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Best In-Class Business Insurance for Technology Firms & IT Consultants
The business world is becoming smaller and smaller. As communications technology improves at a startling rate, more and more companies are building international workforces or hiring international contractors. And unsurprisingly, because of this broadening of corporate horizons, there is a great deal of travel involved.
Many Americans travel within the country on a relatively regular basis, so they aren’t strangers to airport procedures such as arrival times, baggage check, and security procedures. Customs processing may be a bit unusual, but the process is fairly self-explanatory. Overall, most Americans would be reasonably comfortable and quite capable to travel internationally for business.
The one issue with such travel doesn’t have to do with the physical process of traveling, nor the conducting of business, but rather the chance that the traveler might become injured or ill while in another country. Most traditional health insurance plans don’t cover international health issues, and they definitely don’t include reimbursement for lost luggage.
That’s where travel medical insurance enters the picture.
Travel medical insurance is usually a temporary or “term” insurance plan, and it is designed to protect travelers while they are abroad. Travel medical insurance usually does not cover pre-existing conditions, as it is solely intended to ensure that travelers get the care they need if something new happens while they are in another country.
What actually is covered varies by plan and carrier, but there are a few constants that you will find on almost every plan.
Travel medical insurance plans cover both inpatient and outpatient treatment—including doctor’s visits and hospitalization—for any new injury or illness that occurs during the trip.
If the policy holder is in a country or region without adequate medical care, the travel medical insurance plan will pay to medically evacuate them to an appropriate facility.
Most travel medical insurance plans cover prescriptions necessary to treat any condition contracted during the travel period. Generally, if the insurance paid for the treatment, it will pay for the corresponding prescription.
The majority of travel medical insurance plans also provide some amount of money in the case of an accident or injury caused by the policy holder. The amount and conditions of the award vary greatly from plan to plan, however, so it is a good idea to pay careful attention to each plan’s wording.
If the policy holder becomes hospitalized (and possibly medically evacuated) for a serious injury or illness, most travel medical insurance plans will pay for a spouse, child, or loved one to fly to their location for a short visit.
If the policy holder’s checked luggage is lost or goes missing, the plan will reimburse the policy holder for its value. This usually does not apply to carry on bags or loose items such as wallets or cell phones, although the medical nature of the plan means many carriers will replace lost prescription medication.
In the case of accidental death or dismemberment, most travel medical insurance plans will pay a sum of money to the policy holder or their beneficiary.
Finally, in the case of the policy holder’s death while traveling, many plans will pay to have the remains transported back to the policy holder’s native country.
As you can see, travel medical insurance has quite a few benefits. If you or one of your employees is planning to travel in a foreign country, you should strongly consider purchasing travel medical insurance. It is better to be prepared for every eventuality than to be caught off guard when you need help the most.
Have you ever thought about what to do if your business gets sued?
You may think your business has safeguards from such things, but it can happen to any company at any time for sometimes surprising reasons. Whether it’s someone suing over getting hurt on your property or perhaps accusing you of supposed product defects, anything can come out of the blue to deal you the stress of a lawsuit.
Rather than go into a panic when you receive a lawsuit notice in the mail, you need to calm down and handle everything with intelligence. Just because you’re being sued doesn’t mean you’ll necessarily lose money. The biggest hurdle is the money you’ll have to spend on paying for lawyers, which is potentially as much or more expensive than any settlement.
Fortunately, you have a way to combat litigation fees if you play your cards right. Things can also progress faster if you don’t waste time responding to any lawsuit. In the world of law, any time wasted can mean costing you more money and possibly losing your case.
(Remember, the InsureYourCompany.com staff are not lawyers, therefore you should always consult your attorney in the event that you or your business are sued.)
It’s a possibility you’ll receive a demand letter first before a lawsuit even arrives. This doesn’t always happen, though if someone demands you change something with a threat to sue, it’s time you took the letter to your business lawyer. If you don’t already have a lawyer looking out for your interests, then you need one now.
Sometimes you can find ways to resolve the issue or through a fair settlement before someone sues. Unfortunately, with the litigious society we live in, a lawsuit may still happen with a push to get more money out of you. When this happens, you have to communicate with your lawyer to respond quickly.
A hearing frequently requires a response within less than a few days to a week. With that in mind, you need to allow a little time for your lawyer to gather evidence to prove your case. Despite most states having a statute of limitations of up to two or more years in filing lawsuits, responding to a lawsuit doesn’t allow the same luxury.
A good lawyer can still find compelling evidence if given at least a week to gather it all. They’ll gather witnesses and documentation that proves your side. In order to make this effective, you need complete candor with your lawyer. Don’t be afraid to tell them everything so they can create a better case for you.
When you get business insurance, it pays to read your policy carefully to see if they pay for litigation when you get sued. Many policies do, which is important to keep you from having to go nearly bankrupt paying off your lawyers. It’s even worse when losing a lawsuit where you have to pay a settlement and lawyers at the same time.
Keep in mind you need to respond quickly to your insurance after a lawsuit before they ever agree to help you. Your lawyer can do the contacting.
When you have a lawsuit on your hands, emotions can easily take over, leaving you to start discussing it with friends or on social media. You need to avoid this completely because any information you blab in public places could end up being used against you in a court case.
Social media is an especially bad place because it places your comments out on search engines for the competing legal team to acquire and use in a trial. Because language is malleable in law, something you say could be twisted to make you look guilty when you’re not.
Being sued is never a pleasant situation, but it’s a possibility for which you, as a business owner, must prepare your company. With the guidance of a trustworthy attorney and a complete understanding of your insurance policies, however, it doesn’t have to spell disaster for your business.
Small businesses succeed or fail based on the little things. Whether it’s setting your prices 50 cents too low or too high, not paying a dollar an hour extra for a more skilled worker, or paying too much for insurance, those little things can spell doom in unexpected ways.
The savviest small business owners are constantly making minute adjustments to the way they run things, and they are always on the lookout for ways to get just a little more value by expanding their market share slightly, raising prices a few cents, or cutting costs in some way.
Being a small business owner means being open to any way to improve the performance of your business.
One of the best and often overlooked ways to cut costs is taking a second (or third, or fourth) look at your business insurance policy. There are a number of ways that small businesses can save on insurance, and as mentioned above, those savings can make the difference between a struggling business and a successful one.
Health insurance is expensive, and if you opt for a plan without a deductible, you could end up paying way more than you need to year over year.
The better option is to provide your employees with a less expensive healthcare plan with a higher deductible and a health savings account. The health savings account compensates for the high deductible by letting employees pay into the account pre-tax. Employees then use that money to pay for the deductible when they need to. High deductible plans make it the employee’s responsibility to think about the cost of medical services.
You won’t have to deal with insurance claims if your employees never have to use their health insurance. Keep them healthy by stocking your break room with low-calorie options instead of junk food. You can also provide discounted or free memberships to a local gym. It may cost a bit of money up front, but has the potential to save even more in the long run by preventing your employees from needing to make a claim and even reducing the number of sick days they take.
Speaking of prevention on a larger level, making sure you keep up with routine maintenance will be very beneficial. Take steps to keep the workplace clean and fix anything that breaks as soon as possible. The safer and cleaner your place of work is, the lower the chance that your employees or customers will have an accident and make a claim.
Your business needs a wide variety of insurances, from accident to health to general liability. In some cases, you’ll find the best deal from separate providers, but the majority of the time, bundling your plans with just one provider will save you a fair bit of money. Larger providers will often offer most or all of the types of insurance you need.
As your small business grows and changes, your insurance needs change as well. Sit down with your insurance agent each year and go over your existing policies and needs to make sure your coverage configuration is optimal. Adding and removing policies as needed will keep your coverage tight but not excessive.
Every day, we help small businesses navigate the often murky waters of securing the right business insurance. As a small business owner, you may find that insurance is one of your largest expenses, but it doesn’t have to be a money pit. Managing it properly by finding ways to cut costs and making prevention a priority is crucial to ensuring the success of your business.
If you work as an independent contractor, you’re probably all-too-familiar with just how stressful things can be around tax time. You’re responsible for paying your own taxes rather than having them automatically deducted from your paycheck. Not to mention, independent contractors and self-employed workers also get hit with additional taxes, such as a 15.3% self-employment tax for Medicare and Social Security.
Of course, we’re not accountants and will always recommend that you trust the advice of a professional, but there are some basic tips for writing off home office expenses that can help you keep more of your money this tax year.
The biggest deduction you may be entitled to if you’re working as an independent contractor is the home office deduction. This deduction only applies if you own your residence and have a designated room in the house that you use primarily as an office.
Be careful here. You can’t claim a home office deduction for your living room just because you have your computer desk set up in the corner; the space needs to be completely dedicated to your work.
If you qualify, you can deduct the portion of your mortgage that goes towards the square footage of your home office, which can save you a pretty penny when it comes to paying your taxes. Just be sure that you carefully document and calculate your deduction, as it’s not uncommon for those who claim this deduction to be audited.
Even if you aren’t eligible for a home office deduction, there are plenty of other expenses you can write off when you work as an independent contractor.
For example, if you have to purchase a new laptop or computer to conduct your work, this can be written off come tax time. The same applies to portions of your home Internet and phone bills used for work purposes, along with any office supplies (paper, ink for your printer, etc.) that you need to buy to do your job.
Be sure to track any work-related travel that you do in your own car. Write down the dates and times of your travel, along with your car’s odometer readings before and after the trip.
At the end of the year, it might be tempting to simply estimate how much you spent on your home office throughout the year, but it’s important that you actually keep track of this information throughout the year. This means having a dedicated folder or file where you keep all of your work-related receipts, along with a spreadsheet file where you track your annual totals.
Yes, it will take some time on your part to keep this information organized, but it will also help save you time and stress when it comes time to file your taxes. Plus, in the unlikely event that you do get audited, you’ll have all the documentation you need.
If you’re paying for your own insurance and/or contributing to your own retirement fund, understand that this can help you come tax time as well.
Specifically, any funds you’ve contributed to your retirement account should be tax-free until you begin drawing on your account. Furthermore, any medical expenses, such as insurance premiums, are 100% tax-deductible as well.
As you can see, there are many tax breaks that you can enjoy when you’re working as an independent contractor. And while taking advantage of these deductions and write-offs does take some research and careful tracking on your part, the results will be worth it when you’re able to keep more of your hard-earned money in your pocket at the end of the year.
The smaller the company, the bigger certain challenges can feel—if you own a small business, you’ve probably experienced this firsthand. While a large corporation can take the hit of, say, a delayed product shipment, such an issue would be a nightmare for a small business staying afloat. Imagine, then, how big of a blow losing a member of your team can be.
While losing a key member of the business, such as a CEO or founder, is difficult for any size company, many large corporations would be able to recover from the death. But such a death would likely mean the corresponding death of a small business.
That’s why key person life insurance exists.
Key person life insurance functions as a way of ensuring that a small business stays afloat after the death of a leading figure in the company. It involves the business taking out a life insurance policy on a (surprise) key person involved with that business, such as the owner, founder, or an important employee. The business pays the premiums for the policy and is the beneficiary of the policy; simply put, the business pays monthly so that if the key person dies, the business will get enough money to stay afloat while it hires and/or trains a replacement.
In some situations, when a business would be completely dead without the key person, the money from the life insurance does not go toward keeping the business afloat but rather toward closing the business down in an orderly manner. The money allows the business to pay off any outstanding debts, provide severance pay to its remaining employees, and pay investors.
In such a situation without key person life insurance, the company would be forced to declare bankruptcy immediately.
For small businesses consisting of a single employee (the owner, founder, and only worker), key person life insurance is unnecessary. If the owner of a single-person business is worried about their family in such a situation, they would be better served taking out a personal life insurance policy. Key person life insurance is only for helping the remainder of the business in the event of a critical employee’s death.
When shopping for key person life insurance, be sure to visit multiple insurance carriers, as different carriers have different ratios of premium to payout. In addition, some carriers will have fixed payout plans (usually $100,000, $250,000, $500,000, and $1 million), while others will pay based upon the key person’s salary or value to the business.
It is recommended to look for a payout amount based upon the key person’s perceived value to the business, as well as the key person’s age and general health. The longer the key person would be with the business naturally, the more the business stands to lose if that person dies unexpectedly, so the higher the life insurance policy payout will be.
Another option when investing in key person life insurance is to get term life insurance. Term life insurance applies for a set amount of time (as opposed to whole key person life insurance, which applies until the key person is no longer with the company). Going with a term life insurance plan is helpful if you predict that your business will grow rapidly in the next few years, as the policy may not be necessary after a certain point.
The bigger your business becomes, the more replaceable your key person may be and the larger a hit your company will be able to absorb without needing a payout to stay afloat.
Losing anyone within a company is never easy, but it’s a possibility every business owner needs to think about. Key person life insurance is a very important resource for your small business. Having such a policy is essential for guaranteeing your business’ survival (or orderly dissolution) in the event of an unexpected tragedy.
While working as an IT consultant (or any other kind of consultant, for that matter), it’s imperative to have an understanding of basic contract essentials for your legal safety. Even if you already know your client well and think problems won’t occur while you work for them, things can still go awry. And for any job you do where you’re new to a business, the list of things that could go wrong is potentially endless.
A more detailed contract only helps protect you and your client in the long run since any litigation over disputes could cost you both in legal fees. Excessive litigation only leads to losses for everybody other than the lawyers representing you.
That’s why you need to look at every aspect of who you’ll be working for, your contract with them, and what entanglements could occur. While you can add those items as general provisions at the end of your contract, you have some important contractual elements to work with first. Many of these are obligations that apply to any type of consultancy work.
NOTE: Please keep in mind that we are not attorneys. While the information below will help point you in the right direction, you should always contact your attorney to review and approve any contract you receive before signing.
The first section of your IT consultant contract should always outline the services you’ll render and what it entails to avoid any contradictions. Your first subsection here should include a detailed account of the type of services you’re expected to do, no matter how many paragraphs it takes. Creating an outline is more organized so you can break some of the services down into separate parts if it involves multiple tasks.
IT consultancy services most likely mean dozens of different tasks to help make the business you’re working for run more efficiently.
Afterward, mention applicable billing rates, which should include any service fees. This is where some of the biggest contractual disputes occur, so it pays to have a separate section later more clearly outlining who gets paid and when.
To end this section, detail any terms or conditions. You can additionally make this a separate section that more specifically indicates terms and conditions acceptance for both sides.
In the middle section, indicate what you’ll do with the services you and your client agreed to. While it may seem redundant to state this in a contract, it confirms you both agreed to what the services are and for the time frame allotted.
How long an IT consultant contract is in effect also matters, which means you have to indicate when the contract is officially terminated. Make it clear what dates the contract starts and the exact end date. Don’t get careless with dates; it only creates longer disputes about when the contract was actually executed.
When you work for businesses, you inevitably tap into databases and see private information on hundreds of employees or customers. It’s important to list confidentiality agreements in your contract so you promise not to disclose any private data to which you’re exposed.
It works the other way as well, where the business agrees not to maliciously use any private information incurred from your consultants. Indicate how any breach of private information terminates the contract immediately.
You no doubt have warranties on your work, and you need to state this in clear form on the contract. Businesses will rely on warranties because sometimes technical mishaps get discovered weeks or months after the work gets done.
Adding any extra provisions at the end of your contract is up to you and the business’s particular situation. Elements like contract modifications or how you communicate with your client can go here for more refinement of how you’ll both work together.
Companies that hire consultants or independent contractors will likely require a proof of insurance certificate before any work can begin. This should be laid out clearly in the contract so that both parties know what documentation is expected and what type of coverage will be required. You should contact your insurance professional to help you get the paperwork in order.
We at InsureYourCompany.com work with many tech consultants and IT companies to ensure that they have the proper insurance coverage and documentation for their work. Find out more about how we can help you and your company cover all of your bases to that end.
Every small business owner providing workers’ compensation for the first time probably has a lot of questions about what it is, why they need it, and what it covers. It’s possible you’re one of those small business owners, perhaps one in the tech industry, where you may not think protection of your employees is completely necessary.
The fact of the matter is that this type of coverage is mandatory in many states, even if you do not have employees. Check with your attorney or your state’s Department of Labor after reading the information below.
Ultimately, anything can happen to an employee in any industry. Complacency is a state of mind that’s easy to acquire if you’ve never experienced anything bad happening before. Regardless, even computer and IT consultants are vulnerable.
Considering that most consultants work on-site with clients, you already have a major risk on your hands as a business owner. Even if you don’t initially think that working directly with computers has any method toward accidents, traveling automatically does. Your employees and independent contractors have to travel to work; an accident could occur while driving there, making you responsible for injuries.
Physical injuries could technically happen on the job as well, including injuries from lifting any heavy equipment or improper working conditions.
Lawsuits could happen so fast and suddenly that you need preparation to handle the possible financial challenges. In general, what questions do you need answered about workers’ comp? Take a look at these common questions and the detailed answers you need.
You can define workers’ compensation as a no-fault insurance in the event one of your employees suffers an injury while on the job. Moreover, it protects you from lawsuits or any liability incurred when an employee gets injured and sues you, the employer.
It’s an insurance that’s especially valuable to small businesses since a lawsuit could permanently ruin a company. Your own tech consultant business likely has a small staff and limited budget that could easily be destroyed by legal action. Just one lawsuit from one of your employees could place your business in jeopardy.
When one or more employees get injured, they obviously start to lose wages from being unable to work. Workers’ comp helps them recover those lost wages, which can end up being considerable if the injury takes months (or years) to recover from. Medical expenses get covered as well, which makes workers comp so much better than most health insurances.
As mentioned above, you’re protected from liability if an employee decides to sue over their injury. The premiums on workers’ comp aren’t as much to pay when you consider how much you’d have to pay for injuries without any coverage. Also consider that even if you win your case, you still have major legal expenses, which still place you in financial danger.
FindLaw reminds that workers’ comp does have some logical limitations in many states. If an employee was under the influence of alcohol or drugs when the injury occurred, sometimes workers comp won’t cover costs. Plus, if it’s determined that any injury was self-inflicted, all coverage gets denied.
The same goes if one of your employees becomes injured from not following your company policies. Some employees may even think they’re automatically covered if injured off the job. This isn’t true, even if an injury occurred during off hours while traveling.
Workers’ comp is just one of many types of insurance coverage available for your business. If you’d like to learn more about the different types of coverage that exist and which ones apply to your company, download a free copy of our guide, Insurance For Businesses 101: What Are The Options And Who Are They For?
There’s no getting around it. Health insurance can be complicated, and it might seem like a nightmare to add a new dependent to your existing policy. The good news is that adding your new baby to your health insurance policy is not as difficult as it might seem.
Here are the steps you need to take to make sure your baby is covered under your health insurance policy:
This step only pertains to you if you have not yet delivered your baby. You know you are going to have a baby, and you know you need that baby to be on your insurance policy, so do some grunt work now before the baby is born to see what your insurance company will require.
Also look into rates to see how much your insurance premium will increase, and see if there are other, better options available to you and your family. If switching isn’t an option at this point, you can at least budget accordingly with the knowledge of your increased rate.
Having a baby is exciting, but it’s a whirlwind of chaos and sleepless nights. Before the baby arrives, talk to your partner about who will take care of the insurance and what steps need to be taken. You don’t want to have the unpleasant surprise of finding out that neither of you took care of the baby’s insurance because you each assumed the other person had it figured out.
This is the most important step. Your insurance company won’t know you’ve had a baby unless you tell them. Insurance companies give you 30 days to contact them, but it’s a good bet to do this part as soon after the birth as possible so that your baby can be covered under your insurance without any added headaches or paperwork.
Your insurance company will need your baby’s:
In general, having a baby is considered a “qualifying life event,” so you can add your baby immediately after birth rather than waiting until the next open enrollment period. The insurance company will make your baby’s insurance retroactive and cover the costs from birth as long as you call them within the 30-day window. Failing to take this first step will result in you being responsible for all of your baby’s hospital medical costs.
Have your notebook handy when you start this process to make sure you know exactly what paperwork is required from your insurance company. Every insurance company is different, so follow your particular insurance company’s instructions. Because of this step, it’s a good idea to do step 1 as soon as possible so you have time to track down any paperwork you need.
If you can’t afford insurance for your baby or if your employer doesn’t provide group health insurance, find out about any and all government options that are available at the state and federal level. If you can’t do this ahead of time, your hospital should have a social worker who can walk you through the process to make sure your baby is covered so you don’t need to pay out of pocket for his/her medical expenses now or in the future. The social worker from the hospital will be able to help you fill out paperwork and expedite the process so your baby can be covered as soon after his/her birth as possible.
Having a baby is an exciting life event, but with it comes a lot of added stress. Adding your new baby to your insurance policy is relatively simple, as long as you do it in a timely manner. Making sure your child is covered from day one will give you peace of mind, and one less thing to worry about during this amazing time in your life!
Being a business owner is an immense responsibility. Providing valuable services, paying comparable wages, having a well-trained staff, and organizing written procedures are among the many obligations on your plate.
Despite your best efforts, a wide variety of unexpected situations may arise—and legal action might be one of them. In the event that you are facing legal issues, protecting your company with Employment Practices Liability (EPL) provides coverage for your assets and maintains the respectable name of your company.
Imagine, for example, you run a computer staffing and technology company that places IT professionals at client sites. You may utilize recruiters, and many times those recruiters are offshore. One day, a recruiter tells a prospective temp employee that she is not eligible for a job installing new desktop computers at a client site because, as a woman, she probably can’t lift a computer. The female applicant then files a discrimination lawsuit against your company. The lack of proper training of the recruiter has put you in a potential legal dilemma.
In a situation like this, you would be fortunate to have an employment practices liability policy. This coverage will provide the legal aid you need, as well as the potential claim award.
That’s much better than slogging through the legal process with your own money, isn’t it?
Employment practices liability is a professional insurance that deals with the proper application of laws and protections required in the workplace. Having EPL enables an employer to deal with various employment-related lawsuits, such as the one described above.
Although laws differ from state to state, as an employer, the key factor to keep in mind is that there are both federal and state statues that govern your liability to your employees.
EPL covers the following areas:
Regardless of the type of industry you are in, what you don’t know may prove detrimental to your company. Establishing an agreeable and operative work environment requires the employer staying abreast of what is acceptable behavior conducive to the workplace. Whether you have a small or large organization, some level of liability is strongly recommended in the event that unfavorable situations occur.
Small or new businesses often fall prey to employment claims because they lack a legal department or a handbook outlining workplace policies and procedures for employee hiring, disciplining, or termination, whereas larger corporations are able to handle practically any form of lawsuit.
Numerous laws are in place to ensure the rights of the people you hire or are considering hiring. Over the years, the following Acts have prohibited discrimination and established the work environment guidelines as a result of employee/employer disputes that led to lawsuits.
From the moment you interview a prospective employee, you are at risk of an employment claim being filed against you or your company. For example, a potential applicant can allege that some form of discrimination is at play simply because they were not hired.
With employee privacy laws increasing, concern for employee information being electronically stored and easily accessed is also cause for concern. An example is the hiring of a candidate who is later fired due to inappropriate email usage; that employee could allege that his/her privacy was invaded.
The Cost For Coverage
The cost for employment practices coverage depends of numerous factors, such as the number of employees you employ, prior suits against the company, the employee turnover percentage, and if you have established rules and practices in the workplace.
EPL coverage is usually written on a claim-made basis. This means that the incident resulting in the claim had to occur during the coverage period. Having employee practices liability decreases the chances of becoming a target is facing a lawsuit.
This is just one of the many types of insurance you can secure to make sure that your company runs smoothly and avoids the possibility of a catastrophic loss. For more information about the other types of insurance you may want to consider, check out our free guidebook, Insurance For Businesses 101: What Are The Options And Who Are They For?
There are many eating establishments who don’t want to deny their customers the enjoyment of having a cocktail with their meal. Such restaurants choose to run what is referred to as a Bring Your Own Booze (BYOB) operation. In doing so, they avoid the administrative and regulatory framework associated with obtaining and holding a liquor license, not to mention the cost.
But restaurants aren’t the only enterprises that can have a BYOB policy. Athletic, social, and service organizations often host or sponsor events where alcohol is served without possessing a liquor license. The question for any organization that operates a BYOB business or event is if it can avoid liability that results from the conduct of a patron who had too much to drink. And, if not, will liquor liability insurance protect it from financial loss in the event of an insurance claim or legal action?
If your business ever has a need to establish a BYOB policy or plans on hosting a special event involving alcohol, there are some very important questions you should first consider.
Whether your BYOB establishment or event actually needs insurance to cover something done or caused by one of your patrons after consuming alcohol on your premises is the fundamental question. The short answer? Maybe. Your state may require you to carry BYOB coverage. Even if it does not, various factors impact the level of potential exposure you may have, which increases the need for such insurance. These factors include:
As you might expect, the more your establishment or organization is involved with providing the opportunity for your patrons to consume alcohol, the higher your potential risk and the greater your need for liquor liability insurance.
Simply put, this is insurance that provides coverage for costs arising from liquor-related incidents. These may include:
It will pay for legal costs associated with defending yourself, and pay any settlement entered into or judgment rendered against you.
The standard liquor liability provisions found in Commercial General Liability (“CGL”) policies usually apply only to those establishments and organizations that actually sell, serve, or provide alcoholic beverages. Under such a policy, your BYOB facility or event would not be covered for any liability incurred from an incident arising from the consumption of alcohol by one of your guests or employees.
Yes. Some states specifically require BYOB coverage. There are also states that have enacted legislation requiring a BYOB liquor license when applicable. Counties, too, can have specific ordinances or rules with respect to allowing consumption of alcohol on the premises even if the business doesn’t itself sell or serve it.
Be sure that BYOB is allowed in your jurisdiction.
First, find out whether BYOB is even permitted in your situation and, if it is, whether you will require a permit or license of some sort. Does your state require BYOB liquor liability insurance? Discuss under what specific circumstances you’ll be permitting guests or staff to bring and consume their own alcohol.
Request that your CGL policy be reviewed to ensure that you have liquor liability insurance coverage that sufficiently meets your needs. If it doesn’t, purchase a BYOB liquor liability insurance policy that will. Can you really afford not to?
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