Just to add to that, the only thing that should get battery power with the switch OFF is the bilge pump/auto bilge switch. This is particularly important for boats left in the water in slips or moorings. I used to have my auto bilge switch hooked up to the common terminal and had to leave one battery ON when the boat was left on the mooring. What happened a couple of times was that I left the radio on, or another time I had my GPS/plotter set up for auto on (it would turn itself on, if it cut out after starting the engine) and it was running batteries down. So, I changed the settings in the GPS and have the auto bilge hooked up to #2 on the switch (there is a way to hook it up to both batteries using diodes, I have to figure that out one of these days). Now I can turn the batteries OFF when leaving the boat on the mooring, no more worries about dead batteries.
Its a good idea if you have chronic run down batteries to do a parasitic draw test. The GPS turning itself on was a real surprise to me! Boats unlike cars, are often wired so just about everything works with the key off except anything on the ignition circuit.