In everything from transportation to travel to recreation, the marine industry is vital. It continues to play an essential role that it has played since time immemorial. But it also faces the same marine industry risks that it has faced historically — plus, a wide range of new ones.
If you are a business owner in the maritime industry, understanding how to navigate these risks, and carrying necessarily comprehensive insurance, are essential for business success.
What Risks Does the Maritime Industry Face?
The maritime industry faces risks both new and old. Perennial risks include:
- The risk of maritime disasters, caused by storms, equipment malfunction, or other causes
- Piracy (though the nature of this risk has evolved in recent years)
- Economic dislocations (though this too has evolved, particularly around recent supply chain disruptions)
The industry also faces novel, twenty-first-century risks, including the risk of cyberattack or cybercrime, as well as the challenges involved in following new sea routes, including in regions like the Arctic.
Developing a comprehensive understanding of risk and strategy for managing marine industry risks is essential for long-term stability. Carrying an appropriate suite of insurance to protect your company in the event of any incident or accident is also critical.