Why You Need Maritime Insurance for Your Business

As an employer in the maritime industry, you know that protecting your employees is essential every single day. Without them, you wouldn’t be able to run your company or meet the demands of your clients. To fully protect them and your company, you need to invest in the right type of maritime insurance.

What You Need in a Policy

The right type of insurance policy for your maritime business should provide enough liability protection to keep you from ruining your operating budget in the event of an accident. It should also protect your employees whether they’re on your vessel or working on someone else’s property.

This means you’ll need to choose a dedicated maritime employer’s liability policy to fully protect your operation. If an employee gets injured on the job or damages property in the course of their duties, the liability coverage will help pay for the cost of any resulting lawsuits and settlements.

What Happens Without Coverage?

Though maritime insurance isn’t something you’re legally required to have, it’s always in your best interest. Without the coverage, you risk paying high out-of-pocket legal fees and settlement amounts. Depending on the severity of the suit, those payments could disrupt your budget or force you to close up for good.

Invest in maritime insurance as soon as you can. Once you have the policy, you’ll be able to avoid those high out-of-pocket costs.