Business owners know that having the right insurance products is an important function of a comprehensive risk management plan. The costs associated with defending your business against claims or losses can be significant, and having the right policies help cover these costs. As a watercraft building company, there are marine-based exposures that require your attention and focus. It’s important that you have sufficient boat builders risk insurance products that specifically address your operational needs.
Risk management for yacht and boat builders can’t sufficiently be addressed with typical insurance coverages. Go with a comprehensive approach that is tailor-made for those in the business of building vessels and includes, but is not limited to these coverages:
- Property – including building facilities, personal property and inventory
- Liability protection – includes general liability, pollution-related protection and more
- Business interruption – covers expenses due to interrupted operations
- Weather – wind, hail, flooding and more
- Builder’s Risk – covers boats and vessels that are under construction
A lawsuit or claim made against your company can negatively impact the financial health of your business. Targeted coverage can help you with the expenses associated with damages as well as legal expenses for defense. Look for an insurer that is experienced with maritime operations, especially when it comes to building yachts, boats and other watercraft.