3 ways commercial marine insurance can protect you

Commercial insurance is a must for any marine business and can be important for all firms if their operations bring them to the water’s edge.

Here are three ways a commercial marine insurance policy can protect your business.

1. Protection and indemnity insurance

Protection and indemnity insurance covers legal liability due to the bodily injury or property damage to others. It includes coverage for crew, passengers, and other third parties, in addition to potential expenses arising from damage to piers, docks, or other floating objects. It also covers wreck removal costs. This coverage is highly recommended for tugboat, barge and ship operators.

2. Newbuilding risks

When you have an expensive vessel under construction, you want to make sure it is fully covered. While the company contracted to build the vessel probably has their own policy to cover any damage they may cause, this doesn’t necessarily mean your business is covered for loss of business income that may occur if something goes wrong. For this reason, it’s best to speak with an agent about additional coverage.

3. Protection for landlocked businesses

Even if your business doesn’t operate on the water, there are times a commercial marine insurance policy can protect you. If you are having machinery transported via a marine vessel or your employees will be loading goods or equipment onto a marine vessel, you may need additional coverage. It’s best to speak with your contractors to find out what type of coverage they have and purchase your own policy to cover any gaps.

The commercial marine insurance policy you choose is going to depend on the type of business you operate, the size of your business, the number of employees, and other factors. Since there are so many variables involved, and you want to make sure your assets are protected and risks mitigated, you should talk to an experienced agent.

The experts at John B. Wright have the experience and knowledge to help you choose a commercial marine policy that’s right for you. Contact us here.