If you are going to start running a charter boat service in the Caribbean and you are worried about insurance, you want to do your research before you pick out a policy. Be sure that you don't just have a minimal boat and business plan. You need coverage for all the things that can occur when you are driving people around on the ocean, and for unpredictable weather. Here are a few of the things to discuss in further detail with any insurance provider giving you quotes.
When you are running a business and offering a service, you will have a lot of liability. Those on your boat could sue if they were to get injured, ill, or have other complications as a result of obtaining your services.
You are also liable for accidents or concerns that involve other boaters and property around you. If you are starting a charter service, make sure that you invest in good liability insurance.
You could have to leave your boat at a moments notice because a bad storm is coming in, or because of sudden weathering changes. Make sure that you have all the proper insurance to cover the boat if there is any type of tropical storm, lightening concerns or other high winds and dangerous conditions. A boat can get damaged even if it's docked, and you don't want to have to worry about making a claim.
There are many things that could come up that could prevent you from taking people out for charter fishing or tours. These things include:
- Mechanical problems
- Extreme weather
- Water contamination
If you worry this will be your main form of income and you aren't sure how you will make money if any of these things happen, get some type of unemployment insurance added to your policy.
The insurance agent may have suggestions and options to help get the most competitive price. This could include taking extra safety measures on your boat, or getting extra licensing and training.
You are investing in a boat and a business, getting the right insurance policy could be the difference between you being able to repair and move on after an accident, or you being drained financially and unable to continue with operations.
Make sure to get an accurate valued assessment of the boat before getting quotes for insurance. From there, have agents compete to get the best price.
For more information about Caribbean charter boat insurance, contact a local company.