On America’s lakes and other waterways, jet skis are one of the most popular rentals. While opening a rental business can be lucrative and fulfilling, it also has risk exposures that you have to be prepared for. Part of your preparation should be to invest in insurance for jet ski rental business.
Personal Watercraft Risks
Once the jet ski is in the hands of the renter, you do not have control. While most renters will return the jet skis undamaged, you do have to take into consideration that some renters will be reckless or negligent with your equipment. The biggest risk to your watercraft is an accident involving another vehicle on the water.
Personal Watercraft Rental Protection
To protect your watercraft, there are a variety of coverages, including:
- Physical damage: After an accident, your jet ski or rental property may be damaged or totaled. Property damage coverage is to pay for the repairs or replacement of your jet ski.
- Third-party liability for property damage: If the renter crashes the jet ski into someone else’s property and causes damage, you are liable. This type of coverage is for the physical damage to someone else’s property.
- Third-party liability for bodily injury: If the renter is involved in an accident and it results in the bodily injury of another party, you are liable. This coverage helps pay for the legal costs associated with a lawsuit.
When it comes to your jet ski rental business, your ultimate protection will come in the form of your insurance coverage.