In certain parts of the country and world, winemaking is particularly popular, with small and large vineyards popping up here and there. For some people, owning their very own winery is truly a dream come true. However, like many things, it does carry a certain level of risk and requires a considerable investment. To ensure that your investment is protected, you need to ensure that you purchase the right business insurance and have it tailored to your specific needs. Here are four specific types of business insurance that you will need a winery owner.
Grapes are known to be delicate crops, so all it takes is for one significant storm to destroy your entire harvest. Luckily, your losses can be covered with a crop insurance policy. This type of coverage will cover your harvest in the event it is ruined by drought, wildfire, insects, or any other form of unexpected disaster.
Regardless of the size of your winery, you will need to invest in some equipment, which includes bottling machines, fermentation tanks, harvesting gear, and forklifts. A property insurance policy will cover all of this as well as the property itself and any buildings that you have on-site from an assortment of risks like fire, major storms, vandalism, and theft.
As a winery, you may want to go beyond simply making wine and selling it. You may want to also open the doors to guests by offering tours and a tasting room. After all, this is a great way to build a name for yourself and get the word out about your wine. However, it also opens you up to certain liability risks. For instance, what would you do if someone gets injured while walking through the warehouse or falls while taking a stroll through the fields? Luckily, this is where liability insurance coverage comes in, as it protects you from costly lawsuits. In addition, it will protect you from litigation in the event that fertilizers or pesticides damage a neighboring property.
Business Interruption Insurance
In the event that a major storm rolls through and rips the roof right off your building or a fire breaks out in the warehouse, would you have the necessary resources to continue operating until the repairs could be completed? The cold hard facts are that a lot of businesses are unable to reopen their doors after a significant disaster, even with business insurance. With business interruption insurance, though, you can rest easy knowing that your bills can still be paid until you are able to reopen your winery.
If you would like to learn more, get in touch with a business insurance agent in your area.