Market Growth Expected in Bottle Industry
The bottle industry is increasing, and insurance agents need to be aware of its implications for their business. This market may grow significantly in the next few years. Thus, it is essential to understand what it means for your clients.
Growth of the Bottled Drinks Industry
The bottle industry has seen significant growth. Several factors include increasing awareness of the importance of staying hydrated and the availability of more portable, convenient water bottles.
Additionally, many people appreciate that bottled water is often of a higher quality than tap water. As a result, the market for bottled water might grow in the coming years.
In the United States alone, bottled water sales have more than doubled in the past decade, reaching over $15 billion in 2016. In addition, bottled water is now widely available in various convenient locations, such as grocery stores, gas stations, and vending machines. There is a possibility that the global market for bottled water will reach $280 billion by 2025.
Different Types of Bottled Products
If you’re in the insurance business, you know that there’s a lot of paperwork involved. The bottle bill is a document that lists all of the different types of bottles that your insurance policy covers. Here are the common types of bottles.
Glass bottles are some of the most common types of bottles out there. People use them for food and beverage storage, and they come in various sizes. Insurance only covers them when there is breakage.
Plastic bottles are another common type of bottle. People use them for storing household cleaners, shampoo, and other toiletries. Most insurance policies will cover plastic bottles for leaks and spill only.
People use them for soda, beer, and other beverages. They’re lightweight and durable, making them a good option for storing drinks. Most insurance policies will cover aluminum cans for dents and scratches only.
Stainless Steel Bottle
Stainless steel bottles are becoming more popular as people look for ways to reduce their environmental impact. People use them to store water and other beverages. Insurance only covers stainless steel bottles when there are leaks and spills.
Now that you know the different types of bottles that are out there, you can start working on creating a custom insurance policy for your clients.
Role of Insurance
Commercial marine insurance plays a vital role in the bottle industry. First of all, it protects against the loss or damage of bottles during transit. It is crucial because bottles are fragile and can easily break.
Secondly, it covers the cost of repairs if a bottle is damaged. It is essential because bottles are expensive, and it can be costly to replace them.
Finally, it provides liability coverage if a broken bottle injures someone. It is essential because injuries can happen if someone is not careful when handling bottles. Without commercial marine insurance, the bottling industry would be at much greater risk.
About Merrimac Marine Insurance
At Merrimac Marine, we are dedicated to providing insurance for the marine industry to protect your clients’ business and assets. For more information about our products and programs, contact our specialists today at (800) 681-1998.