Boat dealers insurance is designed to protect boat dealers from a variety of risks associated with the sale, repair, and storage of boats and other watercraft. This type of insurance typically covers property, liability, and workers’ compensation. It may also provide coverage for loss of income and business interruption.
Who Needs Boat Dealers Insurance?
Any business that sells or services boats and watercraft should consider purchasing boat dealers insurance. This type of insurance is designed to protect against a wide range of risks associated with the sale and servicing of boats and watercraft, including liability for property damage or bodily injury, as well as financial losses due to theft or vandalism. Boat dealers are especially vulnerable to lawsuits related to the sale and servicing of boats and watercraft, so it is important to have the proper coverage in place to protect their interests.
Types of Boat Dealers Insurance
1. Property Insurance: This coverage protects your business property and assets, such as boats, equipment, and supplies, against damage or loss due to theft, fire, wind, and other disasters.
2. General Liability Insurance: This coverage helps protect you from third-party claims of bodily injury or property damage.
3. Garagekeepers Legal Liability Insurance: This coverage helps protect you from liability claims if a customer’s vehicle is damaged while in your care, custody, or control.
4. Employee Dishonesty Insurance: This coverage helps protect you from losses due to theft or other dishonest acts of your employees.
5. Inland Marine Insurance: This coverage helps protect you from losses due to the damage or destruction of your boats and equipment while in transit.
6. Pollution Liability Insurance: This coverage helps protect you from liability claims resulting from pollution from your business operations.
How Much Does Boat Dealers Insurance Cost?
The cost of boat dealer’s insurance will vary depending on the type of coverage you need, the size of the dealership, and the location of the business. Generally, boat dealer’s insurance will range from $1,000 to $5,000 per year.
Boat Dealers Insurance Requirements
Boat dealers, like any other business, must carry liability insurance to protect themselves and their customers. This coverage should include general liability insurance, property insurance, and vehicle liability insurance. General liability coverage protects the business and its employees from any claims related to the operation of the business, such as slips and falls, product liability, and advertising injury.
Property insurance covers damage to the boat dealership’s physical property, such as buildings, inventory, and equipment. Vehicle liability insurance is necessary if the boat dealership sells or services motorized boats and provides coverage for any property damage or bodily injury caused by the boat. Depending on the state, boat dealers may also be required to carry workers compensation insurance to protect employees from any injuries or illnesses that may occur while on the job.
Commercial Insurance And Business Industry Classification
- SIC CODE: 5551 Boat Dealers, 3732 Boat Building And Repairing, 3731 Ship Building And Repairing
- NAICS CODE: 441222 Boat Dealers, 441228 Motorcycle, ATV, and All Other Motor Vehicle Dealers
- Suggested Workers Compensation Code(s): 8748 Automobile – Salespersons, 6834 Boatbuilding or Repair & Drivers, 6824 Boat Building or Repair NOC & Drivers
Boat Dealers Insurance – The Bottom Line
Boat dealers are a unique business, and as such, have unique insurance needs. Dealer’s Open Lot, Marine and Hull, and Garage Coverage are all important for protecting your business from the risks of the open ocean. A knowledgeable independent agent can help you find the right coverage for your business. They can compare quotes from multiple insurance companies to find the coverage you need at a price you can afford. Make sure you have the right insurance for your boat dealership. Contact an independent agent today to get started.