Rising liability insurance costs are causing a crisis for live music venues and others in the hospitality industry around the Upstate. Most live music venues also serve liquor and are feeling the squeeze from insurance carriers.
Kynn Tribble who owns Tribble's Bar and Grill in Piedmont told WYFF that his liquor liability insurance is 12 times as much today, as it was just three years ago. Many Upstate establishments are in similar situations and have closed their doors, due to skyrocketing insurance costs.
The crux of the issue goes back to 2017 when state legislators passed a law requiring those with a liquor license to carry at least one million dollars worth of liability insurance.
Earlier this year, many of the liability requirements in Alabama were reformed by state lawmakers there in effort to level the playing field for the small business owners in the hospitality industry there. The minimum coverage for liquor liability insurance there is 10% of what it is here in South Carolina.
If the legislators in the Palmetto State don't follow suit, many more live music venues and other locally owned small businesses around the Upstate, could be forced to close shop.
