Time to take the boat out! The breakdown of boat insurance.

What better time and place than Spring and Summer in Central Florida to take your boat out on the beautiful waters? While not as popular or heard of as insurances such as auto or life, boat insurance is still a great thing to have if you own a boat and plan to take it out on the waters. Because it is not as talked about, you may have some questions regarding this type of insurance. We’re here to break it down for you and tell you all about it!

The main idea behind boat insurance is the same concept of car insurance…you want protection in the event that your boat is totaled. Boat insurance varies based on how much your boat is worth as well as how much you use it and how far you plan on driving it. We would be happy to help you customize your policy to fit the needs of your circumstances and your boat.

Although the main purpose of boat insurance is to protect the boat itself, there are other aspects of coverage as well. You can get coverage for fishing equipment, roadside assistance, fuel spill costs, wreckage removal, and much more.

A further breakdown of boat insurance is explained below:

  • Bodily Injury and Property Damage Liability: This pays for damage to someone’s property or a person’s injuries, up to your coverage limit.
  • Uninsured or Underinsured Boater Coverage: This covers you if you’re involved in a collision with another boater who doesn’t have insurance or adequate coverage.
  • Medical Payment Coverage: If you or someone in your watercraft need medical care due to a boating accident, no matter who’s at fault, this coverage pays for it.
  • Comprehensive and Collision Coverage: Comprehensive coverage pays for damage to your watercraft, regardless of who is at fault, if you’re in an accident or from an event like theft, fire, or vandalism.
  • Personal Effects Coverage: Say you’re riding a jet ski and a necklace or bracelet comes loose and is lost in the water. This coverage reimburses you for the value of the lost property.

If you’re looking to receive boat or water insurance, contact an insurance expert at Singh Financial Services today. Or you can receive a quote from our website by clicking here!

Types of commercial insurance most businesses can benefit from

Owning your own business comes with an immense amount of risk. The failure rate for businesses is high, and to give yourself the best possible chance of success, you need to be able to mitigate some of the more severe dangers. At Singh Insurance and Financial Services LLC in Clermont, FL, our team is here to help you determine the types of insurance you may need to protect your business. 

Commercial liability insurance

Given the business failure rate, it is even more critical than ever to cover all the potential ways a business can fail. When your business gets sued, it can be tough to recover. If you don’t have commercial liability insurance, your business will have to pay any judgment and legal fees. Many businesses can’t survive this. 

Commercial property insurance

It is hard to operate your business if you don’t have the things you need to work on. Depending on the type of business you have, this can be store fixtures, factory machinery, office equipment, electronics, raw materials, and inventory. These are all things that commercial property insurance can help you repair or replace. If you own the building and it is damaged, this insurance can also help. Still, if you hesitate to have this coverage because you are a renter, you must consider the other things it covers beyond the physical structure. 

Workers compensation

Most states require employers to cover their employees with workers’ compensation insurance. This protects employees who are injured while performing their duties, and it also helps employers who want to not only keep their employees and who could be sued if not for this insurance. 

Contact Singh Insurance and Financial Services LLC in Clermont, FL to get the information you need to keep your business thriving for years to come.