Coffee Niche Growth Continues
In 2014, we received an increase in requests for insurance among the coffee industry throughout the United States. We have helped both coffee shop owners and coffee roasters save money across the U.S. As of now, our coffee client base runs from Washington State clear to Delaware and as far south as Atlanta, Georgia. We’ve been able to take-in some incredible towns we’ve never known about because of this, including Leavenworth, WA and New Castle, DE. Although this increase was a pleasant surprise in 2014, we feel that we haven’t really scratched the surface. In Indianapolis, the coffee culture has expanded exponentially over the past few years. Indianapolis has always been considered a “chain town” by many, but the emergence of privately-owned, local coffee shops has been a welcomed addition to the city over the years, bringing with it new, creative entrepreneurs with fresh ideas.
In New York City, once a flagship Starbucks city, stores have been closed to make way for newer, fresher coffee shop opportunities opened by entrepreneurs. A former Starbucks executive even left the company to open up his own unique neighborhood shop, called The Roasting Plant, which I have checked out personally and loved. In Philadelphia, where I sit typing this currently, the coffee culture is rampant and thriving. Philadelphia has seen a fantastic emergence over recent years, producing many great stores including La Colombe Coffee, which now has locations in Philadelphia, D.C., New York, and Chicago.
How big can it get? It’s hard to say. A recent article suggests that Coffee is a $30 billion-a-year industry and still growing. You can read the full article here. As an insurance agency, we can only hope this continues to grow. It is a niche we are very passionate about and feel we are providing an honest service to the coffee industry. Our favorite aspect of the niche is working and communicating with coffee shop owners. We’ve found that these are some of the most creative business owners we’ve ever met, and it gives us a fresh approach to our own business after speaking with many of these people. Our job is to express to them how we can help them and why we’re a good fit for insuring their business. Saving money is an obvious advantage we can offer due to some of our programs with our insurance carriers and the breadth of our carriers. We can literally quote with over 10 companies in all 48 mainland states. I also think our knowledge base of the coffee industry, which is still expanding, helps us communicate effectively with these store owners. We have a good idea of the equipment costs, hazards they face, and their business operation as a whole. We hope to see continued growth in 2015 from this industry and to continue growing alongside it.