If you’re looking to open a bar or tavern in the state of New York, there are various types of insurance you’re going to need for your business. Most of this insurance is standard to virtually any business whether it’s a bar and tavern or whether it’s a retail location. However, there are certain things that are specific to bar and tavern insurance that may differ from what you would find in a retail location or a business office facility and these are things that you will have to carefully consider if you’re considering opening such an establishment in New York.
As it relates to traditional insurance for business, a bar or tavern is going to need the standard battery of different insurance coverage insurance such as liability insurance, workers compensation insurance, property damage insurance as well as extended liability and property insurance coverage. All these things are typical for a business when it comes to being insured properly but when it comes to bars and taverns, there are specific types of insurance policies that you will need and one such insurance policy is known as a liquor bond.
All bar and taverns in the state of New York are required to have this particular bond. This bond is directly related to the liquor taxes that the state of New York imposes on bars that sell, stock or manufacture liquor for consumption.
The gist of this particular bond is that it is a guarantee that your establishment will be able to pay its liquor taxes. In the event that you are unable to pay these liquor taxes, the provider of the liquor bond will cover your debt to the state and then will come to you for repayment of the liquor taxes that it paid on your behalf.
While bonds are not always easy to get in this difficult economic market, liquor bonds are fairly easy to get if you as a bar or tavern owner have the right qualifications. There are very little hoops to jump through in terms of getting a liquor bond and this is good news for somebody who is considering opening a bar tavern.
RSI Insurance protects bar and tavern owners against any legal liability by helping them acquire proper insurance coverage as per their needs. Browse RSI-Insurance.com to know more.