Owning and operating a yacht club can be a fantastic experience. However, amidst the ocean breeze and beautiful boats, you cannot forget about the liabilities your business faces. Insurance coverage for yacht clubs is essential, but it can be challenging to navigate the insurance water. Below are the types of coverages that all yacht clubs should have in their plans.
Basic Business Insurance
There are some types of insurance that most businesses should consider, and yacht clubs are no exception. Comprehensive insurance for yacht clubs should include things like general commercial liability, workers compensation, and property insurance. Although these may be standard policies for any business, your company may benefit from purchasing these plans from a specialized marine insurance broker.
Yacht Club Coverages
In addition to basic business insurance, your yacht club may need a few additional policies. For example, member property insurance can cover your finances if a member’s yacht or other property is damaged while in your care. Furthermore, you can purchase coverages for chartering your boats and teaching clients to sail.
You may also consider what would happen to your business if there is an oil spill in your area. There are plenty of options for insurance coverage for yacht clubs, especially if you go through a knowledgeable agency that understands your unique needs.