This is a question that Bollington have heard a number of times recently, especially from those starting a fledgling brewery for the first time. It’s natural to try and save costs where possible, so it could make sense to take the minimum level of insurance cover needed. Or so you would think.
However, there are some important considerations to bear in mind. Firstly, while all good insurance brokers will provide public and product liability cover, it might not actually save you a great deal of money. Indeed, Bollington’s insurance scheme for SIBA members offers a range of covers at very competitive prices, so it may barely cost any more than standard public and product liability insurance.
Without a full range of insurance cover, it could work out a lot more expensive for you in the long-run. Here’s some things to consider:
- Public liability insurance will cover risks relating to the public – including those who come to your premises – but there are a number of things that will not be covered.
- Product liability insurance is designed to cover you in the event that somebody falls ill as a result of contaminated stock, for example. It will only cover you if a claim is made from a member of the public, though.
- What would happen if your stock were to be stolen or damaged?
- What happens during busier periods, when you will store more stock than normal? Will you have insurance with a flexible limit to cover the increased levels of stock?
- What about the buildings that you work in? Will your premises be covered?
- Will you be attending events and exhibitions with your stock? If so, what happens if the goods are damaged or stolen?
- What would happen if your stock was damaged in transit – for example, on the way to a customer via a courier, or on the way to an event? Would the stock be covered? What about your vehicle?
- What would happen if your business suffered an unexpected setback – such as a major fire or flood to your premises? Would you consider taking out inexpensive business interruption insurance, to help provide income while you get yourself back on your feet?
- If you have any employees at all, then it is almost certain that you will have a legal requirement to take out employers’ liability insurance, which will cover you in the event that an employee ever makes a claim against you. Does that apply to you? Do you have that cover in place?
The bigger your brewery becomes, the more chance there is of something potentially going wrong. That’s why you need an insurance broker that is highly professional in its approach, yet with a friendly team of experts who can assess what you do to give you the best value insurance for your needs.
Bollington Insurance has a specialist scheme for SIBA members, and is able to offer good levels of cover that match your specific needs – without breaking the bank in the process! Bollington is one of the largest independent brokers in the UK, but we especially pride ourselves on quality of service, so have a small team of four advisers that deal with all your brewery insurance business needs.
As a result, we’ve been able to cover some breweries that other insurance brokers might not be able to cover at all. We’ve recently covered some non-standard properties including a castle and wooden buildings, where clients have struggled to obtain insurance elsewhere.