Last Updated: February 21, 2024, 12:51 pm by TRUiC Team

Canoe Rental Insurance

Getting business insurance for your canoe rental is essential.

You'll need coverage for personal injury, property damage, and your equipment, at the very least.

We’ll help you find the most personalized and affordable coverage for your unique business.

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Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.

General Liability Insurance For Canoe Rental Businesses

General liability insurance is — generally speaking — one of the most important insurance policies for a canoe rental. 

Some of the risks general liability insurance covers are:

  • Bodily injury
  • Property damage
  • Medical payments
  • Legal defense and judgment
  • Personal and advertising injury

General liability will cover many risks. However, it may not cover all the risks your business is exposed to. These risks may be covered by specialized policies including those that provide: 

  • Commercial property coverage: This type of insurance can cover the physical property of the canoe rental company, including the canoes, paddles, life jackets, and other equipment. This coverage protects against losses due to theft, fire, or natural disasters. 
  • Commercial auto insurance: If the canoe rental company owns and operates its own vehicles to transport the canoes, paddles, and other equipment, it may need commercial auto insurance. This coverage can provide protection for the company's vehicles, as well as liability coverage for accidents that occur while the vehicles are being used for business purposes.
  • Workers' Compensation Insurance: A canoe rental company with employees may be required by law to carry workers' compensation insurance. This type of insurance provides coverage for employees who are injured on the job or become ill due to their work.

Let's Find the Coverage You Need

The best insurers design exactly the coverage you need at the most affordable price.

Cost of General Liability Insurance

On average, canoe rental businesses in America spend between $400 - $1,100 per year for $1 million in general liability coverage.

Check out the chart below for a snapshot of average general liability insurance expenditure across a variety of industries.

Several factors will determine the price of your policy. These include your:

  • Location
  • Deductible
  • Number of employees
  • Per-occurrence limit
  • General aggregate limit

You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.

A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.

Graph showing average price of general liability insurance prices per industry

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Find the Best Rate

Discover the best coverage at the lowest rate in our cheapest business insurance review.

Common Situations That General Liability Insurance May Cover for a Canoe Rental Business

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Example 1: While unloading a canoe, an employee loses their grip and drops it on a customer’s car. General liability insurance would usually pay to repair damage from this type of accident.

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Example 2: During a routine canoe trip, a customer severely cuts their hand on a jagged edge of metal protruding from the canoe. Your general liability policy should cover the medical expenses as well as potential customer refunds.

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Example 3: Your staff created a poster design, but they did not know that a design element that was used was covered under copyright laws. A general liability policy would cover legal fees and payout expenses in the event of a lawsuit.

Other Types of Coverage Canoe Rental Businesses Need

While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:

Commercial Auto Insurance

If your business uses automobiles for transportation of equipment and/or customers, you will need to obtain a commercial auto policy. This policy covers damage to both your vehicle and others that may be involved in an accident as well as any medical expenses for injured individuals.

Workers’ Compensation Insurance

Businesses that hire part-time or full-time employees are usually required by state law to carry workers’ compensation insurance. In the event of an on-the-job injury or illness, it covers the employee’s medical bills. If they are out of work for an extended period of time or opt to sue the business for additional payout, the policy would cover these additional costs.

Professional Liability Insurance

To best serve their clients, canoe rental businesses often make trip recommendations to those visiting from out of the area. Professional liability insurance, also known as errors and omissions insurance (E&O), offers your business protection should that recommendation lead to a lawsuit.

Additional Steps To Protect Your Business

Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.

Here are several things you can do to better protect your canoe rental business:

  • Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
  • Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
  • Stay up to date with business licensing.
  • Maintain your corporate veil.

Canoe Rental Business Insurance FAQ

Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.

A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.

"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.

Yes; typically, canoe rental companies will need business insurance coverage even prior to providing their services to customers. The likelihood is high that the business will encounter various risks, including property damage, financial loss, and personal injury, right from the beginning. Additionally, certain types of insurance are legally required. 

Not necessarily. Certain exceptions may be written directly into your canoe rental business insurance policy, and some perils may be entirely uninsurable.

Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.

An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.