Owning a charter or boat rental business in the Boston, MA area is an excellent way to engage with the local community while also reaching out to visiting tourists. Regardless of the size or type of your commercial boat fleet, there are a few insurance considerations you’ll want to bear in mind to protect your charter or boat rental business throughout the year.
Liability Insurance
As a general rule, it’s recommended (and often legally required) to secure a sufficient liability insurance policy for any type of business, including a boat charter or rental company. Boat rental liability insurance can safeguard against claims for bodily injury or accidents made by your customers or clients.
Hull and Machinery Coverage
As a business owner, protecting the hulls and machinery of your boats is also crucial. Hull and machinery coverage offers protection from theft, storms, and even maritime accidents.
Chartering Liability
Operating a chartering business may require specialized chartering liability insurance to protect against accidents, injuries, and even negligence claims.
Commercial General Liability (CGL)
Commercial General Liability, or CGL insurance, is always advisable for business owners. This policy covers property damage, personal injury claims, and third-party bodily injury claims—a crucial aspect if you plan to transport or charter customers and clients.
Understanding the basic insurance considerations as a charter or boat rental business owner in Boston, MA, is vital for ongoing success and to prevent potential financial risks or insurance troubles. If you’re interested in safeguarding your boat rental or charter business in the Boston, MA area, Smoller Insurance Agency can assist. Learn more about charter and boat rental business insurance options by contacting the Smoller Insurance Agency directly to speak with one of our professional and highly qualified insurance agents today.
