A boat charter service can be profitable in many areas. If you are planning to start such an operation, it is important to consider more than the basics.
Yes, you’ll need dock space, a boat, and a marketing plan. You will also need to choose the right boat insurance plan for your business. Obtaining boat insurance is not hard to do. But, when you are operating a boat for business, you will likely need to consider more extensive coverage. More coverage offers more protection to your assets and your finances.
Focus on Protecting Your Assets
The first step in insuring your boat charter service is to protect your assets. This includes the boat as well as equipment and any valuable items you plan to store on your charter.
For example, you might offer diving services. Estimate the value of the gear. Then make sure your insurance plan offers enough value to cover it in the event of an accident. If you own the dock you will operate out of, it also needs to have insurance in place.
Mitigating Liability with Yacht Insurance
Another important step in protecting your new business is to minimize liability risks.
Basic boat insurance provides a general liability plan. This may offer some financial protection from minor claims such as slips and falls. However, this basic plan is often not enough for business risks.
Boat insurance plans for businesses like this should have more value. An umbrella liability plan, for example, may be necessary.
Businesses have a higher level of risk. These include those related to clients slipping and falling, injuries related to alcohol use, and damage to the boat itself if it strikes another vehicle or dock. Your business is valuable. It is important to upgrade your boat insurance plan to ensure high coverage.
Boat insurance for charter services should be representative of your business’s value. Work closely with a boat insurance provider to ensure you have comprehensive financial protection in place. You should have coverage before you actually begin your business. The good news is these types of policies can help reduce your financial risks. They can also help keep your business operational if there is a boat-related accident or incident.
Along with comprehensive business insurance, the right boat insurance keeps your business operational. To choose the right policy, you need to weigh if you need high coverage levels. Visit Voyager Insurance’s website to compare boat insurance options. You can also get quotes online or by calling us at (800) 262-8990.