When you run a business that operates on or near a body of water, you must take additional steps in order to find insurance coverage that appropriately suits the needs of your company. You must also think about policy options that are specific to your industry. This is the case when it comes to workers’ compensation coverage. Since a standard policy will not cover the needs of maritime employees, you must consider the United States Longshore & Harbor Act.
Protect Your Employees
The main point to understand about USL&H insurance is that it is meant to fill the gap created for workers who become injured or ill while working on or near bodies of water. This type of coverage is required by law, meaning failing to take it out can result in major fines and legal consequences for your business. In some cases, the business owner faces a prison sentence of up to a year. Workers who fall under the umbrella of requiring USL&H coverage include:
- Dock builders
- Marine contractors
- Ship repairers
Find the Best Fit
Taking out the right insurance policy is key to the long-term success of your maritime business. In order to stay covered, take time to review the basics of USL&H protections. The more you understand about the risks of your industry, the easier it is to find coverage that can provide you with peace of mind.