Taking the risks out of the winery business - by Channelle Ricketts
Shiraz or Cabernet? Each winery is as unique as the great wine that they produce. So making sure that the insurance you have in place is matched to your individual needs makes sense. Winery insurance can provide you with the certainty you need, so you can focus on making the best wine possible, knowing that your risks are covered.
Some risks wineries might face
Wineries are a complex business with many diverse parts that contribute to the overall business operations. From growing your grapes, harvesting your grapes, processing and fermenting to bottling and shipping etc, to the more public-facing activities such as operating and running a cellar door or a restaurant and welcoming guests onto your winery. There are lots going on in the running of a winery!
A winery has lots of areas where things can turn out not as anticipated and lots of potential risks that you might face.
Insurance that’s available for Wineries
Protect your grapes from damage that might occur during the growing season. For example, hail, smoke, pest and heat damage that occurs during the growing season can ruin your crop and impact your wineries performance.
During the fermentation or production process, there are risks too. Wine is delicate and susceptible to spoilage, leakages or contamination whilst during production or when being cellared.
It is great to welcome guests onto your winery. However, when you do, you need to consider the risks of personal injury a guest might face when they engage with you via your cellar door, your wine tastings, restaurants, cafe and events that you might host at your winery.
Protection if your wine products cause damage or harm to an individual. Products Liability Insurance may cover damage that might occur through the usage of your product.
Do you move your wine around either during production or when taking it to market? Goods in Transit Insurance provides protection for your wine or grapes whilst they are in transit. If you export internationally, then it is worth considering your export markets and the insurance coverage you might need to safely get your wine into those areas.
Valuation of stock:
Your wine stocks are a critical business asset. Understanding their value and the cost of them and that you may be able to have their value based on an agreed value.
Protect your winery with a customised insurance package that gives you the coverage you need. Oh if you have some wine tips, share them in the comments below, we love hearing about great Australian wines.