Long time Columbia bar ‘The Woody on Main’ is being forced to close due to rising insurance costs and state a new law that would reduce liquor liability coverage requirements under certain conditions wouldn’t save them. Back in 2017, a law was passed requiring businesses and bars to carry $1 million in liability coverage – causing businesses unable to afford this price to close. While a new law creates conditions that would reduce this requirement, for example keeping alcohol sales below 40% of total sales or not selling alcohol after midnight, owners of ‘The Woody’ believe this wouldn’t be enough to save their business saying, “You can’t make people eat.” Dr. Robert Hartwig, professor at the University of South Carolina Darla Moore School of Business, believes there will be “some meaningful savings for establishments” but it will take time for the full effects of this law to be evident. Dr. Hartwig provides other insights on the effect this may have on insurance carriers’ availability in South Carolina, click here to hear more.