Page 22 - Grapevine MayJune 2021_REV

In The Winery

Simplified Risk Management

for Your Winery

By: Michael Harding, Senior Risk Solution Specialist, Markel Specialty
T ake a look around. You must be so proud think about the many ways your winery might be

impacted by previously unthought-of risks. Risks
of where your winery is today! You’ve
worked very hard to develop, finesse, and
grow your winery to what you see in front of you. can be managed, however. Whether your winery is
small or large, you have the responsibility to your
Countless hours and limited staffing have created a employees, your clients, and yourself to invest in
place of pride! risk management planning.

You took a lot of risks to get your winery to A lot of winery businesses only think about buying
where you are today. In fact, your winery probably insurance when they think about risk management.
wouldn’t exist if you hadn’t taken some of those However, many wineries don’t give much thought
risks. But now that it is more established, the risks to other ways that they can protect their winery
are more significant – there is just so much more from the numerous risks that they face. Some risks
to lose! A serious calamity could be detrimental to are random and unpredictable (like weather and
all that you’ve built. And, unfortunately in today’s acts of nature). Others are more predictable and
“mid-COVID” economic environment, limited staff- can be planned for – such as costs of supplies,
ing may present many challenges to your winery overhead, new hires, and equipment replacement.
and it may be difficult to allot sufficient time to There are also the other kinds of events that can -

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