s a boat rental operator, your business is prone to risks and liabilities. Boats can be damaged, stolen, sunk and vandalized. Employees and customers may have accidents resulting in injury or even death. Having appropriate insurance will protect you and your business agains damages and lawsuits.
There are several types of insurance for you to consider. In this article, we’ll cover some of the most common types to think about buying to cover for your boat rental business.
General Business Insurance
General Business Insurance typically protects against loss as the result of property damage, medical expenses, bodily injury, defending lawsuits and a variety of events such as fire, wind, hail storms and vandalism.
Commercial Insurance will cover your boats and damage to your boats. The commercial insurance may cover:
- Damage to your boat or other boats, equipment and dock
- Third-party bodily injury, monetary compensation or medical bills
- Wreckage removal and towing
Most commercial annual policies do not include renter coverage.
Boat renter’s insurance must be purchased by the renter and typically covers:
- Liability to others for damages or injuries as a result of an accident while using a rented
- Physical damage to the vessel and other property damage suffered as a result of the
- Medical payments
- Injuries caused by uninsured boaters in an accident involving a rented vessel
- Fuel and spill liability
At BookingCentral, we are working with insurance providers to help you stay compliant with insurance requirements. Our booking platform has built in features that allow you to offer renter's insurance to your rental customers for a seamless and easy experience. To learn more about what we offer, reach out to our team of experts.