With 2020 at last in our rear-view, brewers can look ahead to a brand new year. While we hope for a return to normalcy, we also know that many lessons learned during the pandemic will remain important for months to come.
Craft breweries have very specific insurance needs—and the COVID-19 pandemic has put into sharp focus the great importance of understanding your brewery insurance package. Focus on these areas:
Business Personal Property
Review your brewery’s inventory, equipment, and raw materials. Have your production numbers changed? Did you invest in a canning line in response to the greater demand for pick-up and beer delivery? You may need to adjust your business personal property limits to reflect new replacement values. Failure to do so could leave the brewery exposed to unnecessary financial risk.
Business Interruption
The business interruption policy got big headlines last year, as countless businesses discovered that “pandemic” was not a covered peril. Make sure you understand exactly what your business interruption insurance covers–and, perhaps even more importantly, what it does not.
Liability
Liability limits should be reviewed in order to make sure the brewery 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.
Workers compensation
It’s not news that there are risks inherent in the daily tasks that keep a craft brewery running–but now, in addition to helping your team avoid standard illness and injury, there are coronavirus concerns complicating the situation. How will you help your team prevent the spread of coronavirus? What happens if someone contracts coronavirus on the job? Can you require your team to get the COVID vaccine? The situation continues to change rapidly, so rely on solid sources of information like your brewery insurance agent, the Brewers Association, and the Department of Labor.
Beall Brewery Insurance offers a nationwide insurance program tailored specifically for today’s breweries. Our customized solutions will meet your budget and protect your business, leaving you able to focus to do what you do best: brewing great craft beer.
