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TetonDistillery

Insurance for distillery question...

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What does your insurance cover and roughly how much are you paying per year?

We are paying $4,000 per year for business insurance, liability, workmans comp, etc.

I just wanted to get an idea of what others are paying to see if we are too high, too low.

Thanks

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Just met with a new agent today to look at switching to Cincinnati Insurance Companies Craft Beverage Program. Would be happy to compare prices once I get the quote in a few days..

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Allow me to interject on this subject if I may. There are many, many carriers that will write a distillery, and several that claim to have a specialized "craft beverage" schtick. There are also many insurance agents who "specialize" in this industry, or so they say. The truth of the matter is that aside from my program every carrier and agent offer pretty much the exact same coverage forms and endorsements (see my whitepaper post here: http://adiforums.com/index.php?showtopic=4883 ). At that point it all just boils down to pricing since it is all darn near the same coverage options. But be warned ……..

Trying to compare your insurance premium situation to someone else is like trying to compare apples to giraffes. There are so many mitigating factors to consider since no two distilleries are alike. How much equipment value is there; what are the annual sales; how much product is being held in maturation or being held for pick up; do you own or lease your space; do you have business income insurance or not; how about transport or cargo coverage; workers compensation; what are your liability limits; is there a tasting room and if so does it generate receipts; how about ancillary sales of distillery swag; any direct sales of product; what is the public fire protection class of the location in which you have your distillery; do you carry liquor liability; I could go on for days about the vast amounts of difference and why you really cannot compare your situation to someone else based on price alone.

The only real way to make sure you are getting the best available price and product for your money is to deal with someone who ACTUALLY knows the industry inside and out and someone who can provide you with several different quotes and do a comparison of them all, taking into account the bottom line as well as coverage options. Hummmmmm …….????? Who is an industry leader that has a huge working knowledge of not only distilleries but insurance as well, not to mention can offer several quotes and is so into this that he has developed the only insurance product in the country (and offering it in all 50 states) to offer an increasing valuation scale for maturing product with no co-insurance penalties and all kinds of other cool endorsements???????

Oh yeah, it is me!!! Seriously though, I know people think that they can get the best deal by asking three agents to quote three different carriers but what actually ends up happening is you cloud your perception even further as all coverage is not the same and many agents may not have a clue as to what they are doing or what to ask for. I suggest you find one person you can work with, build a relationship with them and have them do the work in providing several quality quotes and compare and contrast the coverage. That is the only real way to find out if you are paying too much for your insurance.

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Along with many others on this forum I will highly recommend Aaron and his insurance product !!!... We switched over this month for a savings and better coverages !!!...

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***** UPDATE *****

     For anyone that may not yet be aware, I can still be reached at 307-752-5961 or at insuranceman2.0@yahoo.com .   I have separated from the "past agency" but have been up and running at my new agency for about a year now.  Thank you to all for the referrals and nice words.  I am here to assist you, so give me a call or shoot me an email!  Until then ...

Stay Vigilant,

Aaron Linden

a.k.a. InsuranceMan 2.0!!!

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Hey Teton.  Im not sure what your operation looks like, and it's like Aaron says, comparing insurance policies can be like apples to oranges, but generally speaking, $4k is pretty low. 

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