In the marine industry, commercial boat insurance is necessary for those who own rental facilities, charter services, fishing boats and more. Boat insurance provides coverage for the unique risks that face those in the marine industry.
If a guest becomes injured on your vessel or if an accident causes injury to someone else’s property or person, then your company is liable for the accident. Liability coverage would protect you against the cost of litigation and settlement if someone were to file a lawsuit against your company. When someone suffers injuries, your business could be liable for medical expenses, lost wages and pain and suffering costs.
Commercial boat insurance can protect your vessel and its equipment. For example, if you own a fishing boat, you have special equipment that could cost your business thousands of dollars if damaged or lost. Your coverage limits depend on your boat’s size, type and your company’s unique risk factors. You may be able to receive discounts on your insurance policies if you and your employees take part in safety training classes.
When it comes to the marine industry, you have to protect the cost of your boat, your equipment and your operation. Commercial boat insurance provides for the unique risks to those operating in the marine industry.