What do you need to consider when buying distillery Insurance?
Individual businesses needs vary depending on a range of factors from stock levels through to number of staff and scale of distribution. That said, there are a number of core considerations that typically need addressing when it comes to distillery insurance.
- Public liability insurance
It might be that you offer tours of your distillery to the public or have an on site shop. You may attend tradeshows or festivals. Even something as simple as an accident while out delivering stock could result in a member of the public being injured or their property damaged.
Public liability insurance serves to protect your business from the cost of legal expenses and compensation should a third-party make a claim for loss or damages as a result of your business activity.
- Goods in transit insurance/Cargo Insurance
The spirits industry has a truly global market. Whisky and other liquor are just as popular in Asia as they are in Europe. Whether you’re transporting your product to parts of the UK, into EU countries, or beyond, goods in transit insurance will make sure your cargo is protected.
- Loss of equipment or stock
You use high value and sometimes rare ingredients. A spoilt batch could prove costly for the business. In addition, you have specialist equipment and machinery, which, should it be damaged or break down, you will need to repair as quickly as possible.
Should your stock, machinery, or specialist equipment be damaged, lost, or stolen, the right distillers insurance program will help to mitigate your losses.
If you’re unable to trade as a result of an event such as fire, theft, or flood at your premises, business interruption insurance will help to cover your loss of profits, ultimately helping you to stay in business. It can cover fixed costs while you get the business back on its feet.