Cover the unique risks of your business.
Marine contractors face unique risks that most land-based businesses don’t. For example, a typical general liability policy might not protect you appropriately. A lot of things can happen when your business is based on the water, so you’ll want to get specialized marine general liability insurance. This coverage takes into account a variety of your operations that are performed from your watercraft. Also, it considers most of the possible damages that could happen to others’ property resulting from your work.
Your commercial watercraft are the core of your business.
Without your boat, you can’t perform your work and that means losses for your business. Your marine contractor insurance policy should have hull, protection, indemnity (P&I) insurance coverage to help protect you. This is important coverage to have in the event of a collision, accident, or extreme weather event that could damage your vessel. Not only does it cover any damages to your hull, equipment, or machinery, it can also provide coverage for any damage caused by a collision with other boats.
Make sure your workers are covered.
Marine contracting can be a dangerous job. A lot of heavy equipment and big machinery mixed with the unsteadiness of a boat on the water can lead to injuries on the job. Workers’ compensation insurance should be an important part of your marine contractor insurance plan. In the event one of your employees gets injured while working, this insurance could potentially cover medical bills and lost pay, and your business could be shielded from potentially expensive lawsuits. With workers’ compensation in place, your injured workers are also more likely to return to work after recovering from an injury, which means you can retain your skilled marine contractors.
Be aware of your environmental impact.
When working on the water, you need to be aware of the impact your marine contracting operations could have on the environment. A spill of fuel or other chemicals used in your operations could cause catastrophic damage, to both the plants and animals in the area, but also potentially to people who rely on the water. You could be held liable for those damages and face expensive lawsuits as a result. Environmental insurance as part of your marine contractor insurance plan can help protect your business in the event you accidentally cause pollution, contamination, or other environmental damage. With the environment being an important topic for many people, it can also help with your company’s public relations, illustrating your concern for maintaining and protecting the environment.
The basics for a marine contractor.
Marine contractors, in some ways, are like many other contracting businesses. That means there are some basic business coverages you should consider as part of your marine contractor insurance policy. Business interruption insurance protects you in case you are unable to continue your contracting work due to certain circumstances. It can cover losses in profits to keep your business afloat. While you’re out on your vessel building things, hackers could be getting into your computer systems. Cyber liability insurance can help protect your business in the event of a data breach or hack.
If you think marine contractor insurance is right for you, contact us today and we’ll help you find the right policy for your needs.
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