Classic Gentlemans business exposure Classic Gentlemans profession The

Classic gentlemans business exposure classic

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Classic Gentleman’s business exposure Classic Gentleman’s profession The locations Classic Gentleman operate in The Classic Gentleman’s claims history 29
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The average cost for liquor liability insurance for a small business can be around from $250 - $2500 annually. The cost depends on the factors mentioned above and the insurance companies. Some companies Classic Gentleman can get different price quotes on their insurance is from Progressive, CoverWallet, Smarter, or Insureon. A cheaper option is to get the special event insurance which can be for a few days when Classic Gentleman are doing a special event/party for their customer. This insurance will cover them throughout the event and expire after the events/parties have occurred. Event insurance can start at $50 and weddings start at $95 (Event Insurance - $50 Start - Event Insurance Gold Standard by RVNA., n.d.). Some other liability issues that can arise for Classic Gentleman is them choosing to partner with a restaurant the sells alcohol or a bar to be able to use their liquor license for the events. Then the liability lands on both Classic Gentleman and restaurant/bar since they are under the license and purchasing the alcohol under that license. This partnership can have an increased with it when serving the alcohol but can generate a good source of income for both parties using the liquor license. Within a partnership, both parties have equal profit and losses, and they both have equal responsibility on the debts and losses. For Hanrahan and Holmes to protect their business and their customers is by providing a contract for both parties. The contract should provide service that Classic Gentleman will be provided at the event/party, give a clear outline of the obligations, timelines, and payment schedules for both sides entering the agreement. A well-structured contract should protect both parties in case something goes wrong. This binding agreement will hold both parties responsible for their actions is there is any delays, cancellations, and fees, and/or breaching. Also, in the contract, there should be a complete understanding in who is responsible for the lawyer’s fees in the event of a lawsuit. Include an option to seek mediation for conflict resolution, for it can help 30
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prevent spending so much on legal fees (Lionsdeal, 2018). There will be a developed sample contract document for Classic Gentleman to use when they provide their bar-catering services to their clientele so both parties will be protected throughout the event (Appendix B). The contract was developed from previous information provided by Classic Gentleman and through sample document provided by Rocket Lawyer. Profitability Analysis on Partnership Researching potential partners to work together on the liquor license will increase Classic Gentleman’s source of income and they will benefit themselves and their partner for increasing their business. Classic Gentleman will be able to offer different price quotes for their clients who want a bar-catering service at their special event or party. With a partner liquor license, Hanrahan
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  • Spring '17
  • Trisha Miller
  • Accounting software, Comparison of accounting software, Classic Gentleman

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