New Insurance Plan Aims to Help South Carolina Bars Beat Rising Costs
The South Carolina Bar and Tavern Association has teamed up with Ragnar Hospitality to offer a fresh way for bars and restaurants to secure liquor‑liability coverage.
The partnership follows growing complaints from owners about rising insurance costs, even after lawmakers intervened last year.
Ragnar’s Different Approach
Ragnar already covers about 40 venues statewide, but its underwriting is distinct from traditional insurers:
- On‑site inspections – “We don’t insure anybody that we don’t step foot into their establishment,” says CEO Andrew Reina.
- Holistic evaluation – Ragnar looks beyond the percentage of alcohol sales, a metric most insurers use as their main driver.
Impact on Owners
Owners report that the exit of many insurers has reduced competition and pushed prices up.
A Columbia‑based wine shop owner, Doug Aylard, illustrates this trend:
| Year | Premium |
|---|---|
| Initial | $5,800 |
| Last few years | up to $41,400 |
| After joining Ragnar | ~$25,000 |
While the drop is significant, it remains higher than when Aylard first opened his shop.
Goals of the Partnership
- Re‑introduce insurers into the market, fostering healthy competition.
- Keep rates from spiraling, as Christopher Smith, executive director of the Bar and Tavern Association, believes more choices will stabilize prices.
- If successful, Ragnar plans to maintain flat rates for current clients upon renewal next summer.
Why It Matters
Lower insurance bills could free up capital for owners to:
- Expand their businesses
- Hire additional staff
This initiative demonstrates that when legislation alone cannot resolve an issue, industry groups can step in to devise practical solutions.
