It’s a common occurrence for Australians to head out on the water for both work and pleasure. Whether your choice to hit the sea, river or lake is for occupation or amusement, there are many potential hazards.

Commercial fishing companies, as well as charter operators, are often at risk of damage to either the vessel, crew or machinery. Sourcing and taking out the right business insurance cover  is important and should be a priority for those constantly out on the water. Of course, it simplifies the process if  you understand what needs to be covered.

The vessel

It’s a given that both commercial fishing and charter operators will need to insure their boat and this should become the first consideration when taking out cover. When looking for a policy, make sure that the hull, motor, trailer and internal machinery are covered, as any damage to a vessel can be extremely costly.

Crew and passengers

The safety of the people on a boat is always paramount, whether they’re commercial fishermen or passengers on a charter voyage. Under this section of cover, crew and passenger liability should be accounted for, as well as directors and officers liability.

Equipment

Any type of equipment on board the boat is important in generating income and requires an appropriate level of cover, but so too does the land based assets of the business. A comprehensive policy should cover both areas and it is important to review your insurance product regularly to ensure the inclusion of any new equipment.

Personal accidents and illnesses

When the operator of a fishing vessel or charter boat is too ill to hit the water, or an accident occurs, it can mean a substantial amount of revenue is lost. To counteract this, a business insurance programme should cover the business owners for loss of income whilst being unable to work.

Here at MGA Insurance Brokers we’re able to tailor covers that are right for your businesses risks. If you’d like additional information, contact us today to speak to a professional.