Snorkeling Business Insurance
Getting insurance for your snorkeling business is essential.
This is because you will want to protect your business’s assets against a variety of different risks, such as those that relate to property damage and theft, product liability disputes, and vendor-related claims.
If you decide to hire employees, you will also likely be required to cover any injuries that take them off the job.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for a Snorkeling Business
General liability insurance is — generally speaking — one of the most important insurance policies for snorkeling businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Having said that, it is important to understand that not all snorkeling businesses will be fully covered with just a general liability policy and will often choose to purchase additional coverage.
Additional insurance options you may want to consider include:
- Commercial property insurance — Protects your snorkeling equipment in the event that it gets damaged or stolen.
- Workers’ compensation insurance — Protects your business’s assets against employment law disputes and claims.
- Product liability insurance — Protects your business’s assets in the event that a purchased piece of snorkeling equipment malfunctions and causes a client harm.
You will also need to find the right insurer for your small business. There are several great options available, but we recommend going for an online insurer as a small business owner.
This is because online insurers (i.e., insurers that rely on AI in order to offer personalized coverage instead of an insurance agent.) have lower operating costs and can thus get away with offering significantly more affordable rates.
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Cost of General Liability Insurance
On average, snorkeling companies in America spend between $400 - $1,100 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a snorkeling business to other professional industries using the graph below.
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.
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Common Situations That General Liability Insurance May Cover for a Snorkeling Business
Example 1: As a customer tries on her fins in your shop, she loses her balance, falls down, and hits her head on the hard floor. She demands your business pay for her medical treatment. General liability insurance would cover her medical expenses.
Example 2: While a group of customers snorkels, an employee accidentally falls on one customer’s backpack and breaks the expensive camera equipment inside. General liability insurance would pay to replace the customer’s damaged property.
Example 3: A competitor files a lawsuit against your business, claiming you libeled her company in your latest marketing campaign. While you disagree with the claim, you know you need a strong legal defense. General liability insurance would pay for your legal costs and any required settlement.
Other Types of Coverage Snorkeling 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:
Professional Liability Insurance
While you strive to keep your customers safe while snorkeling, there’s always a chance someone might decide you made a mistake that caused them injury. If a client sues your business for negligence, professional liability insurance would cover your legal fees and any required settlement.
Workers’ Compensation Insurance
Most states require businesses to carry workers’ compensation insurance for their part-time and full-time workers. This coverage protects your employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover but also any disability or death benefits stemming from a workplace accident.
Commercial Property Insurance
You made a major investment in your snorkeling gear as well as the other equipment and supplies needed to establish your business. In the event of a fire, theft, or natural disaster, commercial property insurance would cover the cost of repairing or replacing your business-related property.
Commercial Umbrella Insurance
While your general liability insurance policy covers most claims, some accidents or lawsuits may be so catastrophic that they threaten to exhaust the limits of your primary coverage. Commercial umbrella insurance protects you from paying out-of-pocket for any legal fees and awarded damages that exceed your primary policy.
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 snorkeling 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.
Snorkeling 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, you do. This is because you will want to avoid a situation in which liability arises and you are not insured, as this can end up costing you tens of thousands of dollars.
If you decide to hire employees or use company vehicles, you will also likely be required to purchase some forms of business insurance coverage before you start operating.
Not necessarily. Certain exceptions may be written directly into your snorkeling 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.