Taking Out the Right Shipyard Insurance Policy

Taking Out the Right Shipyard Insurance Policy

Every industry comes with pros and cons. When you run a business that acts as a shipyard in some capacity, for example, you absolutely work in a niche field. While the specificity of your company is likely what contributes to your success, it is also what you need to take into consideration when it comes to finding appropriate insurance. Without a policy that matches the actual risks of your field, you could be leaving yourself open to a number of potential threats.

Consider the Risks

There are a few ways to go about establishing a comprehensive shipyard insurance plan. For one, you want to think over the risks you are most likely to face. With shipyards, these potential problems often center around the vessels that move in and out of the area. While docked in one of your yards, the ships become your responsibility to a degree. This means your insurance plan should include protection for your own vessels and those belonging to third parties. Other areas to think over for your plan include:

  • Errors and omissions coverage for contracts
  • Workers’ compensation for employees
  • Policy limits that accurately reflect your industry

Take Out a Sensible Plan

Though operating a niche business is a fantastic way to make money, it also comes with plenty of challenges. Assess the risks and discover how you can take out a policy that helps to protect you at all times.