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Running a wine and distilled alcoholic beverage merchant wholesale facility isn’t easy. From managing and delivering orders on time to ensuring the safety and well-being of your staff, there are a lot of unfortunate events that can take place, which can impact the financial standing of your business.
Though there are a lot of things you can do to protect your business, accidents, delays, and other situations that are out of your control can happen. And for that reason, when you have insurance in place - the financial well-being of your company is protected no matter what happens.
From employees suffering an injury at the workplace to poor weather conditions that end up damaging your wholesale facility, you need to ensure that your wine and distilled alcohol business is protected from all angles.
How Much Does Wine & Distilled Alcoholic Beverage Merchant Wholesalers Insurance Cost?
The cost of insurance for your wine and distilled alcoholic beverage merchant wholesale business will vary on a number of factors including the size of your business and the level of coverage you want to take out.
The average business in the industry pays around $150 per month or $1,800 per year on general liability insurance. This type of cover will shield your business from any claims and lawsuits that may arise in the event of third-party accidents or property damage.
If you have employees, you will also need worker’s compensation insurance. This policy will cover your employee’s medical and hospital bills as well as lost wages in case they suffer from an accident or an injury while at work. You can expect to pay around $200 per month for such insurance.
If your business owns commercial vehicles, then you will be expected to take our commercial auto insurance, which will set you back around $250 per month or $3,000 per year.
As you sell alcohol, in some cases, liquor liability insurance is also necessary, which can cost you around $75 per month.
And lastly, BOP or business owner’s policy insurance costs an average of $120 per month or $1,440 per year. This insurance is a combination of general liability insurance and commercial property insurance. BOP insurance provides financial protection against third-party injuries, property damage, as well as damage to your business property.
What Types of Insurance Do Wine and Distilled Alcoholic Beverage Merchant Wholesalers Need?
Wine and distilled alcoholic beverage merchant wholesalers can benefit from a wide range of insurance policies. Generally speaking, the level of cover you need to take out for your business will depend on the size of the company, the number of employees and company vehicles you have, and other similar factors.
Please take a look below for a more detailed overview of the most recommended insurance policies for wine and distilled alcoholic beverage merchant wholesalers in the United States.
Why Do Wine and Distilled Alcoholic Beverage Merchant Wholesalers Need Insurance?
Generally speaking, getting your wholesale facility insured is a great way to protect your business from any unfortunate events. But if you need some actual examples, we discussed a few below.
If your wholesale facility delivers orders to your customers, then your business will also be exposed to road accidents that can take place while out for delivery. To protect your business, staff, and company vehicles - getting commercial auto insurance will be necessary.
Dealing with items in bulk means that the risk of one of your employees sustaining an injury at the place of work will be higher. And if you aren’t insured, when the employee sues you, you have to pay out of pocket.
In other cases, depending on the state your business operates out of, you simply don’t have a choice and need to be insured in order to legally be allowed to operate and conduct business.