How to save on your marine business cover
If you own a marine business, then you already know the importance of having comprehensive cover. We’ve all heard the horror stories – the spark from a grinder setting an entire marina on fire, a boat collision causing millions of dollars. The list is unfortunately endless.
When we read about these incidents in the paper our second question is always – did they have the right kind of cover? (Our first is always, was everyone okay?!)
This is why we’re sharing our tips for ensuring you secure the right level of cover, while also saving in the process.
Why good cover matters
Since insurance was invented, there have been brokers promoting unbelievably cheap products to business owners, home owners and anyone else in the market for peace of mind. We hate to say it, but most of the time there’s a reason why cover is cheap – it’s not comprehensive.
It may seem unimportant when life is sailing smoothly, but if you do need to make a claim you’ll almost certainly be caught out with these inferior insurance products.
Cheap insurance may seem appealing, but ultimately, you’ll end up wasting more in the long term, since the less-comprehensive products may not cover you when you need them.
When we recommend insurance products to our clients, we make sure it’s the kind of marine insurance that protects you comprehensively, while also saving you more.
No, it’s not the absolute cheapest, but it is quality cover that will be there for you when it counts. And when you own a marine business, that’s what matters.
Tips for saving on your marine business insurance
There are of course steps you take to reduce your business’ insurance premiums. Here are some we’ve put together for you:
- Qualifications – ensure you and your staff are up to speed on relevant certifications. In doing so, you’ll appear ‘lower risk’ to insurers, and at the same time, up skill your team.
- First aid training – every member of your team should have basic St John Ambulance First Aid training. This demonstrates your business is reliable and safety conscious.
- OH&S Plan – prepare an OH&S strategy outlining how you maintain safety standards at your place of business, include fire safety procedure and other relevant protocols.
- History – a clean history of incidents and accidents will make you look more attractive to insurers, so keep a record of what has happened and how the situation was handled.
- Get support – speak to a broker who specialises in marine business insurance. They will have an in-depth understanding of what you need and don’t need.
Need marine insurance for your business?
Ask your broker to contact our team today. Our underwriting team take the time to understand your business and your goals, before recommending an insurance package that covers you for the foreseeable and less foreseeable risks involved with running a marine business.
We’ve been supporting Australian marine businesses for well over 20 years, and get a real kick out of making sure you have insurance that won’t break your budget, while also giving you the peace of mind and protection you need.