3 Insurance Risks for a New Personal Watercraft Business

Starting a new business is exciting, but it comes with an assortment of responsibilities. The first thing that a business owner should check off their to-do list is getting the necessary insurance coverage. If you’re starting a jet ski rental business or renting out any other personal watercraft, there are some unique insurance risks to be aware of.

1. General Liability

Businesses in any industry should immediately seek general liability insurance coverage. These policies extend across a broad range of common issues that arise on business premises that the business itself could be held accountable for.

2. Customer Injury

The worst-case scenario for any rental business is a human injury that occurs while a customer is operating rented equipment. These situations are devastating from a moral standpoint, and can also be financially ruinous without proper insurance coverage.

3. Asset Damage

For a PWC rental business, your main assets are the watercraft you’re renting out. It’s easy to imagine that these assets can become damaged or lost while under the possession of a customer, but these potential losses can be mitigated under a hull coverage policy.

Businesses of any sort will have their own specific insurance needs. The possible risks are often covered under policies that are tailor-made to serve a specific industry or niche. New business owners should always consult insurance experts that are knowledgeable in the field they’re breaking into.