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Month: July 2020

Host Liquor Liability vs. Liquor Liability: What’s the Difference?
Host Liquor Liability vs. Liquor Liability: What’s the Difference?

Posted on July 24, 2020 | by | Posted in Insurance

Businesses that serve alcohol to visitors face distinct liability threats. In many states, business owners can be held liable for injuries or property damage caused by intoxicated guests and clients. This can even apply to establishments that do not serve or offer alcohol but allow it to be taken inside their facilities. To safeguard business assets from legal enforcement or suits, company owners ought to highly consider liquor liability insurance. Matrix Insurance, one of the nation’s leading providers of specialized insurance coverage items, understands the confusion between host liquor liability and liquor liability and wants to clear things up to help business owners choose the right policies.

Both host liquor liability insurance coverage and liquor liability insurance can cover alcohol-related lawsuits against business owners, but the type of coverage you need depends on the kind of service you provide. Depending on the type of business you operate,, you will need to buy either host liquor liability or liquor liability insurance coverage. Read on to find out the difference and choose which one is the best option for you.

Host Liquor Liability vs. Liquor Liability

What is host liquor liability insurance?

Plenty of states have social host laws that can hold business owners responsible for damage caused by drunk customers or guests. Companies that do not serve, sell, or manufacture alcohol – but allow it to be taken in on the premises or at an event they host– can protect their business against liquor-related claims with host liquor liability insurance coverage.

This type of insurance provides a wide range of coverage for businesses in the event a customer, worker, or other guest causes residential or commercial property damage after taking in excessive alcohol. Host liquor liability insurance coverage can protect a wide variety of establishments including an accounting firm that allows beer and white wine at a business picnic, a web design firm that permits staff members to bring in booze to share on Friday afternoons, and a restaurant that doesn’t sell alcohol but allows patrons to bring their own.

Host liquor insurance coverage is mostly included in general liability insurance which can cover for expenses resulting from third-party injuries or property damage. For example, if a worker who consumed numerous drinks at a business celebration gets into an accident and damages another person’s car, the host liquor liability element of business’ general liability policy can pay for the injured person’s medical bills, repairs, and any court-related fees should the driver decide to sue the business.

What is liquor liability insurance?

Liquor liability insurance is a type of insurance that protects companies that produce, serve, or offer alcohol. The policy provides coverage for legal charges, settlements, and medical expenses associated with physical injury or property damage caused by an intoxicated individual who was served or offered liquor by the insurance policyholder.

The types of companies that generally require liquor liability insurance coverage include bars, breweries, dining establishments, liquor stores, corner stores, wineries, supermarkets, and the like. Any organisation that sells alcohol, regardless of size, is exposed to liquor liability and may benefit from acquiring insurance coverage. In some states, companies are legally required to obtain this coverage before receiving a commercial lease or a liquor license.

Liability claims made to a bar or restaurant due to property damage injury caused by an intoxicated guest can prove quite costly. A common example of an alcohol-related claim happens when a drunk patron leaves a bar, gets into his car, drives, and commits a vehicular manslaughter act. In this case, the victim’s family might sue the bar for both civil and criminal damages. Another example is at a catered event where a restaurant served alcohol and 2 visitors got into a fight, whereby serious injuries incurred.

These are just two of the many instances that can potentially happen when a company serves alcohol to the general public. This makes liquor liability insurance extremely important as businesses are held accountable for the damages brought about by intoxicated guests from their establishment.

Tips To Reduce Liquor Liability Lawsuits 

While covering your business is vital when allowing or serving alcohol, it’s also a good idea to take proactive steps to lower your risks of getting liquor liability lawsuits and claims. Some recommended tips to keep in mind are:

  • Employ security personnel and ensure they’re trained to examine ID’s and de-escalate situations
  • Ensure that your staff (i.e. bartenders and servers) are well-trained in safe alcohol service
  • Promote safe alcohol consumption
  • Do not serve intoxicated persons and escort them outside the establishment if they’ve had too much alcohol
  • Do not allow guests to drink and drive and instead call an Uber or cab ride to get customers home safely
  • Implement a cut-off policy for over-served patrons
  • Refuse service to any guest who cannot prove they’re at a legal drinking age
  • Proper staff training in managing and escorting problematic patrons safely

Host liquor liability and liquor liability are important for businesses involved in serving, offering, and allowing alcohol to the public. Simply put, host liquor liability is for establishments that do not serve alcohol, but permit the consumption of the substance while liquor liability insurance is for businesses that manufacture, serve, and offer alcohol to patrons and guests.

If you want to learn more about which insurance is right for you, feel free to contact Matrix Insurance who are liquor insurance specialists today and we will help navigate you throughout the entire process.

Everything You Need to Know About Luxury Car Insurance
Everything You Need to Know About Luxury Car Insurance

Posted on July 24, 2020 | by | Posted in Insurance

When we hear the words luxury car, we often think of a vehicle that’s superior in terms of comfort, style, and performance. For some, a luxury car is a status symbol while for others it’s a relentlessly pursued dream. Whatever the case may be, a luxury car is about the hefty price tag and these vehicles are quite expensive to maintain. Even the slightest of damage can result in a massive repair bill which is why having luxury car insurance is an absolute must if you own a high-end vehicle. Read on to discover what luxury car insurance is all about.

Why you should insure your luxury car

As the name suggests, luxury cars come with expensive components that are more intricate to work with than a standard vehicle. Therefore, damage to such components means that you’ll be reaching deep into your pockets if you want to maintain the look and performance of your machine. With luxury car insurance, you don’t have to worry about the damages to your vehicle since the insurance company will take care of it under the agreed terms and conditions.

Most people don’t know the difference between luxury car insurance and standard car insurance. The price of a typical car insurance policy is heavily based on its Insured Declared Value (IDV) which is often referred to as the market price of the vehicle. In simple terms, IDV is the maximum limit of the amount the insurance company will provide the policyholder in the event of a total loss. Since a luxury car’s IDV is on the higher end, its insurance premium is also higher compared to the insurance policy of standard cars.

How much does luxury car insurance cost?

There are a number of factors that determine the exact price of a luxury car insurance policy and these are:

  • Car manufacturer
  • Vehicle model
  • Vehicle age
  • The location at which the car was purchased
  • Claim history
  • No claim bonus (if applicable)

Aside from the aforementioned factors, the cost will also be affected by the kind of policy you choose and the insurer from whom you’ve purchased it. There are plenty of car insurance premium calculators online which can help you check the rates of luxury car insurance and obtain quotes. Simply fill up the information page regarding your vehicle and the calculator will show an approximate premium cost of your car’s insurance policy.

Things to consider before buying luxury car insurance

Luxury car insurance isn’t cheap. Therefore, you have to have a good understanding of your car insurance requirements so you don’t end up paying for insurance policies you don’t need. Here are a couple of things to keep in mind before buying luxury car insurance:

1. Choose the right add-ons

Add-ons are for when you need extended coverage for your luxury car. They usually cover situations that are called ‘exceptions’ such as engine protection, roadside assistance, zero depreciation, and more. Identify your add-on requirements and choose only the appropriate add-ons for your luxury car.

2. Compare car insurance prices online

The internet has made it easy for luxury car owners to compare car insurance prices online. Different insurers will provide different quotes for your luxury car’s policy so it’s worth comparing the prices so you can get the best deals. Do look out for cheaper policies with reduced coverage and avoid them at all costs.

3. Protect your luxury car

Luxury cars are a prime target for thieves and criminals. This makes it extremely important that you protect your luxury car as much as possible. Installing anti-theft devices and alarm monitoring systems can go a long way towards reducing your insurance premiums by a significant margin. 

4. Engine protection cover

Engine protection is a must-have add-on when it comes to your luxury car. High performance vehicles use expensive components on their engines which can prove costly to repair in case they get damaged. Such costs can be mitigated when you have engine protection cover in place.

5. Roadside assistance

In the unfortunate scenario that your car breaks down, a roadside assistance add-on is a major lifesaver. With this add-on, the insurance company will send help and provide you with the necessary assistance to get your luxury car up and running again. If this is not possible, then your vehicle will be towed to the garage.

6. Comprehensive coverage

You should always include comprehensive coverage as part of your luxury car’s insurance since it provides all-around insurance coverage. While the premiums will be more expensive compared to a liability-only policy, the extended coverage is great for peace of mind and will prove beneficial to your luxury car over the long term.

Luxury car insurance is a must-have for car owners with expensive tastes. Not only does it cover you from eye-popping maintenance costs, but it also limits your exposure to legal risks and hefty fines. All registered cars must have Compulsory Third Party Insurance (CTP) as the bare minimum, but this usually isn’t enough for luxury car owners. By understanding what luxury car insurance is about, you can buy the best insurance possible for your prized possession. 

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