Money Saving Tips…
As Liquor Liability claims continue to rise, the alcoholic beverage industry has taken aggressive measures to combat alcohol-related claims by implementing server and manager training programs such as TIPS, Basset, TABC, etc. Research has shown that there is a direct correlation between those who have completed such courses and the reduction of liquor-related suits. More importantly, the insurance industry has taken notice and most companies offer some sort of premium discount as a way to reward their proactive customers.
Most people are aware that placing your home and personal auto insurance with the same company will land you a hefty discount. What you may not be aware of is that most insurance companies offer a similar multi-policy discount to commercial businesses as well! There are several discounts you may qualify for including a Package discount and Multi-Lines discount.
A package discount usually consists of placing you Liquor Liability, General Liability, and Property insurance with one company. Often times you can get a lower premium by having all three together than by just carry two lines of coverage. For example, a mono-line liability policy may cost you $1,200. If you add $5,000 in contents coverage to your policy, your total premium could drop by 20% while gaining additional coverage at no cost!
Some companies will give you a “multi-line” discount by writing your liability insurance along with commercial auto insurance, workers’ compensation insurance, life insurance, or other possible lines of coverage. You can potentially save up to 10-20% on each policy depending on the amount of coverage you place with the insurance company.