An electric surfboard rental shop is, without a doubt, a great idea. It is hard to resist the idea of a motorized surfboard or a jet surf as some may call it. Surfing is a thrilling outdoor activity that is not likely to stop trending any time soon. Any business that involves surf accessories or surf essentials like a motor surfboard, a water jet board, a motorized wakeboard, or anything like that, is likely to thrive if managed rightly.
One of the most important things to do in order to make sure that your business is managed rightly is to protect it and that is when insurance comes into play. Ewave has compiled for you all the things that you need to know about insuring your electric surfboard rental business. But before we move on to discussing the different types of insurances that you may need, the first step is to understand your business and the risks involved in your business properly. Whether you have a Florida motor surfboard shop or you have a Rhode Island jet surfboard rental services, your business is subject to risks everywhere.
Once you have analyzed and understood the type of risks you are exposed to, it will be easier for you to choose an insurance plan that works for you the best. While choosing the insurance plan always make it a point to go over it thoroughly and understand the repercussions of each clause and statement of the policy. Insurance plans are often very detailed and ignoring a simple thing can make things backfire on you. Having said that, let’s go over some types of insurances that you will need to protect your jet surf rental business.
Loss of Use Coverage: This insurance will cover for you if you stop getting rental orders due to damage to your business property. In other words, it will give you time to fix the damage and get your business running again.
General Liability Insurance: This is an extremely important one especially when it comes to dealing with high-risk situations such as water sports. This will provide you both legal and financial protection in case your customers experience any kind of damage through your product or service. Coverage for lessons and classes
Property Insurance: This insurance can cover both your shop and the equipment you rent depending on the plan you select.
Repair Liability: When you rent electric surfboards, you risk their damage. An insurance plan that covers the repairs is what you need to rent those surfboards without any fear. Repairs for the products are sometimes covered under property insurance.
Conversion Insurance: This type of insurance has special significance for all rental businesses. It protects you in case your customers fail to return the rented goods.
Worker’s Compensation: This can be especially important if you are also offering surfing lessons along with surfboard rentals. This will cover your business in the event of an injury experienced by your employee during work. The type of injuries covered can vary from one insurance plan to the other.
Cyber Liability: This will protect you against cyber theft and other cyber threats. Having this insurance will be useful for you if you are using a point of sale software or you are taking online pre-orders.
Getting a high-risk business insured is like taking a burden off the shoulder, but to run a successful business one must always be aware of how one’s products and services can become a liability to the customers and prevent the damage beforehand. This does not only keep you from getting into unnecessary trouble but also establishes your credibility in the market.