As an owner or manager of a restaurant or bar, you have unmatched skills in dealing with people. Some nights you are dealing with fake IDs and drunks and other nights you are handing out rounds of shots to a table celebrating a birthday. No day is ever the same, and that is what you love most about it!
It is important for you to keep innovating.
Adding daily specials are a great way to get people talking about you and coming back on your slower nights. But competition for ‘Taco Tuesday’ is fierce, so you need to get more creative and innovate your offers. Some owners are looking for marketing ideas to bolster their bar or restaurant revenue. They decide to add entertainment such as bar games, live entertainment, a dance floor, or a mechanical bull. It’s a big investment, but also can result in a very high turnout.
Protecting your investment.
As you work through the logistics of where you are going to put the dance floor and figuring out the financing for it, you may overlook the possible risk exposure that comes with your new entertainment. At Swarts, Manning & Associates, we work with business owners to identify the risks and liability exposures associated with their new entertainment. One lawsuit can ruin or bankrupt small businesses and significantly impact medium or larger businesses. To protect your investment you need to be educated on the potential hazards, insurance policies, and risk avoidance methods before you buy.
Avoid the risk.
Lawsuits happen when people get hurt. The problems that offices face during a company party is what a restaurant or bar deals with every day. There are many preventative measures that can be learned from our Christmas party checklist. It is critical to look for the risks before they happen. Whether it is you or a trusted staff member, someone should always be tasked to look for potential hazards throughout the night.
We recommend having a checklist and rules in place to avoid the risk. The checklist would include things like;
- Inebriated customers may not participate in bar games
- All customers need to sign a waiver before riding the mechanical bull
- Check for electrical hazards of the live entertainment 30 minutes before they start
- At least 1 security guard needs to be monitoring the dance floor
Transfer the risk.
A restaurant and bar should consider insurance coverage to transfer the risk of potential lawsuits. Some of the coverage a restaurant or bar needs may be excluded from a standard policy (General Liability, Property Insurance, and Workers Comp Insurance). As the owner you should, therefore, look into additional policies and increasing your limits to transfer your responsibility further in the event that something happens.
There are certain types of insurance policies you can add to your insurance program, including;
- Alcohol liability
- Guest property coverage
- Lost income coverage
- Assault and battery liability insurance
- Mechanical bull coverage
- Product liability insurance
- Employment practices liability insurance
Our insurance design specialists are currently offering a complimentary call to discuss your specific situation. With a thorough insurance review, we can ensure that your policies include coverage for your specific exposures. Get started by filling out your contact information below or give us a call right now at (833) 878-2820.
Find out how we can help.
At Swarts, Manning & Associates can give you a unique perspective on your coverage options and provide input on what carrier best fits your restaurant or bar. We will ensure you are getting the most coverage at the best rate. Give us a call to get started: (833) 878-2820.
Swarts, Manning & Associates covers relevant topics for your business weekly. Stay tuned to hear more discussions about managing your insurance and industry-specific tips.
