Just like cars out there on the road, there are many different shapes, sizes, and characteristics with Pubs and Restaurants—and with this being said there are many different things that can affect the cost of a Pub and Restaurant Insurance premium! If you have ever gone through the underwriting process with a hospitality establishment you will know that there are a lot of questions that go into the insurance company’s decision, but each of these questions serve a purpose to find the right level of coverage for you!
Things like your establishment’s location, volume of business, what kinds of activities are being offered (Like a mechanical bull, or other entertainment), the hours you are open, and even the amount of alcohol that is sold are all huge factors in the price of your coverage! Just think of it this way, a bar and grill type restaurant that closes at 10 PM will have a much lower premium than a bar that hosts concerts and stays open until 2 AM every night due to the large difference in risk!
If you have a liquor license for your business you know that you are in a highly regulated space that has a ton of rules and is much different than if you just ran a business that sold only T-shirts and shoes! You know that there are a certain set of rules and guidelines that you must keep track of to retain your license—and due to this a common liability insurance plan definitely wouldn’t cut it!