Liquor Store Insurance

If you run a liquor store, you've likely invested a lot of time, money, and energy into your business. To properly protect your investment, you'll need the right kind of business insurance for your liquor store. Without coverage in place, your business is at risk of potentially devastating financial losses caused by fires, break-ins, lawsuits, and more.

Luckily, an independent insurance agent can help you find the right liquor store insurance to get the job done right. They'll get you set up with every kind of coverage you need. But first, here's a closer look at liquor store business insurance.

Liquor Store Industry Stats

Understanding the industry your business is in can help you assess its unique risks that need protection. Here are just a handful of liquor store industry stats to help paint a better overall picture.

Currently, there are 41,033 beer, wine, and liquor stores operating in the U.S.
The number of liquor stores in the country has remained fairly steady over the past five years.
California has the most liquor stores of any state in the nation, with 5,587 total.
A reported 190,495 people work for liquor stores in the U.S. as of this year.
Last year, the market size of the U.S. liquor store industry was $78.3 billion.

Knowing just how large the liquor store industry in the U.S. is can help drive home the need for the right coverage for each business. Every liquor store must have protection against financial losses ranging from customer lawsuits to fire damage and beyond.

The Right Commercial Property Insurance for Liquor Stores

The physical property you keep in your liquor store holds a lot of value, so it's critical to have it properly insured against loss and damage. Some essential and common types of property coverage to consider for your liquor store include:

Commercial property insurance: This provides coverage against loss or damage to the property, like equipment and inventory kept inside your liquor store, as well as the store building itself.
Crime insurance: This covers your liquor store against robberies not committed by employees and against acts of employee dishonesty, such as stealing cash or inventory from your business.
Inland marine insurance: This covers loss or damage to business property, such as bottles of liquor, while they're in transit.

An independent insurance agent can help you protect your business's property against a number of different threats with the right coverage.

The Right Liability Insurance Shields Liquor Stores against Lawsuit Costs

Your liquor store could get sued by a member of the public for any number of different claims. It's necessary to understand that different types of liability coverage protect against different kinds of claims. You must evaluate which types of protection are essential for your liquor store. Consider the following types of liability protection:

Commercial general liability insurance: This pays for legal defense costs if a third party, like a customer, sues your business for claims of personal property damage or bodily injury and comprises several different types of coverage, including the following:

Premises liability insurance: This covers lawsuits related to injuries and property damage suffered by third parties while they're on your liquor store’s premises.
Product liability insurance: This covers lawsuits related to claims of illnesses and injuries caused by faulty products sold in your store.
Advertising liability insurance: This covers lawsuits related to claims of copyright or trademark infringement by your liquor store's marketing campaign.

Liquor liability insurance: Essential for all liquor stores, this coverage protects your business if it's held liable for the actions of an intoxicated person who obtained the alcohol in your store.
Cyber liability insurance: This insurance provides coverage for your liquor store if criminals hack into your computer system and steal employee or customer information, such as names and credit card numbers, and your business gets sued by those affected.
Employment practices liability insurance: This insurance provides coverage if an employee sues your liquor store for a perceived illegal business practice such as discrimination, sexual harassment, or wrongful termination.
Business umbrella insurance: This increases the liability coverage limit on your existing policies by increments of $1 million.

Working with an independent insurance agent is a great way to ensure your liquor store is equipped with each type of liability protection it needs.

Additional Insurance Considerations for Liquor Stores

Your liquor store insurance policy might not be complete without adding a few more types of coverage. Consider the following commonly added types of business insurance:

Business income insurance: This insurance provides your liquor store with a continuation of income and employee wages if a covered disaster forces your business to close temporarily.
Workers’ compensation insurance: This covers medical treatments and continued income for employees who get injured or ill due to job duties or the work environment.
Commercial flood insurance: This provides coverage for property damage caused by natural flooding events, which is excluded by commercial property coverage.

Ask your independent insurance agent to help you bridge any coverage gaps that may remain in your liquor store insurance policy.

How Much Does Liquor Store Insurance Cost?

Liquor store insurance costs vary depending on a number of different factors. These often include:

Your business's location
The number of employees it has
The coverages and limits you select
Your business's claims history
Your business's unique operations
Your business's annual revenue

Though it's tough to offer an estimated cost of coverage without knowing the specifics of your unique liquor store, an independent insurance agent can provide you with exact quotes in your area.

Get Help Building a Strong Liquor Store Insurance Policy

Building a comprehensive commercial insurance policy for your liquor store can be a complex process to handle all on your own. Working together with an independent insurance agent, however, can greatly simplify and speed up the process.

These agents are available to help you identify your risks, understand your options, and find competitively priced policies that meet your coverage needs. They shop and compare policies from many different insurance companies to find you the overall best blend of coverage and cost.

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