Boat lift installers are a specialty trade that install and remove docks and boat lifts, and perform repairs and maintenance on docks and boat lifts for both residential and commercial customers.
If something goes wrong during the course of your work, it's important that you have the right type of boat lift installer insurance that protects your business, your clients, your employees, and your business assets.
Why Do You Need Boat Lift Installer Insurance?
Boat lift installers face a wide range of unique business risks. Your employees typically work in water of varying depths, using heavy machinery and tools, with limited underwater visibility or control over the environment. These are inherently dangerous activities, coupled with working on customer job sites where you can be at fault for causing injuries and property damage.
If you're sued for some type of negligence, you’ll have to pay for your legal fees and damages to the injured party on your own, which can be devastating for a business of any size. And if you suffer property losses of your own due to theft, vandalism, or some type of unexpected event, you’ll also be faced with the costs of repairing and replacing whatever’s been lost.
But business insurance helps you cover the costs of lawsuits and property losses, instead of you paying for everything out of your own pocket. In severe cases, your boat lift installer insurance can literally help you avoid bankruptcy.
Boat Lift Installers Need Liability Insurance
Most businesses need some kind of liability protection, and boat lift installers are no different. You’re likely to need several types of liability insurance policies and coverage endorsements to ensure you’re fully protected from all of your risks.
- Commercial general liability (CGL) insurance protects your business against third-party negligence claims, in other words, claims that you’ve caused injuries and or property damage. It covers damage to the injured party (property repairs, medical bills), and it also covers your legal fees and financial payouts if you’re sued. If a customer is injured while you’re working on their property, you’ll be responsible for paying for their medical expenses if you’re at fault. Likewise, if you damage a client's property or cause some type of damage while installing a dock or a boat lift, your CGL policy will cover the cost of any damage and your lawsuit-related expenses.
CGL policies also usually include products-completed operations liability insurance that responds if you’re sued because a boat lift or a dock that you have installed is faulty and causes injuries to others. Completed operations insurance covers your liability for property damage or injuries to a third party once contracted operations cease. You may need to purchase an additional or separate policy that has higher coverage limits than what is provided in the CGL policy.
What Other Types of Liability Insurance Do Boat Lift Installers Need?
In addition to your CGL policy, you’ll probably need some additional liability policies to cover claims that are not covered by general liability insurance.
- Commercial auto insurance covers your owned vehicles and drivers in the event of an accident or other vehicle damage that occurs. Commercial auto insurance provides coverage for property damage and bodily injury liability claims, vehicle damage, and medical bills, as well as any costs related to lawsuits due to auto accidents involving your vehicles.
- Commercial umbrella insurance provides an extra layer of liability protection to any of several other liability policies you might have. Commercial umbrella insurance kicks in when the limits of your other applicable insurance policies have been exhausted, protecting you in the event that a claim exceeds the amount of coverage available from any other applicable policy.
Property Insurance for Boat Lift Installers
Boat lift installers need to protect their valuable property and equipment. Your property exposures might include all of your commercial property at your office, warehouse, or workshop, including materials, equipment, vehicles, tools, and machinery.
- Commercial property insurance covers your office space, warehouse, workshop, or other buildings and their contents for losses due to fire, theft, vandalism, weather events, and more.
- Property insurance also typically includes loss of income coverage, or business interruption insurance. It reimburses you for lost income and helps pay for certain ongoing expenses if you are temporarily unable to operate due to a covered loss (fire, storm, etc.).
- Inland marine insurance is another form of property insurance that protects your equipment, tools, hoists, ladders, scaffolding, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites.
Why Do You Need Workers’ Compensation Insurance?
Keeping your employees safe from work-related injuries and illnesses is important for their long-term health and satisfaction, as well as your company’s financial viability. Excessive employee injuries and illnesses can be financially devastating for your business.
You need workers’ compensation insurance to help employees who are injured on the job. Your workers are exposed to a variety of serious dangers, from drowning and electrocution to crushed limbs, exposure to the elements, back injuries, and more.
Workers’ compensation insurance provides coverage for medical expenses and lost wages for injured workers. Business owners are required to carry workers’ compensation insurance to protect their employees. Specific coverage requirements vary by state.
How Much Does Boat Lift Installer Insurance Cost?
In general, insurance costs for boat lift installers will vary depending on the size of your business, the number of employees you have, the amount and value of your tools, equipment, and inventory, the location of your business, and a variety of other variables.
An independent insurance agent can guide you though your options so you get coverage that meets your needs and budget.
Benefits of an Independent Insurance Agent
Independent insurance agents simplify the search process for finding the right boat lift installer insurance. They’ll walk you through some handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can leave out important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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