Marinas share many similarities with traditional businesses. For the risks that all businesses face, marina owners typically purchase general business insurance. Still, because of the nature of their businesses, marinas experience liability that other organizations easily avoid.
Taking Care of Everyday Business
As with all companies, marinas must take care of business daily. Therefore, smart marina owners often purchase general business insurance to safeguard their organizations from potentially devastating liability. Experienced insurance providers help tailor general business insurance to meet a marina’s unique needs. Regularly, skilled agents recommend the following protection:
- Property insurance
- Workers’ compensation coverage
- Directors’ and officers’ liability insurance
- Errors and omissions coverage
Limiting Water-Related Risks
While marinas usually need conventional business insurance, owners often must purchase additional coverage to limit exposure. Namely, the Jones Act may require special insurance for anyone who works on the water. Meanwhile, marina owners typically opt for regular coverage and special events protection, such as:
- Vessel damage
- Personal injury
- Regatta coverage
- Race management
- Member property
Like all businesses, marinas must have comprehensive business insurance to protect them from both foreseeable and unforeseeable events. By adding marina liability insurance coverage to the company’s general business policy, marina owners often get the coverage they need to operate a successful, useful marina.