Protecting Your Investment As A Marina Owner
As a marina owner, you face an incredible amount of risks. Your piers, docks, buildings, equipment and furniture are all exposed to potential loss. Add that to the potential liabilities that you’re exposed to and it’s easy to see why having an airtight marina insurance policy is critical to your success. Here are some of the coverages you should expect to include in your policy.
Property insurance covers all your business property against loss. From your docks to the data on your computers, various coverages are available that will pay to repair or replace these items. Examples of property insurance include yacht dealer, real and property and piers, wharves and docks insurance.
Liability insurance protects you in case a lawsuit is filed against you due to a third-party experiencing a loss because of your business activities. This can range from a customer injuring themselves on your property to one of your boats not performing as it should. Examples of liability insurance include general liability, ship repairers liability, pollution liability and marina operators legal liability.
You’re also going to need other coverages likes worker’s compensation to cover your employees in case of injury. The key is to work with your agent to customize your new marina insurance policy so that it meets both your business and regulatory needs.