While employee insurance coverage is optional under admiralty law, businesses that operate on the water full or part-time still benefit from employer insurance that protects their workers. Employees injured on the job at sea still represent a financial risk because of liabilities employers take on when making assignments, and maritime employer coverage provides for the expenses related to those liabilities in a way similar to worker’s compensation insurance, but with a few differences. Where state required workers compensation has unlimited coverage, companies buying employer insurance for maritime companies choose policy limits. That means it is very important your risk assessment accurately portrays your exposure to financial liability.
Cover Employees on Any Vessel
Many businesses that operate on the water provide core services to client vessels. That’s why robust coverage for employers should follow them wherever they go. Similarly, the employees of other businesses need to be covered on your vessel, especially in an era when more and more companies are turning to subcontracted staffing solutions. To find the right coverage for maritime companies, talk to insurance professionals who understand the wide range of industries that operate at sea. They have the experience to anticipate practically any company’s needs, because they’ve seen all kinds of companies, so they are positioned to best anticipate yours.