A passion for boating is the seed that sprouts a marine repair business. To ensure that these enterprises survive and thrive, boat maintenance insurance coverage is essential.
Coverage All Boat Repair Businesses Need
From one-person artisan to large yacht maintenance provider, a marine service company will likely need these coverages:
- Business Interruption – At a minimum, this coverage will pay for lost earnings in events such as fire or storm damage. A policy may include payments to set up a temporary workshop and rent tools or equipment.
- Commercial General Liability – This coverage protects the business from lawsuits.
- Building Coverage – Fire or storm damage is the reason for this policy. Here, it is essential to cover the replacement value of the structure, not the price the building would bring if sold.
- Business Property – This policy protects the contents of a workshop. Many owners can find themselves underinsured with this coverage, so compiling a comprehensive inventory is vital.
Coverage for Mobile Repair Specialists
While business property coverage protects equipment in the owner’s wor
shop, mobile boat service artisans need to transport their tools to their customer’s location. An equipment floater policy plugs this coverage gap.
While this list of coverages may seem daunting, working with a marine insurance specialist can liberate boat repairers to pursue the passion that ignited their ventures.