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From having to deal with intoxicated customers to having your brewery damaged or completely destroyed due to poor weather conditions, vandalism, or theft - these are some of the more common reasons why brewers need insurance.
If your brewery doesn’t have an adequate level of cover and an accident like the ones we mentioned above were to happen - your business will be held responsible and will likely need to pay out of pocket for all the repairs, compensation, medical bills, and other charges related to the incident.
How Much Does Brewery Insurance Cost?
The price of your brewery insurance will vary greatly on the size of your business and the level of coverage you decide to take out.
But generally speaking, the average brewery in the United States costs around $100 per month or $1,200 per year for general liability insurance. This insurance will provide you with financial coverage in case third party bodily injuries or property damage takes place within the premises of your brewery.
Since breweries specifically serve alcoholic beverages, the owners of the business need to take out liquor liability insurance to protect themselves, their customers, staff, and the business from intoxicated customers and any accidents that may occur as a result of consuming alcohol. Such insurance costs around $150 per month or $1,800 per year.
If your brewery employs any staff, your business will need to take out worker’s compensation insurance to protect your employees in case they get injured or sick at the workplace. Anything from lost wages to medical and hospital fees will be covered by the insurance company.
Business owner’s insurance is also popular for breweries in the U.S. Such a policy combines general liability insurance and commercial property insurance. It costs around $135 per month or $1,620 per year.
What Types of Insurance Do Breweries Need?
There are a number of insurance policies available for your brewery. The insurance you actually need to take out will depend on various factors such as the size of your business, the state you operate out of, the level of cover you want for your business, and others.
Below, you can take a look at some of the most popular insurance policies for breweries:
Why Do Breweries Need Insurance?
Generally speaking, every brewery in the United States can benefit from being insured. This is because without insurance if a serious accident were to take place and your company gets sued, you’ll have to pay for the medical bills, compensation, and other costs associated with the lawsuit out of pocket.
For instance, if a customer trips, slips, or falls on the premises of your brewery and breaks their leg, they can file a lawsuit to claim compensation. And when you have insurance, the insurance company will take care of all financial liabilities your company may have relating to the accident.
If your state suffered from extreme weather conditions and your brewery was impacted - without insurance, you will have to pay for all the damages incurred out of your own pocket.
In other cases, depending on the state your business operates out of - your brewery might be legally required by law to take out a certain level of cover before you are legally allowed to serve the public.