New liquor liability laws will kick in with the turn of the New Year in the Palmetto State on Thursday. The new regulations are an effort by state lawmakers to help businesses manage insurance costs which have soared in recent years.
Many establishments across the state both large and small have closed in recent years, as liquor liability insurance premiums have skyrocketed. The new law comes after tort reform was a focal point in the legislative session, earlier this year.
The million dollar liability policy that establishments have to carry can now be reduced by certain measures being taken. Businesses will get reduced rates for implementing safety measures and enhanced training.
Establishments also qualify for reduced rates if their liquor sales are below 40 percent of their total revenue and if they close at or before midnight.