The sand, the sun, the seagull. Who wouldn’t want to make a living next to the waves of the ocean? Owning a marina is an excellent way to spend as much time as you can by the sea while still earning a living. Of course, because a marina is much different from most other types of businesses, you’ll need to consider the different types of insurance you’ll need. Check out this guide to help you.
Business Interruption Insurance
Business interruption insurance may not be one of the first you think about, but you’ll regret if you find you don’t have it when you need it. If you live in the south, a marina is more likely to become the victim of damaging hurricanes or other issues that could cause a business to lack for days, weeks, or longer. If you have a marina in an area with cold winter months, you could see a significant drop in income during that time. Business interruption coverage protects you during times like these.
Legal Liability Coverage
The biggest mistake you can make as a marina owner is to find that your maritime insurance only covers your property and not the property of the clients you were providing service for. Without legal liability coverage, you could be on the hook for any boats or other property damaged due to vandalism, hurricanes, or any other problems.
While business interruption and legal liability coverage are important, they are not the only types of protection you need. As seen on https://www.merrimacins.com, an experienced insurance agent can help you determine what you need to ensure your maritime insurance claims go smoothly.