Liquor Store Insurance Coverage Gaps

Liquor Store Insurance Coverage Gaps

 

Today we’re going to talk about business insurance for retail stores, including liquor stores. Coverage from Safeco, Geico, State Farm Insurance, Progressive Insurance, Travelers, Insurance, Hartford Insurance. The list goes on and on, but specifically, I’ll talk about coverage gaps that you could be missing. so specifically, two of the coverages that we see trouble with on clients, when they come to the agency to review their current policy, they are missing the peak season endorsement and you say what the heck is an endorsement 1 and 2 peak season? What are you talking about? So what I’m talking about is specifically October, November, December any three consecutive months. Most insurance companies give you an automatic increase of 25% But the key is, you have to name the months. Number two what liquor stores are missing, they don’t insure their inventory for the full value. That’s a huge potential problem. I’ve seen liquor stores have $50,000 of coverage for their inventory and we all know that is nowhere near close. Four bottles of Johnny Blue- a thousand dollars and we all know now how you’re forced to buy your liquor from your distributors in larger purchase orders, larger lots. Thus meaning, you have to store in your back room I meant that in many back rooms of liquor stores are just packed to the gills with inventory and they don’t realize how much money or how much potential risk is there for them.

So let’s increase your inventory value on your insurance policy. Let’s increase your deductible. Let’s pick your peak season, three months, and maybe chances are you may not pay any more than you’re currently paying, but you’re going to have the right coverage, and you’re going to know you have the right coverage before claim time.

Give us a call, shoot us a text, send us an email, our agents are ready to talk to you and explain your current coverage. We can connect on Zoom, we can connect on the phone. However you want to go over your coverages and your options.

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