5 tips for finding the right boat dealership insurance

If you run a boat dealership, you already understand the importance of having the right cover. But, how do you know which insurance is the right product for you? And how do you balance saving on your insurance costs, with getting cover for the stuff that really matters?


We’ve come up with a 5 point checklist to help you find the right cover for your boat dealership.


  1. Cheap is not always best

Dealerships take on a lot of risk, allowing staff to drive demo boats and other vessels on the open water. Even the more experienced sea farers still have accidents, then there’s the risk of having the public on board.


As a general rule, insurance products that are incredibly cheap are usually not comprehensive. And when you’re dealing with the public and boats and open water, you want an insurance product that has your back.


So, be sure to do your due diligence and dig into what the product actually offers. Too often, dealerships are caught out when they need to make a claim, and find out the insurance they were paying hasn’t been covering them adequately.


Later, we’ll give you a list of the minimum items you’ll want covered for your boat dealership.


  1. Aim for three

Knowing what’s on the market is key to understanding if you’re getting a good deal on your cover. Securing at least three quotes is a good start, as you can then compare dealership insurance products, and see what suits you best.


Some companies will allow you to negotiate your insurance contract, so having comparative quotes will give you a great starting point. Many companies also offer quotes online, although there are benefits to speaking with someone direct.


That’s because speaking with a marine underwriter directly can give you a good idea of what kind of service you can expect from the company in question. At the very least, they should be informative, professional and helpful.


If that’s not the case, write them off your list.


  1. Review annually

Many business owners secure their dealership insurance early on and then never look at it again. This can be a costly mistake, as new products and pricing come up on the market regularly, which could mean greater savings.


We recommend reviewing your dealership insurance at least once per year, to ensure its still covering you adequately, and of course to see if pricing is still competitive. This simple tip could help you save significantly over the lifetime of your business.


If you do find a more suitable insurance option for your dealership, you may also be able to ask your existing insurer to match it, or provide a more competitive option. If not, switching insurers is relatively straight forward.


  1. Ask questions

Insurance is a big investment for any dealership, and if you have questions, no matter how simple you think they may be, it’s important to ask. Good insurers will use this information to pinpoint just the right product for your needs.


You’ll also need to make sure you get all the information you need in writing, so you have a clear contract between your insurer and yourself. If something that was promised is not included in that contract, ask them to revise it before you sign.


A good marine insurer should communicate with you clearly and professionally, and should never try to make the process more complex than it needs to be. Remember. They are there to make sure you have what you need to run your business with peace of mind.


  1. Get these, at a minimum

At a minimum, you’ll want to ensure your boat dealership package covers your business premises, and any stock you have in open air. You should also be able to negotiate a list of sub-limits, tailored to the unique needs of your business.


If you have demonstration crafts (or personal water crafts), make sure they’re covered for demo purposes and private use, when driven by your dealership’s approved staff. You’ll also need specialist marine and general liability cover (which includes public and product liability).


For more detailed information on what comprehensive dealership insurance includes, head here.


Talk to us about your boat dealership insurance

If you’d like to know more about our boat dealership insurance, please get in touch. We are happy to provide you with a quote, and answer any questions you have about comprehensive cover for your business.


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