Personal Watercraft Dealer Insurance

Personal Watercraft Dealer Insurance 101

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Personal Watercraft Dealer Insurance

If you own a personal watercraft dealership, you know that unexpected events or lawsuits can lead to serious financial losses, making it hard to stay afloat. But with business insurance that is customized for businesses like yours, you can protect your assets when the worst happens.

A local independent insurance agent can help you get personal watercraft dealer insurance that covers your unique risks and fits your budget.

Why Do You Need Personal Watercraft Dealer Insurance?

You need personal watercraft dealer insurance to protect your assets, your business, and your customers when certain problems occur, such as the following.

  • Damage to inventory kept outside due to windstorms, hail, theft, fire, and vandalism
  • Property damage to inventory inside your showroom
  • Injuries and property damage caused by customers test-driving personal watercraft on open water
  • Damage to someone else’s personal watercraft that is brought in and kept in your possession for repairs or service
  • Selling faulty products or parts
  • Slips, trips, and falls causing minor to major injuries on your premises

As a business owner, it’s important to understand all of your business risks and how personal watercraft dealer insurance can help you cover your financial losses when something goes wrong.

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What Does Personal Watercraft Dealer Insurance Cover?

You can work with a local independent insurance agent to find appropriate business insurance coverage that is designed for personal watercraft dealers. The right agent can find individual and packaged personal watercraft dealer insurance policies that will address the various forms of property and liability risks that are unique to your business.  

  • Commercial general liability (CGL) insurance: Provides broad coverage for bodily injury and property damage caused by you or your employees. CGL insurance also covers claims related to slander, libel, and advertising liability. What’s more, CGL policies cover losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of a product. In some instances, product liability insurance may also cover the manufacturer or seller of the product for defective design and “failure to warn.”
  • Commercial property insurance: Provides protection for your business property, including building(s) and contents.
  • Business interruption coverage: Provides coverage for lost income and expenses if you must temporarily cease operations after a catastrophic event. It pays employee salaries, rent, and other expenses while you are closed to make repairs.

These and other policies and policy endorsements can be customized to cover your unique risks, and together make up a large portion of a comprehensive personal watercraft dealer insurance program.

Other Important Personal Watercraft Dealer Insurance Policies

Talk to your independent insurance agents about your need for these additional types of policies to protect your personal watercraft dealership.

  • Employee dishonesty coverage: Covers employee theft and crime
  • Physical damage coverage: Covers your inventory held for sale
  • Workers’ compensation insurance: Protects employees who are injured on the job

You'll likely need these policies, and perhaps others, to ensure that you have no gaps in your coverage.

What Does Personal Watercraft Dealer Insurance Cost?

Personal watercraft dealer insurance costs will vary depending on the size of the business, where the business is located, the number of locations, the number of employees, and more, including the following information.

  • The products and services you provide
  • The value of your commercial property
  • The value of your inventory
  • The types of coverage and the coverage limits that you require
  • The crime and weather risk in your city

An agent can help you get multiple quotes from insurance companies who specialize in businesses like yours. 

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Benefits of an Independent Agent

An independent insurance agent who has experience working with personal watercraft dealers and other businesses like yours can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

Independent agents can work with numerous, reputable insurance companies who specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

What’s more, your agent will 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.

Find and Compare Quotes for Personal Watercraft Dealer Insurance

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.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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TrustedChoice.com Article | Reviewed by Paul Martin

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