Marinas and yacht clubs are typically places that members come to relax and have fun on the water. A lot of establishments don’t think much about marina liability insurance and the extra costs associated with it, but there are many ways the club could be exposed to risk. Here are just some of the incidences that may make you reconsider getting a policy or updating the one you have.
Operating a business near water can have huge risks. Flooding and storm damage is a common issue, and also one of the reasons insurance can be so expensive, but if water damage forces you to close, your cash flow could come screeching to a halt. If your business is located in an older building, it may need regular repairs or become damaged more easily than a newer building. Old buildings without the proper maintenance could cause a safety hazard, and you could be accused of negligence after injuries occur. If you host an event with food that is prepared incorrectly, you could be held responsible for a severe case of food poisoning.
There are many other incidents that could create a headache for your business, but risk exposure isn’t always easy to spot. This is why finding an insurance company with experience in the industry can help you find the best marina liability insurance policy for your unique club.
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