What Water Transportation Is All About:
Establishments in this industry provide transportation services across inland bodies of water, deep sea, and international waterways. Transportation includes human transport and goods transportation. This industry also includes port and harbor management services and marine cargo handling.
What type of insurance does this industry need?
- Workers Compensation: Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work. Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.
- General Liability: This policy protects your business in case of third-party claims, such as bodily injury or property damage. Getting the right General Liability policy in place can help you get more jobs and grow your business. General Liability insurance is often considered to be a core coverage, particularly for businesses that regularly physically interact with customers and do work at other people’s properties. In addition, a General Liability policy is usually required for you to get a job.
- Umbrella Insurance: Umbrella insurance offers excess liability protection in the case that your General Liability, Commercial Auto Liability, and/or Employer's Liability coverage is insufficient. It essentially acts as a "back-up" plan, providing additional financial protection in the case that your business faces a particularly large claim that exceeds a single policy's limits. This policy can be particularly valuable for a business that faces a variety of risks and has multiple liability policies.
