Every business needs to be insured, and breweries are no exception. If you are only starting your brewery, or are seeking to change your current insurance policy, you may be at a loss on how to choose the best cover for your business. How will you ensure that you give your business maximum protection? Exactly what does insurance for a brewery entail? Here is what you need to know about insurance for a brewery.
Types of Insurance Coverage for a Brewery
- Commercial General Liability
As a brewer, you certainly know just how expensive brewing equipment can be. In the event that the equipment is damaged or stolen, the possibility of replacing it soon is extremely low. This is why it is important that your insurance policy include liability for your equipment. That way if the equipment suddenly breaks down, you do not have to spend a fortune in repairing or replacing it.
- Material Coverage
You should also insure your brews before they reach the market. Most brewers often insure the raw materials used in making the brews, without taking into account the time and effort that goes into creating them. This is not wise at all. You would be better off insuring the products at a retail price rather than at the price of purchasing raw materials. That way you will not suffer unnecessary losses in case some of your liquor gets destroyed.3. Workers’ Compensation Policy
In a brewery there are many chances of an accident occurring. A finger could get cut by the machinery or a heavy box could fall on a worker. The possibilities are virtually endless. Rather than wait to fight a compensation claim in court when such things occur, it is better to insure the well- being of your workers way before an accident occurs. It will prove to be a smart choice in the long run.
4. Business Interruption Coverage
Sometimes, natural disaster attacks without warning. It could be a windstorm or a hurricane that destroys not just the buildings in your brewery, but even the equipment found therein. Or a raging fire could also raze the entire building down.
In such instances, you will be forced to close your business for months at a time. If you do not want to lose your source of income, insure your business from such occurrences. A business interruption coverage protects your income in case you have to close your business for some time.
5. Liquor Liability Policy
As long as you manufacture any kind of liquor, it is exceedingly important that you have a liquor liability policy. This protects you in lawsuits that are filed by those who consumed your products and then suffered harm. It doesn’t matter that you do not sell the liquor for consumption on the brewery premises: so long as harm a person who was intoxicated from your drink, you are exposed to liability claims.
Now you know what a brewery insurance policy should include. What remains is to choose an insurance company that is tailored to your needs.
Contact us today at S.T Good Insurance of Florida for a quote at (772) 287-3625.