Marina Insurance

This industry is made up of businesses that operate docking and/or storage facilities for pleasure craftworkers. These businesses are more commonly know as marinas and may also sell fuel and marine supplies and/or repair, maintain and rent pleasure boats.

Marinas need insurance to protect the business from known and unknown risks that it may encounter. Insurance covers risk that occur, like a liability lawsuit. You won't pay for the attorney and court fees out of your pocket. The insurance will pay for these and all you have to do is pay a small monthly fee for the coverage itself.

Around 75% of marinas in the U.S. lack an adequate risk-management process. Many of these fail to understand the importance of insurance. Below are some of the risks marinas can face:

• Marinas are full of boats, including flammable materials like wood, fiberglass, rubber, and gasoline for fuel. When these boats are stored, it could generate heat especially during hot climates; thus the possibility of burning your entire marinas is high. And when it happens, make sure that you have adequate insurance.
• Being on the water, your business faces a risk of getting damaged by storms. Other than quality materials that would be able to withstand hurricane-force winds, you need adequate insurance so when a storm happens, recovering will be a lot easier.

The cost of insurance for marinas will rely upon the size of your business, the number of employees you own and the coverage required. To find out the cost of the insurance policy for your business, apply for a free quote online or talk to one of our insurance experts.