Risk management is an essential aspect of any business, especially for marinas, yacht clubs and other companies that rent out jet skis and personal watercrafts. Insurance products help these businesses deal with potential claims. Good risk management means having the right types of insurance to cover the various aspects of your operations. Some policies such as property and worker’s compensation protections may be fairly common across industries, but for businesses exposed to maritime-based risks, you need insurance products designed to manage those risks.
Understanding PWC Insurance
Personal watercraft or PWC insurance includes protections for different parts of water-based operations. These protections include both the companies and their customers:
- Hull coverage – Protects against physical damage of jet ski or other types of watercraft
- Premises/general liability – Insures a company against hazards experienced by customers while on the premises
- Watercraft coverage – Addresses bodily injuries or property damage caused by operation of a rental vessel
Specialized risks require specialized solutions, especially regarding marinas, yacht club and watercraft rental companies.
Covering Your Operations
There’s no need to wonder about the necessity or cost of jet ski insurance. Contact a provider who is experienced in drafting policies that address the specific needs of water-based businesses. It’s easier to “cool your jets” when you’ve got the right protection.