Many homeowners do not consider liability concerns when renting kayaks, but it’s a valid question. Kayaks can be dangerous and can cause serious injuries, including broken wrists and water damage. The good news is that most homeowners insurance policies do not exclude liability for kayaks, although boat insurance may cover them if you discuss the matter with your insurer. The following are some things to keep in mind when renting kayaks and other water sports equipment.
Insuring water sports equipment
A beach rental isn’t complete without the appropriate liability insurance. The water sports equipment you rent should be insured against damage and theft. If a customer damages or loses an item, you may have to pay to replace the items or pay a repair bill. While the beach rental may have safety instructions and precautions, you need to ensure you have the appropriate insurance. ALIGNED can help you protect your business and protect your customers.
One Rochester, Minnesota kayak rental reported a 300 percent increase in sales. As more people stay close to home for vacations, many of them choose water activities that are socially distancing recommendations. While this is great news for local businesses, water sports equipment rental operations are faced with the increased liability risks that come with a larger clientele. The risk of accidents increases when there are more customers, so the insurance policy must cover both the rental company and the customers.
General liability insurance
A business owner should obtain General Liability Insurance for kayaks at a beach rental, because it protects him or her from claims of bodily injury and property damage. General liability insurance also covers business claims for false advertising and personal injury. A business owner should also consider purchasing property insurance if they plan on renting out kayaks or other water sports equipment. If the business grows, he or she will need to obtain additional insurance policies.
Insurers should check the insurance policy of their kayaks to see if they are covered. While many insurers cover liability resulting from accidents involving personal vehicles, kayaks are not usually covered by this coverage. They may be classified as sports equipment by some insurers, and the insurance company may not cover these damages. It’s important to check the details of the insurance coverage and purchase it in writing.
Obtaining insurance is crucial for any business owner who rents out kayaks and canoes. Whether the watercraft is used for recreational purposes or as a business, there are many risks involved in these activities. Paddle sports are unique in their risk profile, and a business owner should ensure that they are adequately insured. A licensed insurance agent can help them obtain the best policy. You should also obtain a waiver before the watersports are rented out to customers.
Aside from ensuring that your equipment is protected, you should also consider purchasing Workers Compensation Insurance for your business. Workers compensation insurance pays for the medical costs associated with accidents involving employees. If a guest gets injured while using rental equipment, they may link your company to the negligence of the owner. If this is the case, the insurance company may determine that the guest’s injury is a business activity and exclude you from coverage based on your landlord policy.
Kayaks are very expensive and if they are not well-maintained, your customers may fall in the water. The damage caused by a kayak can be costly, so you should consider purchasing general liability insurance for your rental equipment. For instance, you might have a poster on your property that is protected under copyright laws. A general liability policy would pay for the costs of the poster and legal fees.
If you own a kayak and want to rent it out, you should consider supplemental coverage. A policy that will cover the cost of repairing or replacing your kayak will protect you financially in the event of an accident. You will also be able to claim on the policy if anyone gets injured while kayaking. In most cases, you will have to pay a small extra premium on top of the contents coverage. Most kayak insurance policies are “value-based,” meaning the policyholder will determine the value of the kayak. Also, be sure to think about whether the kayak you’re renting is going to be susceptible to tipping or not.
Getting insurance for a kayak can be expensive. While most homeowner’s insurance policies cover kayaks, some of them do not. Even though most homeowners insurance policies cover kayaks and canoes, some exclude certain kinds of bodies of water and international waters. Some policies also exclude water backup, war, and ice, and require that you buy expensive kayaks to get coverage. Buying a separate insurance policy for a kayak may be a better option.
When kayaks cost over $1500, you’ll likely have to purchase a separate policy to protect them. The price of the insurance policy for a kayak can vary greatly, but you can typically buy a policy that covers up to $1500. In addition to liability coverage, supplemental coverage for kayaks can also cover a rental company’s insurance for the kayak. You can also consider taking out an umbrella policy to cover the cost of the kayak and to cover any expenses that result from its use.
If you are planning to rent kayaks at a beach rental, you should be aware of weather concerns before you leave your house. The weather is unpredictable, so it is advisable to check the forecast before you leave. Even if the forecast is not 100 percent accurate, it will give you an idea of what conditions are likely to be like. Make sure that you postpone your trip if big storms are predicted.
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