How Much Does Does Watercraft Rental Insurance Cost?
I want to start a watercraft rental company, but I want to know how much insurance costs are going to be before I start it. If there are any companys out there who already have a watercraft rental business, or any agents that can answer my question that would be great. I plan on having about 4 or 5 jet ski’s, 2 jet boats, 1 ski boat, 2 jon boats, 2 sail boats 1 pontoon boat, and 5 canoes, and 5 kayaks. So if anyone can help with this please let me know, thanks!
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Your asking two different questions. First your asking about a business insurance to cover your liability and property damages. Then there’s a second part. If you rent the boats, the renter is responsible for his/her liability and any damage to others property and or your boat. Some operations include that second part in “the price of admission” like paddle boats, but in your case with the number of different types of boat, just as with car rentals, you should consider a separate fee for each rental’s insurance. Because there are so many variables you need to speak to a couple insurance companies. I’ve had good luck with Liberty Mutual
You have to be prepared to answer these types of questions (click the link below for an application). Most companies can’t just throw out a figure and since you don’t even have this business up and running yet, most are hesitant to even work up a quote as it can be time cosuming for someone “just shopping around”. For budget purposes, I would say in the ballpark of $4500+ per year to start. As your business grows, so will the cost of insurance. There are some many possibilities for loss in this type of business, so the rates will be high. Keep in mind that the highest possible deductible will offset rates in your favor. Be prepared to self insure so you can keep your premiums down. If that means stuffing 5 grand in the bank in the event of a major loss, then you should really consider doing that.