New Mexico is currently home to nearly 100 breweries. Many people enjoy going to different taprooms to sample the many craft beers offered by local brewers. Of course, as with any business, owning a brewery has its risks. Brewery insurance can shield your business from financial losses and help you keep your brewery profitable.
When you are shopping for the right brewery insurance coverage, a local independent insurance agent can help. These experienced professionals can explain your various options and help you find the best and most affordable policies to meet your specific coverage needs. Find an insurance agent near you to get started.
What Is Brewery Insurance?
Brewery insurance is a specialized form of commercial insurance that is designed to meet the specific needs of businesses owners in the brewing industry. Brewery insurance can cover your business against a wide variety of hazards such as property damage, liability lawsuits, workplace injuries, and property crimes.
Many insurance companies will group together different kinds of coverage into one complete policy package. That way, you do not need to maintain several different policies in order to keep your brewery properly covered.
How Much Does Brewery Insurance Cost in New Mexico?
The cost of brewery insurance in New Mexico can vary significantly according to the size of your business and its overall sales. While owners of small breweries can expect to pay under $10,000 a year, those who own larger breweries typically pay rates of more than $100,000 a year.
In addition to the business’s size and revenue, other factors that can influence rates include:
- The number of employees you have
- The age and quality of your tools and equipment
- Whether your business serves food and beer on premises
- Your production safety plan
- Your company’s claims history and safety record
To find out how much brewery insurance will cost you, consult one of the many independent insurance agents in New Mexico.
What Does New Mexico Brewery Insurance Cover?
Brewery insurance is designed to offer protection against most of the risks you face as a brewery owner in New Mexico. It can cover all aspects of operations, including production, distribution, and consumption. Many breweries are open to the public and serve food and beverages, and this creates additional risks that also need to be covered by this comprehensive insurance.
You can expect your brewery insurance company to offer such things as:
- Liability insurance: This is arguably the most important part of any business insurance policy. It can cover court costs, legal fees, and damages if your brewery is sued. There are several types of liability insurance available to you, including:
- Premises liability insurance: This can provide coverage if a customer or guest is injured on your business property.
- Product liability insurance: This can provide coverage if a customer is injured or becomes ill due to a defect in a product your brewery produces or sells, such as if someone suffers from food poisoning after eating a meal at your taphouse.
- Dramshop liability insurance: This can provide coverage if you serve your craft beer to customers. In the event that an intoxicated patron causes injuries or property damage to others, your brewery may be named in a liability lawsuit. This will help by covering the associated costs.
- Commercial property insurance: This covers the cost to rebuild, repair or replace business property that has been lost or damaged due to a covered event such as a severe storm or an accidental fire.
- Equipment breakdown insurance: This can cover your business against financial losses due to malfunctioning tools and machinery. This may happen due to problems such as power surges, mechanical breakdowns, or even employee errors. You can get coverage for the cost to repair or replace the equipment, replace lost income, and compensate for spoiled inventory.
- Business interruption insurance: If your brewery is forced to shut down for an extended period due to a covered event like a drought, fire, or severe whether event, this insurance can provide you with a continuation of income until you are able to resume normal operations.
- Distribution coverage: There are different types of insurance available to protect your businesses interests during distribution process. These include:
- Commercial vehicle insurance: This can protect your business from large liability lawsuits if one of your employees is responsible for a collision while driving a company-owned vehicle.
- Inland marine insurance: This can cover your beer and other products while they are being hauled to various destinations for storage or distribution.
- Workers’ compensation insurance: Brewery employees sometimes suffer injuries such as burns or broken bones. In New Mexico, workers’ compensation insurance is required of all businesses that have three or more employees. It can cover the cost of medical treatment, lost wages, and other expenses if an employee is hurt while working for you.
Learn more about these and other coverage options that are available to you by talking with a local independent insurance agent.
Why Work with an Independent Insurance Agent in New Mexico?
When you are building your brewery insurance policy package, you will find that there are a number of options and policy types available to you. This enables you to fully customize your insurance to meet your brewery’s specific coverage needs. A local independent insurance agent can help you navigate through your many choices so that you can make informed decisions.
Your agent can also save you time and money by working with several different insurance companies to find you the best policies at the most competitive rates. Contact an independent insurance agent in New Mexico to learn more, and you can soon be comparing customized brewery insurance quotes.