Boat repair and dry dock businesses face unique risks that require specialized insurance coverage. From accidents on the water to damages to boats in your care, custody, and control, it’s important to have comprehensive insurance protection to safeguard your business and your clients’ assets. Boat repair and dry dock insurance provides essential coverage for the risks that come with operating in this industry.
Who Needs Boat Repair and Dry Dock Insurance
Any business that provides boat repair or dry dock services needs specialized insurance coverage. This includes boatyards, marinas, boat repair shops, and any other business that works on boats or stores them on land. Boat repair and dry dock insurance policies are especially important for businesses that work on high-value boats or boats with complex systems, as the cost of damages or accidents can be high.
Types of Boat Repair and Dry Dock Insurance
There are several types of insurance coverage that boat repair and dry dock businesses should consider. These include:
- General liability insurance: This coverage protects your business against claims of bodily injury, property damage, or personal injury that occur on your premises or as a result of your operations.
- Property insurance: Property insurance covers damage to your physical property, including buildings, equipment, and inventory. This coverage can protect you against losses due to fire, theft, vandalism, and other perils.
- Marine liability insurance: This coverage protects you against claims of bodily injury or property damage that occur as a result of your marine operations. This can include accidents that occur while boats are in your care, custody, and control, as well as accidents that occur during sea trials or boat deliveries.
- Workers’ compensation insurance: If you have employees, workers’ compensation insurance is required by law in most states. This coverage provides benefits to employees who are injured on the job, including medical expenses and lost wages.
- Professional liability insurance: This coverage protects you against claims of professional negligence, errors, or omissions. For boat repair and dry dock businesses, this can include claims related to faulty repairs or installations.
How Much Does Boat Repair and Dry Dock Insurance Cost?
The cost of boat repair and dry dock insurance will vary depending on several factors, including the size of your business, the types of services you provide, and the level of coverage you need. Other factors that can impact the cost of your insurance include your claims history, the value of the boats you work on, and the location of your business.
To get an accurate estimate of the cost of insurance for your boat repair and dry dock business, it’s important to work with an experienced insurance agent who can assess your unique needs and provide tailored coverage solutions.
Boat Repair and Dry Dock Insurance Requirements
In addition to the types of insurance coverage outlined above, there may be additional insurance requirements depending on your specific business operations. For example, if you offer boat rentals or charters, you may need commercial auto insurance to cover your vehicles. If you have a boatyard or marina, you may also need pollution liability insurance to protect against environmental damage.
Commercial Insurance And Business Industry Classification
- SIC CODE: 3731 Ship Building And Repairing, 3732 Boat Building And Repairing
- NAICS CODE: 336611 Ship Building and Repairing, 48839 Other Support Activities for Water Transportation, 81149 Other Personal and Household Goods Repair and Maintenance
- Suggested Workers Compensation Code(s): 6872F, 6874F, 6882 Ship Repair Conversion – All Operations & Drivers. Coverage under State Act only, 6824F, 6834 Boatbuilding or Repair & Drivers
Boat Repair and Dry Dock Insurance – The Bottom Line
Boat repair and dry dock insurance is essential for any business that works on boats or stores them on land. With specialized coverage options like marine liability insurance and professional liability insurance, boat repair and dry dock businesses can protect themselves against the unique risks they face. To get started with a comprehensive insurance plan for your boat repair or dry dock business, contact an experienced insurance agent today.