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.
Maritime work can be difficult, and many tasks require skill and training. Injuries that occur may not be covered by standard insurance programs because of their nature or where the work is performed. To understand how you can protect both your business and workers, you should conduct research into the United States Long shore and Harbor Workers Compensation Act (USL&H).
What Is the USL&H?
The USL&H is a federal law that is designed to cover gaps in protections for employees performing work on open water. Basically, it serves to protect maritime workers who perform tasks on the navigable waters of the United States. It also covers work performed in adjoining areas like docks or terminals. Companies with marine employees must carry coverage to comply with the United States Long shore and Harbor Workers Compensation Act. Failure to do so can result in a penalty of up to $10,000 or possibly imprisonment.
What Benefits Does It Provide?
When an injury to a worker happens on navigable waters, they are covered by the USL&H. Costs associated with medical care, rehabilitation services and lost wages can be compensated. It also has provisions for survivor benefits to be paid if an injury results in the death of a worker.
Having appropriate insurance coverage can help you avoid costs associated with medical care and fines. At the same time, it can ensure that your workers receive the care and wage replacement they are entitled to in the event of an injury.