Operating a boat rental agency can be enjoyable and financially rewarding, yet this type of business can also be risky. Many of the hazards inherent to operating a boat rental agency lie outside of your control. For this reason, choosing high-quality, comprehensive boat rental coverages is essential to looking after yourself, your business and your clients.
While many local laws require boat rental companies to purchase rental insurance, the coverage you are required by law to purchase may be minimal and may not meet all of your business’s needs. When selecting insurance policies and providers, you should consider risks that all boat rental companies face as well as risks that may be particular to your situation. For instance, you may operate in an area that is especially vulnerable to destructive storms.
While keeping your business’s insurance needs in mind, you should aim to choose the coverage that is comprehensive yet affordable. You should also be aware that boat rental coverage can extend to smaller vessels such as kayaks or canoes.
Areas Covered by Insurance
Coverage can include but is not limited to:
- Damage to your watercraft or rental property
- Tools and equipment
- Business income
- Worker’s compensation
- General liability
Getting the protection you need will free you from unnecessary worry, giving you more energy to focus on other aspects of your work, such as growing relationships with clients, marketing your business and enjoying the outdoor lifestyle your job may offer.