Owning a company in the boating industry involves dealing with a lot of factors. Whether you own a fleet of luxury yachts or provide fishing boats to passing tourists, you need to have the right insurance plan in place. The boating insurance industry offers many types of plans, and it is important to select the correct coverage.
Determine the Risks
There are many risks involved with owning and operating watercraft, and accidents can occur whether the boats are on the water or docked at a marina. The risks you face depend on the company’s size, location and business model. The specific niche you cater to also plays a role in determining the type of risks your company may encounter. However, some common risks include:
- Property damage
Research Coverage Types
You may need multiple types of coverage to ensure your company is adequately protected. Once you have assessed the risks, you should find policies that offer the coverage you need. Among others, you should consider:
- General liability
- Pollution insurance
- Protection and indemnity
- Property coverage
- Uninsured watercraft coverage
Finding the right insurance plan for your company may take time, but it does not have to be difficult. Take the time to evaluate your risks and research your options to ensure you have exactly what you need.