If you work in any form of boat construction, you most likely need to look into boat builders’ insurance to cover you if something goes wrong on the job. Many things can go wrong while working with such large equipment and supplies. You want to make sure you’re the best protected with the right insurance coverage.
Builder risk comes in a variety of different forms and measures, and you may not think of all of them when you first start shopping around for insurance. Things to consider are not only personal safety, but property and damage, marine pollution, and employer liability. Failing to have coverage in any of these categories could mean catastrophe down the road if an accident happens.
Types of Coverage
Coverage can be split into three different categories for boat builders. The first is property, where you can get covered from inventory and possessions to crime and weather damage. The second is a liability, which covers your liabilities with the marina, vessels, docks, commercial automobile, and pollution. Finally, if you employ anyone who works under the given risks, you should have coverage for them, including workers’ compensation insurance.
Understanding how you can be affected by liability is a great way to determine the kind of coverage you need. It’s always better to be safe than sorry.