If ships and other watercraft are your passion, being a ship repairer is a pretty ideal job. It allows you to learn about boats, both inside and out, and gives you the opportunity to spend your working hours with something you’re passionate about.
However, there are certain risks to consider. While the job itself is not particularly physically risky, financial risks are certainly present. If you face a claim or lawsuit from a disgruntled customer, you could end up in a lot of financial trouble. Luckily, ship repairers liability insurance can help.
What Is Ship Repairers’ Liability Insurance?
Ship repairers’ liability insurance is a type of insurance coverage that is designed to protect ship repairers from the financial consequences of facing a liability issue. It can cover a variety of legal costs and any payouts you may be held liable for. There is one important exception to this coverage however, intentional damage is not covered.
How Much Does Ship Repairers’ Liability Insurance Cost?
The cost of ship repairers’ liability insurance can vary a lot. The price you will pay is impacted by a variety of factors that include:
- Your location
- Your claim history
- The size of your business
Ship repairers are just as likely to face a liability claim as any other business. Having insurance can help you get ahead of the problem.