Insurance needs vary for niche marine businesses. A policy that may work for a small boat dealer could be grossly inadequate for a full-scale marina or a ship repairing company. Clearly, the adage of “one size fits all” does not apply to nautical insurance.
Consider Your Needs
Before choosing an insurance plan, it is imperative to consider your company’s unique needs. Consultation with a recreational marine insurance wholesaler is an important first step.
An experienced broker evaluates each business on a case-by-case basis and can suggest cost-effective alternatives for your specific operation. Typically, customized insurance protection is offered for the following segments of the recreational marine industry:
- Yacht builders
- Marine manufacturers
- Boat dealerships
- Ship and boat repair companies
- Yacht clubs and marinas
- Parts/accessories manufacturers
- Cover All the Base
Though the specifics change depending on your niche, some commonalities do exist. As such, a recreational marine insurance wholesaler can be expected to include specialized protection of the following:
Property insurance that includes protection for property owned both by the business and customers, as well as inventory, equipment, and piers
Employee coverage, including workers compensation packages
Liability protection that encompasses general liability needs, as well as specialized marine products, errors and omissions and directors and officers insurance
A recreational marine insurance wholesaler chooses from a deep pool of dependable products and understands the risk exposures of your business. Don’t wait for a potential financial claim to serve as a wake-up call. Consult a broker today.