The Importance of Marina Liability Insurance

If you own a marina, you know how much work it takes to run a profitable company. You have put time and money into your company, and it is important to protect your investment with the right marina liability insurance plan.

Types of Risks

The risks your company faces depends on various factors. For example, a small marina that offers basic options for mooring watercraft can have different needs than one that offers many amenities.

While the location, size, services and clientele can all determine the specific risks you face, there are some common risks, including:

  • Injuries
  • Vandalism or theft
  • Floods
  • Fires
  • Wind
  • Explosions
  • Property damage

Coverage Options

Without proper coverage, your company faces exposure to risks such as costly repairs, expensive lawsuits or large fines. You can reduce those risks by ensuring you have the correct insurance plans in place. Look for plans that offer coverage on:

  • Pollution emissions
  • Boats and barges
  • Business interruptions
  • Vehicles
  • Third-party liability
  • General liability

When considering your options regarding insurance plans, remember to take all the risks into account, from someone slipping and falling on a dock to a client losing control of a boat and causing serious property damage.

Figuring out what type of coverage is necessary for your company can take time, but ensuring your company’s safety makes the effort worthwhile.

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