If your business requires you to use any watercraft, you must protect yourself with commercial watercraft insurance. This form of business insurance covers the risk of physical damage to the watercraft, the damage it may cause while in use, and liability that may arise should an accident occur.

Commercial watercraft can include boats, sailboats, yachts, or motorboats used in business. Generally speaking, this is any watercraft that you use for commercial purposes. For example, if your business goes out on the water to take pictures of other people’s property, you would be considering using your boat in a business capacity. Anytime you use a watercraft for commercial purposes, the business should have commercial watercraft insurance. 

If you do not know if you need commercial watercraft insurance lake charles la, some questions can help you decide.

  • Do you own or lease watercraft?
  • Do you rent out any of your watercraft to others?

If both of these questions are no, you do not need commercial watercraft insurance.

If either of these questions is yes, then commercial watercraft insurance is a must.

Who should have commercial watercraft insurance? 

You should consider commercial watercraft insurance if you are a boat dealer, broker, or manufacturer. This is especially true if your business is involved in the sales, storage, maintenance, or repair of watercraft.

1. Boat School:

Commercial watercraft insurance is a must for schools that have their boats. It is also a must for schools that take boats from other sources to rent out or use as part of their curriculum. This type of insurance is essential because it protects from risk, including loss resulting from damage, fire, and theft. Schools should purchase both commercial general liability insurance and commercial property insurance.

2. Boat Club:

If your club owns its boats, commercial watercraft insurance lake charles must be purchased. This type of insurance will protect in case of fire, theft, or damage to the craft. It will also provide coverage if someone gets hurt on the boat you are renting out.  

3. Boat Manufacturer:

Commercial watercraft insurance is also essential for manufacturers. Manufacturers of watercraft face a significant risk of loss due to the large amounts of equipment and inventory that they have on hand at any given time. Therefore, they must purchase insurance to protect themselves from the risk of total loss or damage to their watercraft inventory and equipment. Manufacturers should purchase both commercial property insurance and commercial general liability insurance.

4. Fishing Guide:

Commercial watercraft insurance is highly recommended if you are a fishing guide. Your state may also require you to have this form of insurance, so talk to your commercial vessel insurance lake Charles la provider. This type of insurance can provide protection should someone get hurt on the boat you rent out and coverage if someone is injured on the water.

5. Boat Rental Business:

Commercial watercraft insurance is essential for boat rentals because of the high risk of loss that they face due to the large amounts of equipment and inventory. Therefore, they must purchase insurance to protect themselves from the risk of total loss or damage to their watercraft inventory and equipment. Boat rental businesses should purchase commercial property insurance and general liability insurance.

6. Boat Storage Business:

Commercial watercraft insurance is essential for storage facilities that rent out or use watercraft. This type of insurance is essential because it protects from risk, including loss resulting from damage, fire, and theft. Storage facilities should purchase both commercial general liability insurance and commercial property insurance.

Conclusion

Commercial watercraft insurance is a must if you use a watercraft for business purposes and thus rent out your craft, own multiple boats, or store/repair watercraft as part of your business. If you do not use your boat in this way and only own one boat and never rent it out, store or repair it for someone else, you can probably get by without commercial watercraft insurance. However, this type of insurance will provide an added layer of coverage should you ever need it.

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By SARAH