I'm holding an event with liquor. What do I need too know about the Insurance risks?
If you are holding an event with liquor, there are several insurance risks to consider. Liquor liability insurance is essential for protecting your event and attendees from potential damages or injuries related to alcohol consumption. Here are some things you need to know about insurance risks related to serving alcohol at an event:
- Liquor Liability Insurance: Liquor liability insurance covers damages or injuries caused by intoxicated guests who were served alcohol at your event. It can also cover legal fees associated with any lawsuits related to alcohol consumption. Make sure to purchase liquor liability insurance before your event to protect your business and assets.
- Exclusions: Some insurance policies have exclusions related to alcohol consumption. Make sure to read your policy carefully to understand what is covered and what is not. If you are unsure about the coverage, speak with your insurance agent to clarify any questions you may have.
- Coverage Limits: Liquor liability insurance policies have coverage limits, which is the maximum amount the insurance company will pay out for damages or injuries. Make sure to choose a coverage limit that is appropriate for the size and nature of your event.
- Responsible Alcohol Service: Insurance companies may require you to follow responsible alcohol service practices, such as hiring professional bartenders or caterers who are trained in responsible alcohol service, offering non-alcoholic beverages, and monitoring guests' alcohol consumption. Failure to follow responsible alcohol service practices could void your insurance coverage.
- Additional Insurance Coverage: Depending on the nature of your event, you may need additional insurance coverage, such as general liability insurance, event cancellation insurance, or property insurance. Speak with your insurance agent to determine what additional coverage you may need.
By understanding the insurance risks associated with serving alcohol at an event and obtaining the necessary insurance coverage, you can help protect your business, assets, and attendees from potential damages or injuries related to alcohol consumption.