What about Craft Brewery Insurance?
Whether you’re opening a new brewery or have been in business for a few years, you are going to want to have appropriate insurance in place. The best way to do this is to consult with a broker familiar with the industry. I checked in with Derek May, of Hub International to get an overview of some of the key coverages breweries might want to consider. Here is Derek’s summary:
Liability Insurance: The foundation of your insurance program starts with Liability coverage. Some of the key aspects of this include General Liability (Bodily Injury & Property Damage), Products Liability, Personal & Advertising Liability and Liquor Liability.
Property Insurance: Contents, Equipment, Leasehold Improvements, Stock and other property used to craft your beer is covered under Property Insurance. Whether you own or lease your equipment, this will be a main requirement.
Machinery Breakdown & Business Interruption: Should your production machinery or other equipment fail, Machinery Breakdown coverage will help to repair or replace the machines and can also cover the Business Interruption loss that may occur as a result of the downtime.
Property-in-Transit: When shipping your property or products, a Transit policy will protect those items until they have been delivered to the final destination and ownership has changed hands.
Owned & Non-Owned Auto Insurance: Vehicles owned by the brewery will be insured by ICBC, however, if employees are driving their own vehicles for company purposes or are renting vehicles, the company will need Non-Owned Auto Liability.
Workers Compensation: If a brewery employee is injured on the job in Canada, coverage should be provided by WorkSafe BC or the program in that specific province.
Employment Practices Liability: Like every business, operating a brewery comes with many different risks. A brewery can face claims of creating a hostile work environment, wrongful termination, unpaid overtime, sexual harassment and other Employment Practices Liability claims.
Employee Benefits: Attracting the best employees means having a competitive and flexible Employee Benefits program.