Like all businesses, running a liquor store comes with particular risks. However, you can mitigate most concerns and protect yourself and your establishment from various damaging scenarios by purchasing the right insurance policies. This guide details the types of coverage that you should discuss with your insurance agent if you own a liquor store. 

What Are the Insurance Requirements for Liquor Stores?

1. General Liability 

The amount of general liability coverage you should have varies depending on the size of the establishment and your specific needs. It is a catch-all type of coverage that all business owners are encouraged to have. It protects you in a variety of circumstances, from lawsuits and injuries to financial losses. It can also cover you in the event of property damage, reputational harm, or advertising errors. General liability insurance extends to your customers and vendors, as well, providing peace of mind if someone gets hurt at your store or becomes sick from your products. 

You can also pair it with commercial insurance or an umbrella policy. A commercial plan protects the building in the event of a fire, natural disaster, or theft, while an umbrella policy covers bodily injuries or damage to others as a result of an event on your property. This form of insurance extends beyond a standard property or liability plan. If you reach the payout limit on other policies, umbrella insurance picks up where the others stopped. 

2. Workers' Compensation 

State law requires businesses with employees to carry workers' compensation insurance. Even if the job environment is safe, accidents can still happen. Staff members can slip on wet floors or get hurt while standing on ladders to stock shelves. This type of coverage pays for medical bills, lost wages, and rehabilitation costs if a staff member gets injured on the clock.

3. Business Property Insurance 

Any business owner with a storefront needs to carry business property insurance. This coverage reimburses you for damage done to the building. If your establishment is targeted by vandals, affected by a fire, or damaged by a natural disaster, the policy will pay for repairs and related expenses. The plan also extends to the liquor supply, as well as any damaged or stolen furniture, computers, shelving, or storage containers. This protects you from having to spend your own money to restock the inventory or replace broken items following a disaster.

If you need to explore business policy options with an insurance agent, reach out to Reid Insurance Group in Lovington, NM. This insurer has more than 70 years of experience helping business owners throughout southeastern New Mexico and western Texas obtain the coverage they need. Their team will make sure that your liquor store or other establishment is protected with the best insurance policies at affordable rates. Learn more about their services online, or call (575) 396-3645 to speak with a knowledgeable insurance agent.