To run a jet ski rental business can be fulfilling if you love the water. What better way to share your passion with other jet ski hobbyists? Every business has its own unique circumstances. While some companies rent their jet skis by the hour, others rent by the day or the week.
Regardless of who you rent to, if a third party is in an accident on your jet ski, you could be held liable. Jet ski rental insurance, or PWC policy protects your business.
Risks to Your Company
While vetting who you rent to can give you a better idea of which clients pose less of a risk to your equipment, accidents do happen. When your jet skis are in a third party’s possession and the jet ski becomes damaged in an accident, due to vandalism or recklessness, personal watercraft coverage helps pay for those damages. Even though you can hold the renter accountable, renters may not have the funds to pay a settlement to your company.
Litigation Against Your Company
In some cases, a client may file a lawsuit against you. For example, if a third party suffers an injury on your jet ski but claims that it was because of a lack of maintenance or another issue, you could be liable for all injuries.
No matter your industry, you should always have customized business insurance. When you own jet skis, jet ski business insurance is a necessity.