It’s that time of year: across the country, craft brewers are looking back on the successes and challenges of 2016–on brewery growth–and looking ahead to better beers (and better business) in 2017. Beall Brewery Insurance would like to suggest a few points to consider as US craft brewers make their plans for the coming 12 months.
Brewery growth is a great thing: it means more customers, more revenue, and more success. But by the same token, it can mean more risk exposure—and more need for protection.
Have you invested in more, bigger, or newer equipment? Are you maintaining greater inventory on site?
In that case, you may need to adjust the business personal property limits on your brewery insurance package to reflect new replacement values.
Are you brewing more beer? Do you have more raw materials on hand now than you did a year ago, on average?
In addition to impacting your business personal property coverage, this could impact your business interruption coverage. You may need to raise those limits to accommodate your bigger business.
Have you hired more staff?
Be sure you are accurately reporting staffing hours for full- and part-time employees, and that your workers comp coverage is where it should be.
Did you expand the brewery, or are you planning an expansion next year?
Remember, brewery growth brings additional revenue and payroll. And that could mean additional premiums will be due.
When’s the last time you reviewed your brewery’s liability limits?
Ask your craft brewery insurance agent if your business is adequately protected. A good insurance professional knows how to look at a brewery’s business structure, assets, and legal and business requirements to assist a brewery with determining adequate limits.
If your brewery is on the grow, it’s an exciting time for your business. Just remember that your brewery insurance coverage needs to grow along with it!
For more than 25 years, Beall Financial and Insurance Services, Inc., has been helping corporations and individuals protect their most important assets. The agency’s client base covers a spectrum of niche businesses, such as craft breweries, that require specialized insurance packages and knowledge. Beall Financial and Insurance Services, Inc., offers the Craft Beer Advantage, a specialty craft beer insurance program tailored for craft breweries, microbreweries, brew pubs, and contract breweries. With California offices in Redlands and Newport Beach, Beall Financial and Insurance Services serves clients nationwide.