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How to Slash Your Whiskey Distillery Insurance Costs

Monday, May 8, 2023
Dan Galos

Did you know that whiskey distillery insurance premiums can be reduced with just a few simple steps? If you’re tired of paying high insurance premiums and want to keep your business safe, read on!

  • Install Safety Features
    • One way to reduce your insurance premiums is to install safety features such as fire alarms, sprinkler systems, and security cameras. These features can mitigate the risk of accidents, theft, and vandalism, making your distillery a safer place to work and reducing the likelihood of insurance claims.While adding these features to an existing building can be expensive they will pay for themselves in the long term.

      When considering a newly constructed building it is highly recommended to have these features included.

  • Implement Safety Procedures
    • In addition to safety features, it’s crucial to have proper safety procedures in place. Make sure your employees are trained on the appropriate protocols to follow in case of an emergency, such as a fire or spill. Insurance providers are more likely to offer lower premiums to distilleries that can demonstrate a strong commitment to safety and risk management.
  • Cover your aging barrels on a separate policy
    • Choosing to use a third party warehouse’s insurance is not only going to leave you exposed to loss but it is also more expensive than placing the coverage yourself in many cases. Moving your off-site and on-site barrels to a specialty Barrel Inventory program policy will offer proper coverage at very competitive prices.
  • Maintain Your Equipment
    • Regular maintenance of your equipment is essential to preventing accidents and reducing the risk of claims. Keep your distillery equipment clean and well-maintained, and address any repairs or malfunctions as soon as they arise. A well-maintained distillery is less likely to experience accidents and breakdowns, resulting in lower insurance premiums.
  • Work with a broker that focuses in this industry
    • Don’t assume that your current insurance provider is offering you the best possible rate. Shop around and compare quotes from different insurance providers to find the most affordable and comprehensive your policy before making a decision. coverage for your distillery. Be sure to read the fine print and understand the terms and conditions of
  • Increase Your Deductible
    • Increasing your deductible can be an effective way to reduce your insurance premiums. However, this comes with a caveat – you will need to pay a higher out-of-pocket cost if you need to file a claim. Make sure you have enough funds set aside to cover your deductible before increasing it.
  • Consider Bundling Policies
    • If you have other insurance policies, such as property or liability insurance, consider bundling them together with your distillery insurance policy. Insurance companies often offer discounts for bundling policies, resulting in lower overall premiums.
  • Manage Your Risks
    • Insurance providers assess risk when calculating premiums. As a distillery owner, you can take steps to reduce your risk by using high-quality materials, following safety protocols, and investing in proper training for your employees. By managing your risks, you can demonstrate to insurance providers that you are a responsible and reliable business owner, which can lead to lower premiums.

There are several effective ways to reduce your whiskey distillery insurance premiums. By implementing safety features and procedures, maintaining your equipment, shopping around for insurance, increasing your deductible, bundling policies, and managing your risks, you can lower your overall insurance costs without sacrificing coverage. By taking these steps, you can protect your business and your bottom line.

Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your legal or medical needs.