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Host liquor liability vs. Liquor Liability insurance: What's the difference?
Liquor insurance can help protect a business or event host from liability if a patron becomes intoxicated and causes harm to themselves or others or damages property. Without liquor insurance, a business can be held responsible for any incidents that occur and may face large financial settlements or lawsuits. But what exactly are host liquor liability and liquor liability insurance? What is host liquor liability insurance? Host liquor liability insurance can cover a business (or individual) that sells or serves alcohol at a private event. This insurance is typically short-term and is aimed at businesses that don't make, sell or serve alcohol. Host liquor liability insurance help can protect you from: Damages or injuries resulting from serving an intoxicated person.Claims by third parties who may have been injured or suffered property damage because of the actions of a patron who was served alcohol by you.Legal defense costs and any settlement or judgment awarded to the plaintiff. So, if you're hosting a wedding reception, a fundraiser or a company event and you're serving alcohol, host liquor liability insurance can be the safety net you need. What is Liquor Liability insurance? Liquor liability insurance can provide coverage for businesses that make, serve or sell alcohol to customers and can protect them from losses if they're sued for injuries caused by someone who was served alcohol on business premises. But if you don't have liquor liability insurance and get sued, the expenses associated with the lawsuit can come out of your pocket. Benefits of Liquor Liability insurance Liquor liability insurance can help protect your business by potentially covering your: Legal costs: These are expenses associated with pursuing or defending a legal case, such as hiring a lawyer, filing fees and court costs.Settlements or judgments: These can include payment of damages, compensation for medical expenses or reimbursement of legal fees.Repair costs to fix property damage: Costs related to property damage can be covered by insurance.Medical bills to treat an injury: Medical costs associated with treating injuries can be covered. Protect yourself and your business with NEXT NEXT is committed to small businesses and specializes in insurance for restaurants and other professions. Just answer a few questions online to get your instant quote. Restaurant owners can add liquor liability insurance to their general liability coverage in less than 10 minutes. » Running a restaurant? Explore your food and beverage insurance options
Asked 6 months ago
Why is SMB insurance so expensive?
Small and midsize business (SMB) insurance can become expensive. These factors can influence the cost of your SMB insurance payments: The industry you're working inThe total number of employees you haveYour location and where you typically conduct businessYour industry experience and the length of time you have been in businessYour claims history to date Nobody wants to overpay for their insurance needs, so it's important to understand what you're paying for and how your coverage can help you. Businesses inherently face a lot of risks, so your insurance should cover different factors and scenarios. » When should you buy SMB insurance? Consider these factors 1. Better coverage Property damage, general liability, professional liability and workers' compensation are just some of the areas your business might need insurance protection. And the more extensive your coverage is, the more expensive your insurance payments can become. The limits on SMB insurance can also be higher because the claims your business can make can become costly, especially for lawsuits or personal injury claims. 2. Higher exposure to risk SMB insurance policies are influenced by the level of risk your business is exposed to. Take construction or manufacturing, for example. Your business can experience more injuries in these industries because of the nature of the equipment your employees use and the type of work they do. 3. Frequency of claims Apart from the type of claims you can make (e.g., personal injuries, lawsuits, etc.), the frequency of claims can also influence your SMB insurance payments. If you make claims often, then your insurance payments can increase. 4. Likelihood of lawsuits While lawsuits are more common in some industries than others (e.g., healthcare), it's still a risk for any business. Your coverage can cover not only the damages of the incident but also the legal fees if there is a lawsuit. » Here's how to protect your small business from a lawsuit Consider your next steps for SMB insurance Because SMB insurance can cover many different scenarios and take multiple factors into consideration when calculating your insurance payments, we recommend that you get a personalized business insurance quote. Insurance quotes are based on your business needs and unique risk profile, so you won't pay for unnecessary coverage for your business. » Get an instant quote for business insurance from NEXT FAQs Why are business insurance premiums going up? Higher than normal business insurance costs can be attributable to rising inflation, increased claims, and the elevated costs associated with handling lawsuits. Do I need business insurance if I work for myself? Business insurance isn’t just for companies. If you are self-employed, an independent contractor, or a freelancer, you can protect yourself with SMB insurance. Is business insurance tax deductible? Business insurance is recognized as an expense. In most cases, it's tax deductible.
Asked 6 months ago
Why is disability insurance not tax-deductible?
Disability insurance premiums are not usually tax-deductible. This is because disability insurance is meant to replace the income you don't receive because you sustained a serious injury or health issue. The money you receive from your disability insurance is typically tax-free. Depending on the terms of your disability insurance, specialized medical expenses can be covered, and you can receive up to 60% of your after-tax income. There are generally two types of disability insurance: Short-term disability insurance can provide benefits for up to one year. This is if an injury or illness has put you out of work for a certain amount of time, but not indefinitely.Long-term disability insurance can pay out benefits for many years or until retirement age. This type of disability insurance can be more comprehensive and can take factors like inflation, passing survivor benefits to a partner and higher payouts into consideration. » Discover the difference between workers' compensation vs disability insurance So, how do disability insurance and tax work? The Internal Revenue Service (IRS) sees disability insurance as a type of income replacement because it pays a percentage of your salary if you can't work because of an injury or illness. This means that disability insurance benefits are seen as an alternative to regular income (instead of an "expense"), making disability insurance not tax-deductible. But remember that your premiums are typically paid with post-tax (after-tax) dollars. This means that tax has already been paid on the money you earned: You receive your paycheck, pay your taxes and then you pay your disability insurance premiums with the money left over after tax. So, you won't be taxed again if you do qualify for disability insurance in the future. Bottom Line Even though disability insurance premiums aren't generally tax deductible, as a policyholder, you can have protection for your greatest financial asset — your income. Having a disability insurance policy can provide peace of mind for you and your family so that you're prepared for any unforeseen events in life. » Explore NEXT's other insurance coverage options FAQs Are disability benefits taxable in the US? Generally, no. Premiums for disability insurance policies are paid using after-tax income so if a policyholder does qualify for payment benefits, it is usually tax-free. How are income disability benefits and premiums treated in terms of tax? Premiums for disability insurance are not tax deductible. However, tax does not have to be paid on disability benefits received from private insurance plans. Who needs disability insurance? People working in labor-intensive industries should consider disability insurance. If they sustain an injury and can no longer work in the same profession, they could be eligible for disability benefits to replace their income.
Asked 6 months ago
Can you get Liquor Liability insurance for a one-off event?
Liquor Liability insurance with NEXT is designed for continuous coverage at food service businesses. If you are looking for coverage for a one-off event, you should consider other options. Why is Liquor Liability insurance important? If you serve alcohol, it's also important to consider your potential risks, including: Property damage: Customers who become overly intoxicated may cause damage to property where the event is held or the surrounding area, leading to costly repairs and legal action.Liability for third-party actions: If a customer who has consumed alcohol leaves the event and causes an accident or injury, your business can be held liable for those actions.Injuries: An intoxicated guest may knock someone over, leading to an injury and making your business vulnerable to a lawsuit or medical expenses. Liquor liability insurance can help shield your business from financial losses if you experience one of these risks. It's a type of liability insurance designed for businesses that serve, sell or manufacture alcohol. Dram shop laws in some states require businesses involved in alcohol sales or distribution to have liquor liability insurance. The law also extends to businesses that host events or parties. So, you can be held accountable for injuries or property damage. It's important to consider purchasing liquor liability insurance even in the case of a one-off event. Also called host liquor liability insurance, this can help your business cover legal costs and associated expenses up to the coverage limit. Host liquor liability insurance can also cover social hosts who aren't in the business of manufacture, sale, and distribution of alcohol. While NEXT currently doesn't have host liquor liability insurance, you can look at our related offerings, such as liquor liability and entertainment insurance coverage.
Asked 6 months ago
Should the employer or employee file the Workers' Comp claim?
Workers' compensation can protect both your employees and your business. For example, it can cover medical expenses and lost wages if one of your employees got hurt on the job or legal fees if your employee sues you. Because of this, you'll be required in most states to have workers' comp coverage if you have employees. Remember, the laws surrounding workers' comp differ depending on the state, so it's important to check your state requirements. As the employer, you need to file the workers' comp claim. Make sure you contact your insurer as soon as possible after the accident. This is because many states have specific deadlines — some as short as a few days after the accident happened. What should you include in a Workers' Comp claim? When you file a workers' compensation claim, you'll be required to provide specific details and any supporting evidence, including photos and any relevant documentation, such as a medical report from the employee's doctor. Make a record of everything from start to finish and take statements from eyewitnesses as well as your employee. This can help in speeding up the process of resolving a claim. » Here's how to file a workers' comp claim with NEXT What is covered?Medical costsLoss of wagesRetrainingPermanent injuryDeath benefitsEmployer liabilityWhat isn't covered?"Acts of God" (events that can't be anticipated or be controlled, such as landslides or tornados)Accidents that didn't happen at work (including commuting to and from work)Pre-existing conditionsEmployees under the influence of alcohol or drugs Report your Workers' Comp claims effortlessly As a business owner, it's your responsibility to report workers' comp claims. But communication with employees is vital to avoid missed deadlines and potential claim rejections. Establishing guidelines with your employees for workers' comp claims will help you make claims in a timely manner. Don't let the complexities of workers' compensation claims slow you down. Take advantage of NEXT's innovative solutions and make reporting your workers' comp claims effortless. Apply for an instant quote online in less than 10 minutes and experience the convenience of managing your coverage with the NEXT app. Safeguard your business and provide your employees with the protection they deserve.
Asked 6 months ago