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When you also have equipment or operate from an office
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
General Liability insurance is a highly recommended coverage for marinas as it protects your business from a variety of claims including property damage, third-party personal injury, advertising mistakes and other related risks that could arise during your business operations. It will pay all covered incidents, including attorney fees and legal expenses in the case that a lawsuit is filed.
Workers' Compensation is a type of insurance that pays medical expenses and wage replacement for employees who are sick or injured on the job. The insurance then relinquishes the employee's rights to sue your business for employer negligence. It is a state-mandated insurance, so your business must carry it if you meet the minimum number of employees determined by your state.
Business Interruption pays for the loss of earnings or income when marina operations are interrupted due to a covered disaster. For example, your marina is destroyed by a storm. Commercial Property insurance will pay for the cost to repair and rehabilitate your property and Business Interruption insurance will cover the lost income and the recurring fees like your employees' salary.
Commercial Auto insurance will cover the physical damage and liabilities that the vehicle you use for business will encounter when involved in a vehicular accident. Unlike personal auto insurance, Commercial Auto insurance covers trucks, service vans, commercial trucks and other vehicles you use for your marina business. It also covers vehicle damage that occurs in a storm or natural disaster.
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:
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.
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