If you’re looking to open up a bar or are opening one, insurance is one of the first steps you need to get out the way when going on this fun venture. The cost of this type of insurance depends on the policies you choose, the unique risks your bar faces, the value of your business equipment, and more.
Business Owner’s Policy Costs for Bars
Bar owners need to get covered with Business Owner’s Policy which is typically about $270 per month or a median annual premium of $3,260.
A BOP bundles general liability insurance with property insurance, usually at a discounted rate. This policy often includes business interruption insurance. And business interruption insurance covers the loss of income that a business suffers after a disaster.
The pricing is determined by your bar’s location, operations, and value of business property. Bars with high-value equipment and furnishings tend to pay higher premiums. Not all bars qualify for a business owner’s policy. Check with your Insureon agent to find out if your bar is eligible.
Here are a few numbers:
Median cost per year: $3,260
Policy limit: $1 million per occurrence
Policy deductible: $1,000
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