Marine supply stores are the one-stop shop for all things marine that a person or marine company might need. For example, customers can find engine systems, marine accessories, clothing and gear, anchoring and docking tools, navigation systems, safety equipment, GPS tools, and more. They provide marine enthusiasts and stores that specialize in marine rentals with the tools and equipment necessary to be prepared, have fun, and stay safe while on the water. Some marine supply stores also provide seminars to help people improve their sailing skills or water safety knowledge.
As a supply store that sells tons of specialized, expensive equipment, it’s important for marine supply stores to have robust insurance to protect themselves against risks of liability and litigation. With ALIGNED, marine supply store businesses can find comprehensive marine supply store insurance to mitigate financial risks.
Why is Marine Supply Store Insurance Important?
Any store selling products should purchase adequate insurance to protect itself against risks and claims alleging bodily injury, property damage, and other loss. A marine supply store is no different. There are tons of risks involved with selling products and other services to customers, and these accidents could have costly repercussions without proper insurance.
- A customer could be injured or suffer property damage by a product you sold because it was defective.
- A customer could slip and fall on your premises and injure themselves.
- Your marine supply store could suffer theft, vandalism, or another type of unexpected insured peril.
With marine supply store insurance from ALIGNED, you can protect your store from financial loss and other risks.
What Does Marine Supply Store Insurance Include?
Commercial General Liability Insurance – also called CGL insurance, provides coverage for injuries and property damages occurring to a third party during your business operations. For example, if a client is injured while on your premises, you are covered for lawsuits, losses, and medical expenses.
Hull and Machinery Insurance – covers insured vessels owned by the marine supply store, such as boats, against physical damage caused by a peril of the sea or another covered peril while the vessel is in transit over water.
Protection & Indemnity – is effectively liability insurance for vessels being operated by a business.
Product Liability Coverage – product liability insurance protects your business against liability and damages resulting from the products you sell at your marine supply store. For example, if a customer suffers injury or property damage as a result of a defective product from your store, product liability coverage can cover medical expenses, settlement awards, etc.
Find the Right Marine Supply Store Insurance for Your Business
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.