How to find the right insurance for your marine tourism business
If you run a marine tourism business in Australia, you know how important it is to find the right level of cover at the right cost. Of course, sifting through all of the different products available on the market can be overwhelming.
This is why we’ve taken time out to share our step-by-step guide for choosing marine insurance that matches your needs and your budget. Here’s what you need to know.
Too cheap? It’s probably too good to be true.
There are plenty of marine tourism insurance products out there that will save you major money. However, the cheaper the insurance, the less likely it is to comprehensively cover your business in the unfortunate event of an accident.
When it comes to choosing the right insurance for your marine tourism business, always check to see exactly what you’re covered for. (We’ll go into what that should be later.) Yes, paying less for insurance can seem like a good deal, but if you’re not covered for the stuff that matters, the money you are paying is really just money down the drain.
Get covered for the right things
The type of insurance you need will depend on the kind of marine tourism business you operate. As a starting point, make sure the policy covers the vessels you have in your fleet. The marine insurer should also provide:
- Comprehensive cover or property damage for tour and hire vessels.
- Cover for trailers, equipment and accessories, which includes fire, accidental damage, theft and malicious damage.
- Public and products liability for tour operators – which covers public and products liability and also statutory liability.
- Any other options that your particular marine tourism business requires.
Know your options
A good marine insurer will provide you with specific options, based on the type of marine tourism business you operate. For example, if you own a jetty that is used by customers to embark and disembark, it is important to have this covered too.
Other options to ask about include:
- Liability and loss for passengers.
- Liability and loss as a result of pollution.
- Loss of earnings in the event of a vessel being damaged or out of commission due to repairs.
- The level of public and products liability that works for you – ideally, tour operations, the business premises and embarking and disembarking from vessels should be covered.
- Cover for commercial properties that you own – such as the premises, office or storage facilities –used in the course of operating your business.
Public and products liability is a must have for your marine tourism business. As we mentioned earlier, this should include statutory liability too. These ‘Combined Liability’ products should cover:
- All of the vessels in your fleet.
- The tour operation.
- The business premises.
- Embarking and disembarking from vessels.
Get a quote for your marine tourism insurance
Now you have more information about what a marine tourism insurance package in Australia should include, we recommend securing at least three quotes from different insurers. That way you can compare the cost of each package, and the level of comprehensiveness.