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Risk Management Bulletin
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The Benefits and Importance of Boat Rental Liability Insurance
If you love boating and live near an exotic vacation spot, ocean, local marina or lake, you may operate a boat rental business. It allows you to share your passion with others as you make a living doing what you love. Whether you rent boats to the local residents or vacationers by the hour, day or week or own a marina and rent boats to guests, know as much as possible about boat rental liability insurance as you protect your business and personal assets.
Why Do You Need Boat Rental Liability Insurance?
If someone who rents a boat from you causes an accident, injures someone or is injured while operating or riding in the watercraft, you are liable for the repair or medical payments. These expenses add up quickly, and you could lose your business and personal assets.
With boat rental liability insurance, you decrease your risk and protect your assets since it covers any damages or injuries caused by your watercraft. It also can cover repairs to your watercraft after an accident a renter causes. Boat rental insurance can also improve your business because customers are more likely to rent a boat from a company with liability coverage that protects their personal assets.
What Does Boat Rental Liability Insurance Cover?
Typically, boat rental liability insurance covers a variety of watercraft, including:
Sailboats under 26′
Houseboats up to 65'
Mini jet boats
All liability coverage is customizable based on your needs. Your coverage may include:
Watercraft Liability with varying levels of coverage
Premises Liability that covers events that occur on your boat rental business premises
Hull Coverage that pays for physical damage to your watercraft’s hull and possibly the engine and equipment
How Much Boat Rental Liability Insurance do you Need?
Every boat rental business is different, and your unique circumstances affect how much liability insurance you need. As your risk increases, your costs increase. For example, the size of your fleet, cost of your boats and amount of business you do affects your premiums.
Where do you Buy Boat Rental Liability Insurance?
Specialized insurance agencies provide boat rental liability insurance. When you contact them, provide details about your business, including a copy of the watercraft rental agreement and checkout procedure. You'll complete an insurance application, which is evaluated by a commercial marine expert, and will receive coverage details after your application is approved.
Protect your boat rental business and personal assets with boat rental liability insurance. Contact your insurance agent for more information and a customized quote today.
HMS Insurance Associates, Inc.
Prepare for an Emergency - Emergency Notification Systems
The disastrous Japanese earthquake/tsunami of March 2011 drowned thousands of people - but the toll would have been far higher without the nation's comprehensive warning system, which combined radio broadcasts, text messages, and sirens with firefighters' door-to-door calls.
Every business needs an effective emergency communications notification system that has low-tech and high tech elements. Here's an overview of the advantages and disadvantages that each type offers:
can be effective, but have serious limitations. Although calling trees are valuable for mass communications, they're slow, subject to errors, and breakdowns.
Sirens and alarms provide immediate warning and can alert everyone who's in a dangerous area; however, they can't provide much information and have a limited range. Intercom systems are reasonably fast and can communicate detailed information, but usually operate in only one building.
provide automated mass notification of detailed warnings rapidly and accurately to a wide range of devices, including phones (land line and cell) and computers (e-mail and instant messaging) through multiple communication networks. High-tech systems can also target messages to individual groups, such as first responders.
However, they don't offer a panacea. For one thing, cell phones might be turned off. Although communication with cell phones is available by voice mail or text messaging, these systems are vulnerable to a general outage of communication networks. Their "call capacity" might be a serious limitation, especially for larger firms.
For most businesses, a warning system that blends low tech (alarms and sirens) with high tech (automated notification) can provide effective communication when an emergency strikes. When choosing a system, you should also weigh such factors as cost and ease of use.
Our risk management experts would be happy to offer you their advice.
HMS Insurance Associates, Inc.
Commercial Auto Insurance For Fire and Rescue Vehicles
Commercial auto insurance is essential for many businesses, including fire and rescue companies. Like passenger vehicles, your fire and rescue vehicles are subject to accidents, theft, vandalism and other circumstances. Protect your property with commercial auto insurance.
Why Purchase Commercial Auto Insurance
Because fire and rescue vehicles play an important role in protecting the community, they must be properly insured. Like individual auto insurance, commercial auto policies provide liability and other coverage for vehicles and their driver and passengers. However, these policies often include higher limits and must meet special laws and circumstances that apply to commercial vehicles.
Which Vehicles are Covered
Commercial auto insurance can cover a variety of fire and rescue vehicles before, during and after an emergency. It also covers employees and volunteers who drive, ride in or use the vehicles and equipment and other special circumstances, depending on the policy.
The vehicles covered include:
Rescue squad vehicles
Non-emergency medical transportation trucks
Medical provider courtesy vehicles
Fire chief vehicles
Traffic coordinator vehicles
How Much Coverage do you Need
Every fire and rescue company will need different coverage. The number and type of vehicles, average number of calls each month, amount of equipment on each vehicle and number of employees are factors that affect the amount of coverage you purchase.
Additionally, consider state insurance requirements. The required limits may vary depending on where you live, but in most cases, you'll need these coverage types:
- Pays medical expenses for victims when you cause the accident.
- Covers any property repairs your vehicle damaged.
Personal injury protection
- Covers medical expenses, wage loss and other expenses incurred if the driver or passengers are injured.
- Pays expenses if the vehicle is involved in an accident where a driver does not have auto insurance or adequate insurance to cover damages.
- Covers vehicle repairs due to non-accidental circumstances such as fire, theft, vandalism, missile objects, animal collisions or natural disasters.
- Pays to repair damages to your vehicle after an accident.
- If the vehicle breaks down, blows a tire or otherwise is stranded, this coverage gets your vehicle back on the road.
- With this coverage, employees' personal belongings are covered if they're stolen from the vehicle.
How to Purchase Commercial Auto Insurance
Purchase commercial auto insurance coverage from a licensed insurance agent. Contact several companies for a quote, and compare their policy price and coverage options, customer feedback and financial standing. Discuss optional coverage, too, to ensure all your needs are met.
Commercial auto insurance for fire and rescue companies is essential. Understand this coverage as you protect your equipment.
HMS Insurance Associates, Inc.
Safety Resources for Teen Employees
If you have teenagers, you're well aware that they're all too prone to take risks. Four in five U.S. teen (80%) have part-time jobs. Of these, more than half (52%) are in the retail sector, which includes restaurants and fast food establishments.
To help keep themselves safe on the job - and thus reduce their employers' risk-management exposure - teenagers who work in restaurants and agriculture can use interactive web-based training tools provided by the Occupational Safety and Health Administration (OSHA).
According to OSHA, educating and training young people about safety in the workplace can help prevent injuries today and lead to a healthy workforce in the future. These resources provide practical information to protect young workers from hazards in industries where many of them are likely to work during high school and college.
Teen Worker Safety in Restaurants
eTool highlights the most common hazards in these workplaces and offers safety and health suggestions, safety posters, and electronic links to educate young workers about job safety. Areas of focus include serving, clean-up, drive-thru, cooking, food preparation, delivery, and worker rights and child labor laws.
Youth in Agriculture
eTool presents case studies that describe common hazards and offers safety solutions for teenage workers in such areas as farm equipment operations, confined spaces, and prevention of c injuries g from falls, electrocutions, and chemical exposures.
OSHA Teen Workers
page offers educational resources such as fact sheets on workplace rights and responsibilities, hazards on the job, ways to prevent injuries, work hours, job restrictions, etc.
Letting teenage workers know about these resources can benefit them - and their employers. What's not to like?
HMS Insurance Associates, Inc.
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