Boat insurance can be a little bit complicated, but anyone who owns a guide boat company or who works on the water at all should still consider it. The people who hesitate to do so are usually the ones who don’t understand all of the ways that it can save money for their company.
Discount Safety Features
Insurance companies love people who buy safety features for their boats, since they reduce the odds of an expensive accident. Many of those companies partner with the people who make safety devices in order to offer discounts to people who buy their insurance. Since some insurance policies come with discounts for buying safety features, this can lead to a cycle of savings.
Some companies also subsidize safety courses for their policy holders, for the same reason that they provide discounts on safety equipment. This is particularly good for large companies that need to train new staff, since it can reduce the cost of safety training for the novices.
Employees are expensive, but benefits can attract them at a reasonably low cost. Since many boat insurance policies cover injuries that are sustained on the water, it can ease the concerns of potential employees that are worried about injuries. It also proves that you care about your employees, which can raise morale.
Customers always want to feel safe, and that means choosing companies that look reputable. Buying insurance is one way to look safe, since it proves that your business has the experience and clients to afford it. Since it also leads to savings in other areas, this is a very cheap way to look better than the competition.
Some companies only buy insurance for special events, such as major boating competitions or for unusual risks. Adding special protection onto a more comprehensive policy is often cheaper than buying it alone, so people in that position can sometimes save money by switching over to the general policy.
Boats are expensive, and there are a lot of people who want to steal or vandalize them. People who lack insurance can only deal with that risk through expensive security plans. People who do have insurance can afford to skip the more extravagant and expensive security options, since the insurance will cover their losses if the worst does happen.
Peace of Mind
It may seem strange to think of peace of mind as a financial benefit, but that really is the case. People who don’t have insurance tend to be much more nervous about damaging their boat, and nervous people make mistakes. They get snappy with clients who aren’t behaving perfectly. That can lead to more accidents and lost customers, which costs money for the company. Getting rid of the stress gets rid of the mistakes, which can lead to savings.