Owning a marina can put you in an industry where you can thrive. However, there are plenty of risks involved in this field. Your business operations involve vessels that operate on navigable waters. This means that you need to adhere to regulations and restrictions placed on your business by governing bodies in addition to the normal risks associated with owning a business. At the end of the day, taking out a sensible insurance policy is going to be your biggest advantage. Protecting yourself from the risks of your industry can save you many headaches down the line.
Know the Common Risks
As with most insurance policies, marina insurance 101 revolves around first covering your business in a broad sense. All businesses require some type of general liability insurance. This helps to protect the owner in the most common scenarios of his or her industry. Beyond this, it is important to assess the unique risks that your marina tends to experience. This is where things can get tricky. You don’t want to leave any gaps in your policy, which is why working with experts can help to guide you to the right decisions. Common options can include:
- PWC protection
- Hull coverage
- E&O insurance
Weigh Out All Your Options
There are a number of different factors involved with selecting the right insurance for your marina. Take time to look over all of the options presented to you and discover the most sensible fit for your future.