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.

3. Automobile Liability

Automobile liability insurance protects boat manufacturers if one of their vehicles causes an accident. This type of policy is especially important for companies that transport employees or equipment between locations.

4. Property Coverage

Property coverage insures your buildings and contents against damage or theft. This is essential for boat manufacturers as they often have expensive equipment and inventory on-site.

5. Products-Completed Operations

Products-completed operations insurance covers a company if a manufactured product or part causes property damage or bodily injuries after leaving their hands. This is a common type of policy for companies that manufacture any consumer product, including boats.

Most boat manufacturers agree that choosing the right insurance is important. To ensure you’re never left high and dry, it’s best to know exactly what type of insurance your company needs. By having these five types of insurance, boat manufacturers can rest assured that they are protected against a wide variety of risks. This can help them focus on what they do best – manufacturing boats.