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Maritime Insurance

A Beginner’s Guide to Maritime Insurance

Marine insurance, also known as maritime insurance coverage, is an insurance policy that protects anything related to vessel transport. This is essential coverage for any company or individual transporting goods over water. In the event of an accident or weather-related incident, any losses to property can be claimed.

What’s Included

Maritime insurance specifically covers property. This means that any ships, vessels and goods that are lost can be compensated for in a claim. Most coverages can be tailored to a company’s specific needs depending on what they usually transport and where they go.

How It’s Different From Maritime Employer’s Liability Coverage

Employer’s liability does not cover property. Instead, it focuses on any employees or individuals harmed in an accident. Maritime jobs can come with many hazards, and coverage can prevent a company from paying out enormous claims if someone is hurt. It also covers employees who are on another vessel outside of the company’s fleet.

Why Coverage Is Essential

Any employer working in commercial sea industries should have general maritime insurance coverage and employer’s liability coverage. This ensures that all property is insured from damage and all employees feel safe and covered in case of an injury. You could lose many investments by failing to be insured, so don’t wait to get it.

Categories
Commercial Insurance

What Does Commercial Insurance Do To Protect Your Business?

As a business owner, you have an obligation to protect your company from anything that could threaten its financial future. Knowing the basics of commercial insurance can help you evaluate which types of coverage your business may require.

Understanding Policy Types: The Basics of Commercial Insurance

According to Allegiant Insurance Services, there are four main types of essential insurance coverage for small businesses:

1. Liability Insurance

Liability insurance shields your business from legal claims of negligence, harm or other damages allegedly caused by your products or services. It also provides protection for claims of injuries incurred on your property.

2. Workers Comp Insurance

If your business has employees, you will likely need workers comp coverage. Workers comp provides for the medical expenses of employees injured on the job or compensates families for the work-related loss of a loved one.

3. Property Insurance

Safeguard your facilities and inventory against theft, fire or other catastrophes. Property insurance covers everything from office equipment to raw production materials.

4. Business Auto Insurance

Whether you have one company car or a whole fleet of trucks, business auto insurance is indispensable. This type of coverage addresses personal injury and property damage claims that may result if one of your company’s vehicles is in an accident.

Finding the Right Commercial Insurance

Once you understand the basics of commercial insurance, you can work with a qualified insurance agent to get customized coverage. Your agent can bundle several types of insurance into a business owner’s policy that suits your company’s needs.