Crafting exceptional wine is arguably more of an art than a science. That said, creating the perfect bottle of Chardonnay or Merlot requires more than mere passion. Operating a winery also demands a healthy dose of business savvy.
The right insurance can help ensure the longevity of your venture. There exists a wide array of coverage types that you should consider before investing time and money into this dynamic industry.
Property insurance
Your vineyard and physical property are the backbone of your operation. Property insurance safeguards physical assets, including production facilities and tasting rooms, from unexpected events like vandalism or flooding. Be sure your policy covers the total amount of what it costs to survive such a setback.
Crop insurance
Mother Nature is unpredictable and poses a considerable risk to your grape harvests. Crop insurance covers losses due to adverse weather events, pests or diseases. A wide array of conditions will negate months of labor. Wildfires, for instance, are a growing problem for vintners; smoke from forest blazes up to 100 miles away can demolish harvests. A simple heat wave can also be ruinous.
Business interruption insurance
Equipment breakdowns and other unforeseen events may temporarily halt your winery’s production. Business interruption insurance compensates for lost income during unpredicted downtime. This makes it possible to fulfill ongoing expenses until normal operations resume.
Comprehensive insurance tailored to the unique risks of the winemaking industry is part and parcel of succeeding in this exciting field. Securing policies that protect against myriad scenarios should provide comfort, giving you and your employees an invaluable sense of security.