People have been engaged in winemaking for thousands of years. Today, winemaking is considered to be an art as well as a very specialized science.
Each winemaker uses his or her own special technique, but even home-based winemakers use the same basic process of harvesting, crushing and pressing, fermentation, clarification, aging, and bottling to produce their wines.
If you own a winemaking supply store, your goal is to help winemakers produce the best wine that they can with the best supplies. In addition to selling a wide variety of products, you likely offer advice on what supplies to purchase and how to use them. You are an irreplaceable resource for your valued customers.
But even when your focus is on something as wonderful as wine, things can go wrong that can set your business back. As a small business owner, you need to protect your investment in your winemaking supply store with a comprehensive set of business insurance policies that are tailored to the unique risks you face.
An independent insurance agent in your city can help you find the customized, affordable winemaking supply store insurance that fits your needs and budget.
Why Do You Need Winemaking Supply Store Insurance?
All winemakers need a basic set of supplies that may expand as their experience grows and they attempt new techniques and variations. In general, your winemaking store likely sells a variety of products that help both experienced and novice winemakers. These products include:
- Equipment kits
- Fermenters and accessories
- Transferring equipment and siphons
- Sanitizers and cleaners
- Airlocks and stoppers
- Bottling equipment, bottles, corkers and corks, bottle labels and dressing
- Spoons, paddles, and strainers
- Dispensing systems
- Testing equipment
- Books, magazines, and recipes
- Filtering equipment
- Crushers and presses
- Oak barrels
- Temperature controllers
Your inventory — as well as your store fixtures, shelving, computers, furniture, and more — are valuable. What if a fire, a severe weather event, or a burglary destroyed your store or part of it?
Winemaking supply store insurance protects your physical assets when something unexpected happens. You’ll likely face a mountain of repair costs and you might even have to close temporarily while you replace inventory, rebuild your damaged store, or wait for equipment to be fixed.
Another major threat to your store is being sued by a customer or someone else because of a negligent act.
Something as simple as a customer slipping on a wet floor while shopping can quickly spiral out of control. You can always expect to pay the related medical expenses for anyone who is injured in your store.
What’s more, simple slip and fall cases often lead to lawsuits, and you’ll need a way to pay for your legal expenses and any payouts to an injured party.
Winemaking supply store insurance helps you in situations like these — and many more — that might otherwise force you out of business.
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What Does Winemaking Supply Store Insurance Cover?
You’ll need both property insurance and liability insurance to cover your winemaking supply store.
Property Coverage for Winemaking Supply Stores
Unexpected events such as fires, natural disasters, floods, and extreme weather events can happen at any time, and they can quickly cause massive damage to your building, your inventory, your fixtures, computers, office files, and more.
Commercial property insurance covers the costs of repairing or replacing damaged or destroyed physical assets. This coverage is essential to securing your ability to operate in the face of disaster.
If your winemaking supply store sustains physical damage due to a covered event, you’ll likely also face a loss of income if the damage causes you to close while you make repairs, rebuild your store, and replace damaged or destroyed inventory.
Business interruption insurance complements your winemaking supply store property coverage. It offers income protection if your business is unable to operate because of damage caused by some type of covered disruption.
It also pays for certain ongoing fixed expenses during the rebuilding period. This includes things like rent, employee salaries, relocation fees, and more.
If you make your own wine and serve it on-site for customers to sample, you’ll need some additional property coverage.
Equipment breakdown coverage may be necessary for your wine making supply store if you engage in winemaking at your store. Equipment breakdown coverage pays for costs associated with sudden and accidental breakdown of machinery and equipment.
It covers the costs to repair or replace the equipment and any other property that is damaged by the broken equipment, and it reimburses you for related business interruption costs.
In addition to winemaking equipment, it can also be useful to cover cash registers or other machines that are essential for your operations.
Liability Coverage for Winemaking Supply Stores
Customers, vendors, and members of the general public visit your winemaking supply store during every business day. Any one of these individuals can get injured on your premises at any time. Slips, trips, falls, and other types of injuries are common in retail settings.
Medical bills and other related expenses are a lot to cover for a small business. And they’re just the tip of the iceberg if you are sued in such a situation. Attorney fees, court costs, and court-ordered settlements or judgments can easily bankrupt you.
That’s where your commercial general liability insurance comes in. It offers broad coverage for all kinds of liability claims, and pays for expenses for the injured party as well as your legal expenses and settlements or judgments if you are sued.
Your general liability insurance also includes product liability coverage. You likely purchase your inventory from a variety of suppliers and manufacturers, but you do not need to manufacture a product to be considered liable if a product that you sell causes a problem.
If any product that you sell is faulty and leads to an injury, death, or property damage for a user, buyer, or bystander, your business could be sued for negligence.
Imagine you sell a thermometer that is faulty leading to incorrect temperature readings and the destruction of several batches of wine for one of your customers who has invested a great deal of money in the ingredients and supplies for his wine. You could be named in a lawsuit in the winemaker’s attempt to recoup the financial losses.
Remember that if you serve any wine on your premises, you need to acquire all of the appropriate licenses from your municipality. What’s more, you’ll need liquor liability coverage.
It is required for any establishment that sells, services, or furnishes alcoholic beverages. It pays for instances of property damage and bodily injury that result from selling or serving alcohol, even if the impaired person did not drink the beverage on your premises.
Other Winemaking Supply Store Insurance to Consider
Aside from major property and liability risks, winemaking supply stores likely need several other insurance policies to protect them from financial harm and unexpected events. Talk to your independent insurance agent about your need for the following:
- Commercial auto insurance protects any business-owned vehicles or trucks. In addition, if employees drive personal vehicles for business use, you need hired and non-owned auto liability insurance.
- Crime coverage pays for loss of inventory due to theft of merchandise from shoplifting, and even for loss of money and merchandise stolen by employees.
- Workers’ compensation insurance is required for almost every business that has employees. It compensates employees who are injured on the job by paying for medical expenses and lost wages related to their injury. Your employees can injure their backs while unloading boxes, suffer from repetitive motion injuries, and more. This coverage ensures that their expenses will be covered in these cases, and prevents them from suing you for additional damages.
- Cyber liability insurance protects your store if you are the victim of a cyber breach. Most winemaking supply stores sell products online. If your website was hacked and sensitive customer information was accessed, this coverage would help you pay for the fallout.
- Employment practices liability coverage protects you if a current or former employee sues you for discriminatory employment practices.
- Commercial umbrella insurance provides an important safety net for cases when a claim exceeds the coverage limit on your general liability policy. If you were hit with an extremely costly lawsuit, this policy would kick in when the coverage on your general liability policy is exhausted.
How Much Does Winemaking Supply Store Insurance Cost?
The size of your business and the types of policies you need to cover your unique risks are the biggest predictors of how much your business insurance will cost. A variety of variables that are unique to your business help determine how risky you are to insure, and consequently how costly your insurance will be.
To determine the types and amounts of coverage that you need, your insurance agent will evaluate several factors, such as:
- Number of employees
- Size and location of your store
- Amount and value of your inventory
- Whether or not you own your building
These factors indicate how risky your business is and how much it will cost to insure it.
Find and Compare Quotes
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
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Our independent agents shop around to find you the best coverage.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right winemaking supply store insurance. They’ll walk you through the handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get, but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can leave out important coverage that will leave you devastated if something unexpected happens. And they can leave out cost saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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