Marina Insurance
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What Insurance Do Marina Need?
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Frequently Asked Questions
Why do Marinas need 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.
What risks do Marinas face?
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.
How much does the Marina Insurance cost?
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.