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Boat repair is rewarding work. You get to pick and choose the clients you work with, the locations where you work from, and control the workloads on your plate. Besides, you get to restore boats to optimum performance.
Unfortunately, just like a boat detailing and boat rental business, a boat repair business can be pretty dangerous. Boat mechanics are at high risk, including falls, lower back trauma, burns, and fires. Further, unforeseen obstacles might crop up, including damage to the vessel, all of which your business will be required to pay for.
That’s where boat repair insurance comes in.
Marine repair insurance provides your boat repair business with somewhat of a cushion enabling you to move past any unprecedented events. In the event that there’s damage to the boat you are repairing or property rented to you, marine repair business insurance should sufficiently cover the resulting costs.
Suppose harm was to come to your employees. Your marine mechanic insurance should cover medical costs and provide compensation for lost wages. Overall, while it might not be mandated by law to have insurance for a boat repair business, having one means you stay afloat even when unexpected events occur.
Also read:
Ship repairers liability insurance is a primary and excess liability insurance solution designed to protect your business from the costs of legal claims brought forth against your business. The coverage indemnifies against liability for damage to third-party property, bodily injury, and legal expenses.
The ship repairs legal liability policy covers:
Complaints on completed operations performed on the vessel
Bodily injuries caused during ship repairs
Named insures for up to 90 days
Vendors working with you during the repair
Damage to the vessel and property rented to you
Granted, your business is not legally required to have this legal liability coverage. Still, conducting your boat repair business without it exposes your business to mounting legal fees that risk business discontinuation.
While the legal liability policy is quite comprehensive, it doesn’t cover all exposures of your boat repair business. You are going to require additional coverage.
Commercial General Liability (CGL) coverage protects your boat cleaning business when you end up being sued for damage to a third party’s property or bodily injury caused by one of your employee’s actions. Suppose your boat repair business is named in a suit where one of your employees causes a fire at a marina, destroying several boats. Even further, consider a situation where, by accident, one of your equipment causes another bodily harm or even death. In that case, the CGL coverage pays the legal fees to defend you against the claim and is designed to go further and pay any settlement or claims.
This insurance policy provides more protection for your boat repair business through its optional policies:
Advertising injury coverage – This optional add-on to general liability insurance sees to it that you can cover administrative costs, attorney fees, settlements, and other legal expenses if your boat repair business is sued for slander, libel, copyright infringement, and other advertising or reputational harm
Rented premises liability coverage – Rented premises liability coverage will cover reimbursements to the property owner if a rented commercial space is destroyed or damaged by fire
Products and completed operations coverage – Products and completed operations coverage will cover expenses if a boat service you completed for a client caused personal injuries or property damage
Public liability insurance, just like general liability insurance, covers personal injuries and property damage. However, you can’t add advertising injury coverage, rented premises liability coverage, and products and completed operations coverage to its terms. But note that public liability insurance is cheaper than general liability insurance. Opt to get this one if you only want basic protection against third-party claims for your boat repair business.
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Running a boat repair business means that you invest money for an owned, rented, or leased commercial building where employees are trained, boats are admitted, and equipment are kept. Insure your boat repair business’s building with commercial property insurance. With this insurance, you can cover the following perils:
Building damage – Your boat repair building’s structures – roofing, flooring, signage, siding, etc – will get damaged by theft, vandalism, fire, extreme weather, and other covered perils. In such a situation, commercial property insurance will provide the money you can use to get damaged structures fixed
Building destruction – Fire and extreme weather will destroy your boat repair building. Commercial property insurance will see to it that your business won’t meets its end by providing the money you can use to cover reconstruction costs
Commercial property insurance comes with additional coverages for your boat repair business. These additional coverages are:
Stocks and contents coverage – Stocks and contents coverage will recoup losses if furniture, lighting, and other items not considered as business tools and equipment become damaged or lost due to fire, theft, vandalism, and other covered perils. Replacements parts you’re selling to customers are also covered
Business equipment and tools coverage – Business equipment and tools coverage will cover losses if your boat repair kit and diagnostics machine become lost or damaged due to fire, theft, vandalism, and other covered perils
Note that commercial property insurance excludes floods, mudslides, and earthquakes. To get coverage, you need to purchase or endorse earthquake insurance, flood insurance, and mudslide insurance.
Some boats will require hefty repairs and need to stay in your boat repair shop for days, weeks, or months. By principle, should such boats get damaged under your custody, the owner can hold you liable and ask for reimbursements. To protect yourself against this peril get garage keepers liability insurance which car wash and auto detailing businesses also get.
A lot of perils are present in a boat repair shop – explosions, getting hit by something, fire breakouts, etc. Due to these, employees will sustain diseases, cuts, burns, and blunt force trauma. This is why you need workers’ compensation insurance to operate your boat repair business legally. If employees or an employee sustains a work-related injury or disease, workers’ compensation insurance will kick in to cover the following:
Medical treatment/procedure – Workers’ compensation insurance will cover surgeries, therapies, and other related medical procedures if your employee sustains a work-related injury or disease and demands your business to provide coverage
Hospitalization – If your employee needs to stay at the hospital for a while to continue healing from a work-related injury or illness, workers’ compensation insurance will cover hospital bills
Medication – Workers’ compensation insurance will provide the money your employee can use to buy medicines. Coverage applies no matter how costly the medicines might be
Rehabilitation – Some injuries or diseases will need rehabilitative care so that your employee can fully recover. Workers’ compensation insurance also caters to this. It will pay therapist fees, rehabilitation equipment, and other associated costs on your business’s behalf
Lost income compensation – Workers’ compensation insurance will cover your employee’s lost wages if he or she can’t go to work due to a work-related injury or disease. Compensation for lost income is a weekly allowance equal to two-thirds or 67% of the average weekly wage
Death benefits – When your boat repair business’s employee dies from a work-related injury or disease, workers’ compensation insurance provides coverage for funeral expenses and financial aid to dependents
Does your boat repair business use a vehicle to tow boats, get supplies, or fetch employees? If this is the case, get commercial auto insurance. Usually included in tailored mobile marine mechanic insurance, this provides the following coverages for your business:
Auto liability coverage – When a boat repair business’s vehicle causes an accident, auto liability coverage in commercial auto insurance can help. It will cover the medical expenses of injured third parties. Reimbursements for properties damaged or destroyed will be provided too. If aggrieved third parties decide to sue, auto liability coverage will also help cover attorney fees, administrative costs, settlements, and other legal expenses
Physical damage coverage – Physical damage coverage will cover expenses if your boat repair business’s vehicle becomes damaged. This comes in two forms – collision and comprehensive. Collision physical damage coverage will kick in if your commercial vehicle sustains damage after colliding with an object or another vehicle. On the other hand, comprehensive physical damage coverage will apply if your commercial vehicle is damaged by fire, theft, vandalism, and other covered perils
Note that auto liability coverage will not help if your commercial vehicle caused an accident due to involvement in criminal activity. Also, physical damage coverage doesn’t cover the replacement or repair of aftermarket parts. Damage due to rollovers is also excluded.
You might need to stop business operations momentarily. Protect yourself against this peril through business interruption insurance. During the time business operations are at a halt and income isn’t generated, business interruption insurance provides the money you can use to cover employee wages, taxes, mortgages, loans, and other operational costs. Coverage lasts for 30 days but you can extend to 360 days through an endorsement.
There are insurance carriers that will provide a limited pollution coverage endorsement. This policy covers your pollution exposure. The first common issue that the policy will address is clean-up costs. These will be the most costly and will encompass all elements of pollution claims and subsequent remediation expenses.
Marine equipment and tools coverage provide protection for the equipment and tools you use to dispense your service. If you maintain an inventory of parts, the marine equipment and tools policy should sufficiently cover these in case of theft or damage. Before approaching your insurer of choice, it is vital that you get a professional to provide the exact value of the different equipment and tools. Most often, if you were to go at it on your own, you would likely under quote.
Suppose you are a mobile boat repair business. In that case, the marine equipment and tools coverage might not comprehensively cover all your business needs. To ensure that you are adequately protected, consider purchasing a business equipment floater policy that should provide coverage for equipment and parts while away from your physical location.
Boat repair is a high liability business. As such, your insurance premiums are likely going to be relatively high. On average, you will pay $200 per year or $16.66 per month. Insurers will often calculate the cost of your insurance at around 1-5% of your boat repair business. For instance, if your business is valued at $100,000, you might be required to take out a policy of $2,500. This should cover your business property, any equipment in transit, and the boats you will be working on. What’s more, you should get some compensation for business interruption that offset any negative impact on your gross profit and logged-in working hours.
To get more idea about the pricing, here’s a table showing the best boat repair insurance companies and their pricing:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| Great American | $2.08 – $14.92 | $25 – $179 | Legal liability coverage |
| Thimble | $5 | $60 | Mobility boat repair businesses |
| CoverWallet | $41.25 | $495.00 | Boat repair insurance quotes comparison online |
| The Hartford | $75 | $900 | Broad-spectrum coverage |
| Markel | $75 – $235 | $900 – $2,820 | Professional indemnity insurance for boat repair mechanics |
| AXA XL | Contact AXA XL for accurate pricing | Contact AXA XL for accurate pricing | International boat repair businesses |
To lower your marine mechanic insurance cost, consider looking for discounts, including:
Bundling multiple policies such as boat repair and auto insurance
Ensuring that you have a good claims history
Completing boat and water safety checks before any repair work
Working on boats less than three years old
Get all the best quotes from leading providers in a click of a button!
Suppose you are in the market for a boat repair business insurer. In that case, consider the following as these are the best marine mechanic insurance companies in the market today. Read to know their pros, cons, and average monthly pricing for a $1 million general liability coverage.
Purchase insurance quotes immediately online
Online policy management
Not an insurance company but an insurance broker
CoverWallet is an insurance broker that’s a subsidiary of AON. While it doesn’t have tailored insurance for boat repair business, this company has an online quotes comparison platform you can use to find companies providing boat repair insurance coverage.
Best for: Boat repair insurance quotes comparison online
Average cost: $41.25 per month
Our rating: 10/10
If you were to cancel the policy, you are entitled to a full premium refund
You’ll be issued with prompt communication in the event of premium adjustments
Full payments in the event of total loss or constructive total loss
In case of partial loss, Markel pays for damage on a replacement cost basis
Unlimited annual benefits
Limited options for coverage limits
Conservative underwriting
Markel’s specialty product for boats and boat repair business includes watercraft liability, pollution liability, and general liability policies. With 35+ years in the boat and marine insurance landscape, this insurer, founded in 1980, offers its services in all 50 states and has international operations in Dublin, London, and Bermuda. Consider also getting the professional indemnity cover to protect your professional reputation in the event that the customer is aggrieved. You will pay $75 to $235 on average, subject to the coverage limit and the coverage options you decide to go with.
Best for: Professional indemnity insurance for boat repair mechanics
Average cost: $75 – $235 per month
Our rating: 9/10
Stable rates
You can cancel a policy anytime
Short and long-term policies are available
You can extend, cancel or modify policies via your phone
Customer support is only available online
Launched in 2016 as a drone insurance company, Thimble has now extended its services to include general liability for boat repair businesses. The A-rated insurance offers inland marine coverage that should cover the cost of replacing or repairing your boat repair equipment. You have the option of bundling this together with general liability insurance to help protect your boat repair business against claims of third-party bodily injury and property damage. You can get a free quote immediately and have it approved online. While the cheapest policy starts at $5, this will not offer you comprehensive protection. Consider bundling together several policies that way you are assured of all-rounded coverage. This will, on average, set you back $30 per month billed annually.
Best for: Mobility boat repair businesses
Average cost: $5 per month
Our rating: 8/10
Insurance policies can be tailored to your boat repair business
Can be purchased alone or as part of the BOP coverage
Available in all 50 states and Canada
You can only purchase the policy via a phone call
Limited online capacity
Great American Insurance Group is a longstanding insurance company that’s been in business for over 150 years. It currently holds an A+ financial stability rating from AM Best. The provider has a dedicated marine product that’s been on offer for nearly 20 years in all 50 states in the United States and Canada. Each of the different boat repair policies covers a long list of perils. The most suitable cover is Great American Insurance Group’s Bailee policy which should cover most of the risks that your boat repair business will be exposed to. This policy’s cost will vary between $25 and $179 per year depending on the covers you include as part of your boat repair policy.
Best for: Legal liability coverage
Average cost: $2.08 – $14.92 per month
Our rating: 8/10
24/7 customer service
Comprehensive policy terms
Wide range of inland marine policies
You can only purchase the policy through an agent
Quotes not available online
The Hartford doesn’t allow separate deductible amounts for wind-related losses
The Hartford Financial Services Group, Inc. was founded in 1810 in Harford, Connecticut. For your boat repair business, you have the option of Advantage and Advantage Plus plans with room for further add-ons. With its A++ financial strength, you are assured of having all your claims and compensations settled. What makes The Hartford’s boat repair business insurance offering stand out is the range of coverage options you have. You are encouraged to get in touch with their agents. That way, you can customize your policy to best fit your boat repair business needs. This customized policy will likely cost you $75 on average with the insurer being similarly flexible with the cost of the Advantage and Advantage Plus plans.
Best for: Broad-spectrum coverage
Average cost: $75 per month
Our rating: 8/10
Top ranking for innovation as ranked on Advisen’s Pacesetters index
Exceptional financial strength with AM Best A+, S&P AA- and Fitch AA- ratings
A global network of agents
Poor customer service
Short-term policies are not offered
Founded in 1986, AXA XL is an American subsidiary of global insurance and reinsurance company Axa. It provides global commercial insurance programs and serves over 200 countries and territories worldwide. It has emerged to be a one-stop-shop for global marine solutions. Note that AXA XL has a range of standard to tailored tiers all of which attract different prices. This insurer doesn’t provide pricing details on their website but instead requests that you get in touch for a custom quote.
Best for: International boat repair businesses
Average cost: Contact AXA XL for accurate pricing as it doesn’t state an average rate for its boat repair business insurance products
Our rating: 6/10
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
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