In 2015, about 15.8 million boats were in use for recreational purposes in the United States, according to Statista. With that many boats in the waters, it’s obvious that there will need to be repairs for them.

Considering that insurance is a core part of any business, it’s important that a mobile mariner repairer is completely covered for any issues with a comprehensive marine repair insurance program. Boat repair companies have risks that are unique to their line of work that other places don’t have to think about, so insuring these operations can occasionally be difficult. However, there’s no need to worry. There are insurance packages that are suited for your client’s mobile business. Here’s a look at the insurance needs of a mobile mariner repairer.

Commercial General Liability

Commercial General Liability (CGL) coverage protects a company when it is sued for damage to a third party’s property or bodily injury caused by an employee’s actions. For example, if an employee causes a fire at a marina that destroys several boats, the boat repair company could be held responsible for the damage. This coverage also comes in handy if an accident happens with a piece of equipment, causing bodily harm or death. CGL will make sure that your client’s business is covered legally, including any settlement or award.

Business Property

This type of coverage ensures that office space or workshops are covered, including computer equipment, tools and furniture. Any inventory of parts kept would also be covered. A typical loss would include if your client’s business property is damaged in a fire or property is stolen during a robbery.

Business Equipment Floater

Business property coverage doesn’t cover everything, especially what’s not located at your client’s shop. That’s where this type of insurance comes into play. This policy will make sure that  equipment and parts will be covered while away from the shop.

Building Coverage

Even a mobile boat repair company is going to have a permanent office or workshop. Your client is going to need commercial insurance to protect the building against any damages. Things to be covered against include vandalism, burst pipes or fire. Buildings have to be covered for the cost of the structure, if a total loss were to occur: an amount that’s very different from the value of the building if it were sold.

Business Interruption

This coverage fills the gaps when a loss prevents your client’s business from performing normally and making money. For example, if a fire causes damage to the shop, your client is going to have to make up for time lost while the shop is repaired. This coverage pays for lost earnings during the days or weeks it takes to recover.

About Merrimac Marine Insurance

At Merrimac Marine, we are dedicated to providing insurance for the marine industry to protect your clients’ business and assets. For more information about our products and programs, contact our specialists today at (800) 681-1998.