $1M for maximum coverage. Then, for the minimum policy, they offer $100k. Furthermore, Founders Insurance Company has liquor coverage accumulated up to $2 million. Also, the company presents additional coverage based on the restaurant’s claims criteria.
2. Best Overall: Westchester Binding
Following are the insurer’s best overall ratings from Westchester Binding. The company comes from Chubb that presents some services such as attack and battery, assets damage, sexual harassment or assault, physically injured, and, drunk drivers. For the financial rating, AM best gives this company an A++ predicate.
Westchester Binding will help to pay lawyer’s bills, legal payments, and establishment. Moreover, the coverage is according to several factors. Also, the insurer’s policy and the liquor company’s location are essential to determine the insurance’s price. Remember that every state in the US has different rules.
The cost of Westchester Binding has different prices based on the type of company. The company gives costs starting from $2,060 for bars, $545 for restaurants, and $255 for retailers for annual payments. Most notably, the minimum policy for delivering liquor must be $2 million for bars and $1 million for restaurants.
3. Best Small Liquor Company: biBERK
biBERK is an insurance company in Georgia that provides online quotes. People also come to their agency to talk about coverage in detail. According to AM Best’s rating insurance within the category of financial power, this company got A++. Furthermore, biBERK is included in Berkshire Hathaway Group members.
This agency provides coverage for liquor liability insurance Georgia such as protecting businesses for alcoholic beverages in particular. For additional coverages, related to the liquor business, they give worker’s compensation claims and Business Owner’s Policy insurance.
Based on FitSmallBusiness, the agency proposes an affordable price. For Business Owner’s Policy or BOP, biBERK costs start from $500 for annual payments. A liquor liability claim is categorized on this BOP. Many consumers pay less than $2,000 in premiums per year.
4. Best Bars: Admiral Insurance
AM’s best rating gives Admiral Insurance company as the liquor insurance liability, with a grade of A+ for financial stability. In addition, liquor insurance is included in general obligations coverage. So, the business owner can shop based on general liability policy or just monoline insurance.
For the price, Admiral Insurance offers up to $1 million for the coverage limits. Specifically for assault and abuse coverage price, they give the cost of up to $250,000 for the policy. In contrast to many insurance companies, Admiral Insurance allows businesses that offer alcoholic beverages to remain open until late at night.
When comparing the finest four liquor liability insurance Georgia businesses listed above, take in mind that some may provide different coverage, resulting in differing costs. If you are a business owner looking to insure your company, you need to require specific criteria and aspects.
The Importance of Liquor Liability Insurance
As we know, types of alcoholic beverages business have several types in Georgia. For example, retail dealers, onsite consumption, retail package, and, hotel servings. In this case, some business owners need protection for their business as well as their customers, including liquor liability insurance. But, why is it important?
The main reason is a risk factor for drinking alcohol. People who visit your business can blame the cause of alcohol for their damage or loss. Businesses may avoid this accident by insuring their company with an insurance provider. As a result, they do not need to be mindful of any litigation or concerns.
Therefore, liquor liability insurance Georgia takes an essential part in some alcoholic beverages business. In addition, several companies offer different coverages and prices. This depends on the business’ location and additional factors.
Start to Get Your Liquor Liability Insurance in Georgia!
Some business owners that need alcohol must insure their company to protect their bars, restaurants, hotel, or even retailers from any unpredicted accidents. Especially when their customers cause problems while consuming the liquor or in their place. It means that liquor liability insurance Georgia is very important.
Remember to consider several things before purchasing insurance for your business. The primary reason for this is that the fees are rather high compared to other insurance products. Remember before choosing and starting the process to get insurance for your company, consider the coverage, price, and services.