Boat manufacturers face unique business risks, even among businesses that build and fix watercraft. Unlike the companies that build smaller vessels, including some light yachts, the builders of tankers, barges, and large yachts generally deal with vessels that need large crews, operating for commercial purposes. Even when a vessel is being purchased as a personal craft, the scale of the construction assumes a full crew and oceangoing capabilities, which do not necessarily concern every small boat builder has to deal with. As a result, businesses that construct large vessels need their own boat manufacturer insurance that’s designed for the scale of their operations.
Cover Employees, Property & Liability Together
Comprehensive business policies have become popular in many industries because they combine all your insurance coverage needs into one easy-to-process policy that you can update with a single annual review. The right insurer can even provide your worker’s compensation and other employment insurance within the umbrella of coverage that takes care of your liability and your business protection policies. Additionally, the coverage includes not only assets like buildings and vehicles, but also:
- Protection and indemnity
- Marina operator liability coverage
- Ship repairer coverage
- Boat show & exhibition insurance
- Business income protection
Instead of working with a cluster of insurance providers that each specializes in one coverage type, you should be working with a company capable of providing boat manufacturer insurance that demonstrates their real specialty is covering companies just like yours.