4 minute read
Supplier Viewpoint Insurance broker Russell Scanlan offers advice on choosing the right insurance for your business
Supplier Viewpoint
What to look out for when taking out a new insurance policy for your brewery
The team from bespoke insurance brokerage Russell Scanlan takes a look at what type of insurance a small brewery in the UK market needs, how much it costs, and how best to go about ensuring you have the cover you need…
The brewing industry has found itself battered and bruised after being caught up in what can only be described as a living business hell. From Covid closures to supply chain issues, the industry has faced its fair share of setbacks. However, with the recent announcement from the British government that decisions have been made to scrap the planned freeze on alcohol duty, adding yet another U-turn into the mix, it seems the industry just can’t catch a break. The unwelcome declaration comes at a time when more and more businesses are struggling to stay afloat amid the cost-ofliving crisis, yet there is one commercial necessity that is often overlooked, insurance. There are just over 2,400 breweries in the UK alone, according to the latest figures from Statista. A number which has risen by more than 60% in the past four years. But like any other fully functioning business, breweries need to be properly insured to protect themselves from potential liabilities. The question that is often on every business owner’s lips? What kind of insurance does a brewery actually need? And how much does it cost? Russell Scanlan, the leading independent insurance broker for more than 140 years, offers expert insight on the ins and outs of specialist policy packages, as well as detailing what to look for when deciding on the best insurance policy for you and your brewery. Specialist brokers and dedicated teams hold the key to effective insurance cover Finding a specialist broker that can fully submerge themselves into the day-to-day operations of the business is key to ensuring that your business needs and cover is met. Whilst online brewery insurance solutions are available and do offer some form of protection, using such platforms increases the risk of you and your business running into insurance difficulties, should you need to claim later down the line. Choosing a dedicated team that has access to a panel of insurers ensures that you are offered the right support and guidance for you specialist cover. Brokers and teams that take the time to work closely with you to understand your business, will help you to tailor a package with all the right ingredients, developing a policy that gives you peace of mind.
The one size fits all approach rarely works
It’s important to remember that a one size fits all approach will never provide you with the comprehensive cover that you and your business need. Breweries are often involved in so many different activities, whether it be attending trade fairs, brewery tours or shipping goods overseas, that tailoring a package and speaking to an expert helps to ensure your business is fully protected against any future issues. Understanding what your business goals are for the upcoming year will allow you to forecast what type of additional premiums you may need for your insurance policy. Having an overview of your plans and ambitions will ensure that you are fully covered for upcoming business ventures.
Never a glass half empty when you work with specialists
When shopping around for insurance, choosing a broker that offers a full suite of insurance products, from stock and IT to events and property, eliminates the likelihood of loopholes that can often be found when multiple insurance providers are used to cover different aspects of a business. Taking out multiple insurance policies under one trading business has the potential to complicate the insurance recovery proceedings immensely, and possibly even undermine certain terms. The relation of "other insurance" clauses, allocation schemes, and the practical impacts of interacting with multiple insurers can often leave breweries with some difficult questions. This is why it is always advisable to work with a specialist team who understands the insurance industry. While the term “specialist” is often associated with increased expense, it doesn’t always have to mean this. Working with specialists helps to provide a more targeted and no-waste approach within the policy itself. Ultimately, there should be no substitute for tailored brewery insurance policies as businesses as complex and individual as these require a unique strategy. Proper planning and proactive discussions with insurers can help to mitigate future issues, whether they be industry or nationwide so that you can continue to operate to your potential.
