For those looking to start their own business, it is important to realize the need for a strong insurance policy to protect your company from unforeseen disasters that can ruin you financially. When dealing with something like boat repair or watercraft services, there are some dangers and risks that aren’t common to the average retail store or financial institution. For instance, a boat cleaning insurance plan would need to address the requirements of applicable state laws while operating while at the dock in addition to any open-water requirements held by other governing agencies.
It’s All About Location
Depending on where your boating services take place, the individuals at Mariners Insurance explain that there are a number of liability concerns that your insurance plan needs to address.
- Commercial General Liability is used for lawsuits that claim that damage was done to property or bodily injury was caused to a third person by an employee’s actions.
- Business Property can provide protection for the contents of your workshop, office, and equipment that may be used during operations.
- Employee injury protection is often called workers’ compensation, but the requirements on coverage depend on whether employees are working at the dock or on open-waters.
- Business Interruption coverage would help with the financial loss should your company be unable to operate due to a fire, theft, or other covered incident.
Your boating services business needs insurance just like any land-based entity. Check with your agent about the necessary coverage for your service type.