Small business spotlight: Society Insurance knows your business deserves a proven combination of coverages and customized details that provide meaningful protection
Society Insurance
(920) 922-1220
SocietyInsurance.com
Q: What types of insurance do you provide for breweries, bars and restaurants?
A: By keeping on top of trends in the food and beverage industry, we craft a unique business insurance coverage program that pairs perfectly with breweries, bars and restaurants. We provide a variety of coverage options including workers compensation, commercial auto, cyber liability, employment practices liability, franchise endorsement, liquor liability, spoilage, contamination and recall, and umbrella.
Q: Are there any current trends in the insurance industry that breweries and brewpubs should know about?
A: Inflation and weather-related losses have had a significant impact on the insurance industry. Supply chain issues, rising costs of building material and shortage of contractors have increased the costs of getting a business back up and running after a loss. The extended downtime also affects business income coverage, which may provide loss of income and extra expense while the business is not running.
Business insurance is not one size fits all; this is especially true in the brewery space. … After a claim occurs is not the time to find out your agent’s level of experience.
These inflationary conditions, coupled with increased weather-related property losses, have put pressure on the insurance industry. One of the results we’ve seen is there are fewer markets available for certain classes of business. This enforces the importance of selecting an insurance company that is an expert and committed to the industries they serve, as Society Insurance is to the restaurant, bar and brewery industries.
Q: What’s a common misstep that business owners make when it comes to protecting — or not properly protecting — their entire operation?
A: A very common mistake business owners make is selecting an insurance agent who might not specialize in their specific industry. Business insurance is not one size fits all; this is especially true in the brewery space. An insurance professional who has experience and understanding of the unique exposures associated with the business owner’s industry will not only ensure that proper protection is in place, but it will be more financially competitive as well.
Business owners should not be afraid to ask what other breweries their advisor has worked with, and then get references. Does this agent have access to an insurance company who is committed to the industry and has specialized products dedicated to the brewery space? What kind of specific loss-control services are offered? What are some unique claims your advisor might have experience with? After a claim occurs is not the time to find out your agent’s level of experience!