There are lots of risks that come with running your own craft brewery. If you’re new to the business, one thing you definitely can’t afford to overlook is insurance. Without it, you won’t be properly protected and if unexpected costs or legal action come your way, your business will face taking a significant financial hit.
There’s more that goes into finding the right coverage for your brewery than you might think though. There’s a few different insurance policies you’ll need, and various decisions you’ll have to make along the way. If you’re not sure where to start with it all, we’re here to help with that.
We can provide you with the coverage you’re looking for, and we’ll be more than happy to discuss your specific insurance needs with you. Read on and learn more about what goes into insuring a brewery.
Coverage For Damage, Breakdowns, And Disruption
The first type of coverage you’ll probably need to consider is coverage for damage, breakdowns, and disruptions to your business operations. Damage and physical loss of your brewing equipment would obviously halt or slow down the business, causing costly disruption. So having insurance to back yourself up in the event of that happening is something that can be very useful indeed. You should look for coverage that’s specific to your needs and industry.
The Various Liability Insurance Options
All businesses need to protect themselves against potential problems for which they can be held liable. For example, if someone is hurt on your premises or someone is harmed while enjoying your beer, they might hold you liable and you’ll face legal repercussions. That’s why finding the right liability insurance is so important. Here’s more about some options open to you.
General Liability
General liability usually covers your business with a couple of things. First, it protects you if someone alleges sustaining bodily harm on your premises. It can also offer the same protection if someone makes a claim for property damage. In those instances, the claim suggests that the business is responsible for what happened and should pay compensation. The insurance would protect you in the event of successful legal action being taken.
Liquor Liability
General liability insurance covers all kinds of businesses across a range of different niches and industries. As the name suggests, liquor liability insurance is a type of coverage that applies specifically to any business that’s involved in producing or serving alcohol to the general public. It covers more of the specific risks that come with running a brewery and providing alcohol to paying customers, so it makes sense for your brewery to have it in place.
Umbrella Coverage
Lots of breweries, as well as businesses in other sectors, choose to make use of umbrella coverage as well. This is an added layer of protection that goes above and beyond the level of coverage your business would get from something like a general liability insurance policy.
Coverage For Product Recalls
If there’s a problem with a batch of beer that you brew, it can lead to a costly scenario in which you have to refund retailers and pay to recall all beer from the shelves of stores, as well as any bars and restaurants where it might be on sale. That’s why it’s probably a good idea to look for an insurance policy that covers the costs of having to recall a product that’s been sent out to retailers or customers.
Coverage For A Fleet Of Vehicles
Many breweries deliver their own beer to their customers. If that’s something that your business does, it might be a good idea to find the right type of coverage that’ll cover you for that. Some policies with a broad approach to coverage might cover you for damage to your fleet. But you might need to find a dedicated fleet insurance policy if that’s not the case. There are plenty of good options out there.
Data And Cyber Insurance
If you’re handling the data of your customers or you want to better protect your own internal data, think about finding a type of cyber insurance. Hacks and data leaks are more common than ever before, and they can be very costly for your business if they result in you leaking the private information of your customers. It’s not something you’ll want to let happen, but if it ever does, it pays to be properly covered by insurance.
How Much Does It Cost To Insure Your Brewery?
There’s a range of factors that’ll influence how costly it is to insure your brewery. The size of your business and how the business is structured will obviously have a significant impact on how expensive it is to insure your brewery. The specific risks you’re exposed to and the level of coverage you want will also go a long way towards dictating the overall costs.
If you want any further help with finding insurance for your brewery, get in touch with our team here at Schumacher Insurance Agency today. We’ll be more than happy to help you find exactly what you’re looking for.