When you own and operate your own business, there is always a level of risk involved. Owning a boat dealership is no different. Some risks often associated with selling a variety of marine products include theft, damage, equipment malfunctions, and injury. However, when you meet the proper boat dealer insurance requirements, you can help mitigate potential risks. Before you commit to a policy or provider, it’s essential to know and understand what’s available to you as a dealer first.
Common Coverage Options
Since there is a wide range of coverage options within the industry, it’s always good to educate yourself on potential possibilities before entering into a contract or writing any checks. Some of the most common coverage options include:
- Property Liability Coverage – This insurance plan provides financial protection from risks that involve property damage or loss.
- General Liability Coverage – This coverage is broad by nature because it’s intended to ensure businesses with a wide range of exposures.
- Truth in Lending Coverage – Provides boat dealers potential protection if they fail to adhere to the Credit Protection Act or Truth in Lending Act.
- Errors & Omissions Coverages – If records or paperwork are managed poorly and result in legal claims, this coverage offers potential payments to resolve the issue.
Peace of Mind
There are risks associated with running any business. This is why obtaining the proper insurance coverage for your boat dealership is vital. When you have the necessary coverage, you will be less likely to get caught in a sticky financial situation.