While your maritime business might be required to carry workers compensation because of its shoreside activities, your workers comp policy is not designed to cover activities offshore. In fact, since it’s usually tied to state regulations and not federal or international requirements, it almost always ends at the water’s edge. That’s where maritime employers’ liability coverage starts covering you, so it’s not usually a choice between policies for businesses that operate on the water. They usually need both policies.
Comparing Liability Coverage and Workers Comp
Employers liability coverage provides insurance protection for almost all of the same circumstances as workers compensation, so it’s easy to set up seamless protection. The biggest difference is that your liability coverage will have policy maximums, which state mandated workers compensation policies do not. If you’re liable for financial damages above the policy maximum, your business could wind up out of pocket. For that reason, an accurate quote of your insurance needs from an experienced maritime insurance professional is absolutely necessary when you first establish coverage. It’s also a good idea to review that coverage whenever your workforce expands.
Comprehensive Business Insurance
Maritime businesses often find their best deals when they work with specialized industry insurance professionals who can help them put together a single, comprehensive batch of policies that can be reviewed as a unit. Not only does that kind of bundling often save you money, it’s also the best way to make sure you don’t have any gaps in coverage.