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Bar Insurance

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Bars insurance

Bar insurance NZ

Bar insurance is a specialised type of business insurance tailored specifically for establishments that serve alcoholic beverages, like pubs, taverns, and clubs. It provides coverage against a variety of risks associated with running a bar, from potential llegal proceedings due to intoxicated patrons to damage to the property or theft.

Why is bar insurance important? 

Running a bar may seem like all fun and games, but in reality, it carries its own set of unique risks. Accidents happen, disagreements occur, and sometimes things go awry. Bar insurance ensures that when the unexpected happens, your establishment is shielded from the potentially devastating financial implications. This form of insurance offers peace of mind, ensuring that unexpected costs or legal issues won’t jeopardise your business.

In New Zealand, the average cost of bar insurance typically ranges between $160 – $320 per month. 

It’s crucial to have bar coverage if your business:

  • Sells or serves alcohol
  • Hosts live entertainment
  • Has employees
  • Rents or owns a venue

What covers are typically included in bar insurance? 

Public Liability

This policy covers common bar business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection

Statutory Liability

This cover is a type of protection that helps bars cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties

Business Contents Insurance

Business contents insurance in NZ is for protecting all the important stuff inside a bar. If there’s a problem or accident, the insurance can help with the expenses.

Best For
  • Accidents 
  • Floods
  • Fires

Stock Insurance

Stock insurance in NZ is a type of coverage that helps protect bars from the loss or damage to the items they sell.

Best For
  • Mishaps 
  • Natural Disasters
  • Fires

Employers Liability

This insurance helps protect bar businesses from financial losses if an employee suffers injuries or illnesses at work.

Best For
  • Workplace injuries
  • Legal expenses
  • Compensation payments

Employment Disputes

This insurance in NZ covers bars legal costs and other expenses arising from disagreements between employees and their employers.

Best For
  • Mediation costs
  • Legal expenses
  • Settlement fees

Building Insurance

Building insurance in NZ is a type of coverage that helps pay for repairs or rebuilding if your building or commercial property gets damaged. 

Best For
  • Accidents 
  • Natural disasters
  • Fires

Business Interruption Insurance

Helps protect bars when they face unexpected events, like natural disasters or fires, which lead to temporary shutdowns or disruptions in their operations. It covers loss of income and additional expenses incurred during the interruption period.

Best For
  • Income loss 
  • Extra expenses
  • Temporary shutdown 

How much does bars insurance cost?

Bar insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Bars insurance in NZ typically costs between $160 to $320 per month

Who needs bar insurance?

While it might seem apparent that bars need bar insurance, this coverage isn’t limited to just traditional bars. Establishments that should consider bar insurance include:

Pubs and Taverns: Traditional places serving alcohol to the public.

Nightclubs: Where music, dance, and drinks come together.

Lounges: More laid-back settings that offer alcoholic beverages.

Specialty Bars: Like wine bars or craft beer establishments.

 

While running a bar, specific types of insurance like liability insurance might be required by law, especially if you have employees. However, the breadth and specifics of coverage might not be mandatory but are highly recommended to protect your business from potential risks.

Yes, bar insurance can be structured to cover both the physical building (if owned by the bar owner) and the contents inside, which would include equipment, furniture, and inventory. It’s essential to discuss the specifics with your broker to ensure comprehensive coverage for both assets.

How do I get proof of bar insurance

You can usually get proof of bar insurance same day when you purchase insurance through Gerrards.

Acquiring a bar insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or lease.

To obtain insurance coverage promptly, contact one of our bars insurance brokers. We may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

What does bar insurance not cover?

Intentional Acts

If damage or harm results from a deliberate act by the business owner or employees, it’s not covered.

Losses Beyond Policy Limit

The coverage has a cap. Any loss exceeding this cap needs to be borne by the bar owner.

Specific Natural Disasters

While many policies cover general disasters, some events like earthquakes may not be automatically included. 

Other common questions about bars insurance

Many bar insurance policies can cover employee theft, but it might not be standard. It’s essential to verify with your broker and consider adding this as an extra if it’s a concern for your business.

In the event of a claim, contact your insurance broker or provider as soon as possible. They’ll guide you through the process and ensure you have all the necessary documentation to expedite the claim.

Regularly reviewing your policy, at least annually or whenever there’s a significant change to your business, ensures you remain adequately covered and are not paying for unnecessary coverage.

Hosting events might require additional coverage, especially if they differ significantly from your bar’s usual operations. Discuss with your broker about any events planned to ensure you’re adequately covered.

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