Marinas are often not just some space for people to keep their boats or yachts. They may also set up boating races, provide classes and employ many individuals. In all these cases, something may go wrong, and the marina may be held financially responsible. Fortunately, there are various types of insurance for marinas that can help provide the necessary money.
If a boat or yacht get damaged during a race or a class, the marina may be held liable. To help pay for these expenses, insurance may be useful. Additionally, even if the marina’s own boats experiences issues, this can potentially lead to loss of profit. Purchasing water vessels is generally not cheap, and fixing them typically isn’t either. That’s why having the right insurance can be vital.
Marinas may also employ individuals. As employers, they will usually be held liable if a worker gets injured on the job. As a result, the marina may not only be responsible for paying all the medical bills, they may also be responsible for paying some of the lost wages as well. Workers compensation insurance can help pay for these significant costs.
Owners of marinas have many responsibilities and may have significant expenses if anything goes wrong. There are different types of insurance for marinas that may be beneficial to have if any problems occur.