Running your maritime business takes dedication, financial resources and time. When your boating company grows beyond a one-person shop, your insurance needs quickly change. Whether you’re involved in building boats, refurbishing them or keeping them in good repair, you most likely have a ship repairer in your employ. These specialized technicians provide the backbone of the maritime industry. Researching ship repairers insurance brokers is a great first step towards ensuring your marine business gets the coverage it needs without a lot of unnecessary extras.
Insurance policies for ship repair companies offer coverage for a wide range of potential hazards faced by ship repairers in the course of their duties. These risks fall into three broad categories: property coverage, liability coverage and employee coverage. Property coverage includes real and personal property, equipment/lifts/tools and business income. Liability coverage deals with things such as general liability, protection and indemnity and pollution liability, including the cost of cleaning up the affected area. Workers compensation and the Jones Act both fall under the purview of employee coverage.
Regardless of the size of your maritime business, smart business owners contact ship repairers insurance brokers before their company hires a ship repairer. Not only is it necessary for your company to have the right coverage in place before you need it; it just makes good business sense.