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Marine business insurance is vital to any Flowood, MS, business owner who uses one or more boats for commercial purposes. This type of insurance can be tailored to meet the needs of sole proprietors who give boat tours, companies that rent out paddle boats for kids, fishing businesses, boat schools, charters, and more.

What Does Marine Business Insurance Cover?

Marine business insurance coverage varies depending on your chosen policy and policy riders. General liability insurance typically covers products and operations, premises liability, fires, medical payments, and legal costs arising from incidents occurring on one of your boats. This is sufficient for many small business owners, but those who operate large boats carrying large cargo and/or many people per trip may want to consider an excess liability policy with a high liability limit.

Physical damage coverage provides compensation for damage to your watercraft. It also covers theft. Pollution liability covers instances where your ship inadvertently pollutes a waterway. Business interruption covers the cost of business operations if an accident or natural disaster interrupts regular business operations. If you store your boat inland instead of by a marina, you can also purchase trailer coverage that will cover the trailer used to transport your boat to and from the waterfront.

Marine business insurance differs from boat/watercraft insurance. It provides additional coverage options to meet the needs of businesses that regularly use boats to carry people and/or goods. If you use your boat for any commercial operations, even on a part-time basis, it’s important to purchase a commercial policy. This is because a personal boat/watercraft insurance policy doesn’t cover any type of commercial usage.

Call Riverside Insurance Agency Inc. for More Information

At Riverside Insurance Agency Inc., we specialize in helping Flowood, MS, watercraft owners identify and purchase the right types of coverage for their watercraft. Call us to learn about our policy options or to get a quote.

Protection Beyond Your Basic Coverage

Your standard auto and homeowners insurance policies have coverage limits, and those limits may not be sufficient if you face a serious lawsuit. Imagine accidentally causing a multi-car accident or someone sustaining a severe injury on your property. Medical bills and legal fees can quickly escalate into hundreds of thousands of dollars. Umbrella insurance steps in when your other policies reach their limits, providing an extra layer of protection when you need it most.

It’s More Affordable Than You Think

Many people are surprised to learn that umbrella insurance typically costs between $200 to $400 per year for $1 million in coverage. That’s roughly $1 per day for significant financial protection. Considering that a single lawsuit could potentially deplete your savings and retirement funds, this small investment makes excellent financial sense.