Tuesday Morning Insurance Tidbit - DISTILLER Magazine & Put Off

[InsuranceMan]

Happy Tuesday Morning To All,

 

     As you probably have noticed, if you are a loyal reader and follower of the TMIT, there was no installment of the TMIT last week, and this week’s posting is a little tardy.  Well my friends, as it turns out, bilocation is not one of my superpowers.  I lack the ability to be in two places at the same time and for the last week or so I was taken out of Sheridanopolis so that I could attend my big brothers 50^th birthday.  That was certainly something that I was not going to miss and being that we were in Grand Marais, MN the internet capabilities were sketchy at best.

     Now, with you knowing that, I have a special treat for you.  Try to contain yourself and your excitement, here we go!  I am going to give you two topics for this week’s TMIT!!!  I KNOW, RIGHT!??!?!!?  EXCITING!?!?!?!!?

 

                                                                                                                                              OK, you all good now?!??!?!?!

 

     For starters, the first topic will be short here on the post as I will be redirecting you to the most recent installment of DISTILLER magazine that you have probably recently received in the mail from ADI.  If you flip that little puppy open to the CONTENTS page you will see down on the left hand side of the page under THE BUSINESS OF DITILLING an article written by yours truly that is entitled, “Distillery Insurance: What You Need To Know”.  I cannot tell you how excited I am to be a contributing writer for DISTILLER magazine!  Being asked to be a part of this publication is truly an honor and I am just so pleased to have been asked.

     The article itself is found on pages 144, 145, 148, and 149.  I would encourage you to find a comfy spot to sit down this evening with your favorite spirit and give it a read.  Completely enthralling if I do say so myself, but then again, I may be biased, LOL!  As well, on page 150 in the upper right-hand corner you will see my contact information displayed in my Roaring Fork Insurance advertisement.  If you don’t know much about me already (which at this point, if you are a devoted TMIT reader, you probably have a pretty good idea) you can flip to page 8 and under the CONTRIBUTORS section, my information appears very near the top of the middle column.

     OK, now that we have gotten that gratuitous self-promotion out of the way (but I am excited about this, as if you could not tell), onward to the second topic for the TMIT so that you do not feel cheated out of not getting last week’s information.

     Although I, InsuranceMan 2.0!!! , could have used my superpowers to get to Grand Marais in the blink of an eye, I am not above taking the great American road trip from time to time to explore this amazing country that we live in.  As we were making our way across Wyoming, South Dakota (in a ground blizzard no less), and the entirety of Minnesota we passed an insurance office in a small town that was called …  wait for it …  Puthoff Insurance.  Disclaimer here *** I have no idea who these folks are, and I am sure they are very good at what they do, and heck, I am even giving them a plug (of sorts) here.  This has nothing to do with the fine folks at that agency, again, I am sure they are amazing *** end of disclaimer.

     Driving by this office though made me think about their agency but more about there name and really, more about how people truly do “PUT OFF INSURANCE”.  I cannot tell you how often I receive a call or an email from a distiller that says something along the lines of, “Well, we have been in operation for several years now, and we have never had insurance, but we are at a point where we need to do something.”  Another disclaimer, *** there is nothing wrong with this approach. ***  In fact, in the article in DISTILLER (ah, see how I wove that in and brought it all full circle?!??!  That is one of my superpowers!) it references the fact that if you do not have a loan on your business or a landlord, or some other interested third party, there really are no regulatory requirements for you to carry insurance.  Did you know that?  Well, now you do.

     Although there may not be some “big brother” type entity telling you that you must carry insurance (and for that I am glad), it is certainly a good idea.  You know that I have to say that though, after all, I am InsuranceMan 2.0!!! Anyway, there is nothing wrong with not carrying insurance in the beginning since it is your choice after all, but what are you “Putting Off”?  If you “Put Off” insurance you really are taking a risk with a large part of your life, a very large investment that you should not put in peril.  Would you purchase a new Ferrari and say, “Ah … screw it, I am going to drive this thing all over the US for the next year or two, but I don’t need insurance!”  NO, NO you would not.  So why do it with your distillery?  Your equipment is valuable and needs protecting, right?  What about your products that you produce?  Most certainly!  How about liability arising from your operations or out of serving samples or cocktails out of your tasting room?  Yeah, for sure!!!!!

     You have heard this from me before, but your blood, sweat and tears go into your passion of distilling and they should be protected as you protect your family member, your friends, or your home.  Another reason to not “Put Off” insurance is simply due to the fact that many insurance carriers are very apprehensive to offer coverage to a distillery that has been operational for years with no preexisting coverage.  In fact, many standard carriers will not offer an insurance proposal to distilleries that have been operating without insurance thereby throwing them into an Excess and Surplus (E&S) lines market.  This could mean higher premiums, less coverage, and building “insurance credit” for a few years.  If you just don’t “Put Off” insurance but start it right when you are ready to start everything else (if not a bit before) the process will be much easier and could actually end up being cheaper and better.

     If you are just getting started, thinking about getting started, or if you have been up and going for a few months or several years and have just “Put Off” insurance, it is never too late to protect yourself and your investment.  Where do you turn when you are ready to not “Put Off” insurance any longer? Who should you get in touch with?!?!??! Well, I think you know the answer but if you don’t, I will give you a hint …

                                

                               InsuranceMan 2.0!!!

    

 

     I am here, ready, willing, and able to assist you.  I have assisted hundreds and hundreds of distillers all across this country, in every state (except for Rhode Island … why is that?  What is going on there?!?!?!  If anyone reading this is from RI, call me or email me please!!!!!!!  I want to work with a distillery in Rhode Island!!!!!!!!!) and of every size.  From large to small, I have worked with them all.  As always, my information, education, and conversation are free of charge.  Until next time dear reader …

 

Stay Vigilant,

 

Aaron Linden

a.k.a.  InsuranceMan 2.0!!!

aaron@roaringforkins.com     or     insuranceman2.0@yahoo.com

(307) 752-5961