The warranty on a new boat is just the beginning of insurance for boat manufacturers. The manufacturers need to be insured against additional injuries, disasters, and product recall. This article will detail several types of insurance that are essential to boat manufacturers:
1. Workers’ Compensation
Workers’ compensation covers employees who suffer an injury or illness while carrying out their job functions. For example, if a factory worker falls and breaks their leg on company grounds outside normal business hours, their medical bills would be covered under workers’ compensation. workers’ compensation also provides wage replacement benefits if the employee cannot work while recovering.
2. General Liability
General liability insurance protects boating manufacturers from third-party injuries and property damage. For example, if a customer trips and falls on your property, general liability would cover their medical expenses. It can also help pay legal fees if the injured party decides to sue.