Managing Risk as a Boat or Yacht Builder

Boat or Yacht Builder

Builders of boats and yachts have a huge investment in their business. Quality materials and parts are the backbones of their business, and the process of building marine craft comes with many inherent risks along the way. As with any niche business, boat and yacht builders will require a unique policy package that protects property, inventory, equipment, and the products they build.

Commercial Property

Your business property includes the facility where you build boats as well as any piers and docks you use to test them. Purchasing protection for these structures will also cover your inventory, including boats that are currently under construction, as well as any heavy equipment you use in the construction of boats. 

Protecting Yourself and Your Employees

As with any business that uses heavy equipment, there is the risk of employees being harmed. Hopefully, you’ll never have to worry about this happening, but if it does, you’ll be protected with Workers Compensation as well as the United States Longshore and Harbor Workers Compensation Act. 

Other Liabilities

Other liabilities will include people who aren’t employees who may become harmed on your property. A general liability policy will protect you. A pollution liability policy will protect you if your operations should cause an accident, such as pollutants entering into the water. 

When you’re building your business policy, be sure to ask about these coverages and suggestions for anything else that might be unique to your business. The right coverage could save you from a personal or financial disaster. 

Insurance Risk Advisors