Owning a business that operates on the water or the waterfront is a dream for many people who live near coastlines. The specifics differ by location and the professional background of the dreamer, but the dream itself is quite common. From commercial fishermen looking to own a boat they can captain to entrepreneurs who want to provide great marina or charter services, the thing many of them have in common is the investment in a boat or even many of them. Not all these investments involve commercial use of the boat, though. When they do, you need a commercial boat insurance program that fits your business model.
Commercial Boat Coverage vs. Other Marine Insurance Options
Commercial boat insurance covers the use of boats for professional purposes in many of the same ways commercial vehicle coverage does. From protecting crew while they work to taking care of liabilities that can come from collisions or other mishaps, it generally insures you against losses caused by damage to the boat or by damage the boat causes to others while it’s being operated on your behalf. That makes it very different from the kind of coverage rental companies need to make sure they are protected when a customer takes a boat out, and it’s also different from the coverage needed when you store or repair vessels. Make sure you’ve got the right boat insurance for your business. Work with professionals that understand the marine industry.