Boat builders craft boats that people use for personal fishing, commercial fishing, or watersports. A lot of dangers lurk with your work. A boat rental company that bought your products might sue for defects. An employee might cut his hand while shaping the parts for a boat. The tools you use to make boats might sustain damage. Boat builder insurance provides the necessary coverage to mitigate these risks. Read this guide to know the inclusions, cost of premiums, and the best companies.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $2,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $2,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $300,000/$1,000,000 | $300,000 | $100,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | No | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 | $0 |
General liability insurance for boat builders protects boat builders from third-party claims. This insurance can cover a range of events such as bodily injury and property damage. General liability insurance is essential when you incur significant financial losses and if you are found liable for an accident or injury caused by one of your vessels.
Umbrella liability insurance–Extends your coverage limits for catastrophic claims
Pollution liability insurance–If you manufacture boats, materials and techniques that may pollute or cause environmental damage, you need this coverage. It covers pollution, contamination, and environmental cleaning claims
General liability insurance limits for boat builders vary by insurance and business needs. This form of insurance typically covers $1 million to $5 million, but larger amounts may be available based on individual needs.
| CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Can be included | No |
| HIPAA coverage included? | No | No | No | No | No |
| Sexual misconduct coverage included? | No | No | No | No | Can be included |
| License defense coverage included? | No | No | No | No | Can be included |
| Deductible | $500 | $500 | $500 | $50/$10,000 | $500 |
Also known as errors and omissions insurance, this policy protects you against incidents related to your professional services. It typically covers claims resulting from errors, mistakes, negligence, or omissions in the boat-building process, such as design flaws, inaccurate specifications, or erroneous client advice.
Cyber liability insurance–Protects you against data breaches, cyber-attacks, or the loss of sensitive customer information
Contractual liability–Covers your liabilities that may arise out of contractual obligations with customers or subcontractors
The professional liability insurance coverage limits range from $1 million to $5 million. Nevertheless, greater coverage limits may be available based on your needs and the scope of the boat-building operations. It is essential to discuss coverage limits with your insurance provider to determine the appropriate level of coverage for your particular requirements.
Cyber liability insurance–Protects you against data breaches, cyber-attacks, or the loss of sensitive customer information
Contractual liability–Covers your liabilities that may arise out of contractual obligations with customers or subcontractors
The professional liability insurance coverage limits range from $1 million to $5 million. Nevertheless, greater coverage limits may be available based on your needs and the scope of the boat-building operations. It is essential to discuss coverage limits with your insurance provider to determine the appropriate level of coverage for your particular requirements.
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| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $260,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Contents coverage limit (minimum) | $50,000 | $22,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Accounts receivable | Excluded | Excluded | $5,000/10,000 | Included | Excluded |
| Money and securities | Excluded | $2,500 | $1,000 | Included | Excluded |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Business interruption floater | Excluded | Included | Included | Included | Excluded |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Excluded |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Included | Excluded |
Commercial property insurance for boat builders protects your business from financial losses incurred due to damage or loss of your assets. This policy covers the physical structure and contents of the building, including machinery, tools, and equipment used in the manufacturing process.
Fire and smoke damage
Storm and weather damage
Theft and vandalism
Accidental damage
What Are the Common Add-Ons to Commercial Property Insurance for Boat Builders?
Flood insurance–Covers for your damages caused by flooding, such as water damage to the boat building facility, inventory, and equipment
Boat builders risk insurance–Protects against damage or loss to vessels under construction
Business interruption insurance–Covers your lost income and additional expenses if your boat-building operations are temporarily halted as a result of an insured event
The coverage limits for commercial property insurance for boat builders range from $500,000 to $5 million or more, depending on the size and value of the property and assets being insured.
| CoverWallet | Thimble (Best) | NEXT | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $2,000,000 | $2,000,000 | $300,000 | $1,000,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $500,000 | $260,000 | $25,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
Business owner’s policy (BOP) for boat builders combines general liability and property damage coverage into one package, making it an efficient way to protect your business against potential risks.
Typically, the policy covers physical damage to the building and any equipment and tools used in the manufacturing. It also protects you against claims of bodily injury or property damage from work activities.
Equipment breakdown insurance–Equipment breakdown insurance pays for repairs or new costs if important machinery used to build boats breaks down
Cyber liability insurance–Protects you from losses caused by data breaches or cyberattacks on your website or computer systems
The property coverage limits of a BOP range from $500,000 to $2 million, and the general liability coverage limits range from $1 million to $5 million. Various factors determine the coverage limit, such as the size and valuation of the boat building facility, equipment, inventory, and the specific policy and insurance provider.
| NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
Tools and equipment insurance for boat builders protect against various incidents that can damage or cause loss to your tools and equipment. This crucial investment covers fire, theft, vandalism, upset, and operator error.
Inland marine coverage–Protects your tools and equipment while they are in transit or temporarily located away from your primary business location, such as on a job site or at an exhibition
Equipment breakdown coverage–This coverage protects against sudden mechanical or electrical equipment failures. It covers the cost of repairing or replacing your machinery, generators, or specialized instruments
The coverage limits for tools and equipment insurance vary based on factors such as the equipment's value and the specific policy. Coverage limits typically range from $10,000 to $500,000.
Commercial auto insurance for boat builders covers business vehicles used in your boat building business. It covers car accidents, property damage, and injuries. This insurance covers trucks, vans, and trailers transporting materials, tools, and finished boats.
Commercial auto insurance can help you cover costs such as repairs, medical bills, and legal fees. Accidents can occur unexpectedly, and without insurance, you could be held financially responsible for significant losses.
Liability coverage–Covers corporeal injury or property damage caused by your commercial vehicles in the event of an accident for which you are deemed liable
Collision coverage–It provides coverage for damage to your commercial vehicles caused by a collision with another vehicle or object, regardless of who is at fault
Comprehensive coverage–Covers damage to your business vehicles that is caused by situations other than collisions, such as theft, vandalism, fire, and natural catastrophes
Uninsured motorist coverage–Safeguards you if you are involved in a collision with a driver who has little or no insurance
Trailer coverage–It provides protection against injury and theft for your trailers used to transport boats and other equipment
Hired and non-owned auto coverage–Covers the cost of accidents caused by vehicles you rent, hire, or lease, such as rental trucks or employee-owned vehicles used for business purposes
The coverage limits range from $500,000 to $1 million per occurrence, while collision coverage limits can be based on the actual cash value or replacement cost of the vehicle.
This boat builder insurancecovers work-related injuries or illnesses your employees suffer. It helps cover medical expenses, rehabilitation costs, and lost wages resulting from workplace accidents. Workers compensation insurance can help cover workplace injury, illness, medical expenditures, and lost wages due to injury or illness.
Employer's liability coverage–Covers legal bills and settlements if your employee sues for work-related injuries or sickness
Employee assistance programs–This add-on supports employees with work-related stress, mental health concerns, or personal issues to improve their well-being
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $50 | $600 | $0-$500 |
| Professional liability insurance | $55 | $660 | $500-$1,000 |
| Commercial property insurance | $70 | $840 | $1,000-$2,000 |
| Builders risk insurance | $72 | ||
| Business owner's policy | $105 | $1,260 | $1,500 |
| Tools and equipment insurance | $63 | $756 | $500-$1,000 |
| Commercial auto insurance | $75 | $900 | $500-$1,000 |
| Workers compensation insurance | $100 | $1,200 | $2,500-$5,000 |
The average boat builder insurance cost is $50 per month or $600 per year for a $1 million general liability policy. Factors that affect the cost of premiums are claims history, business history, policy limits, deductibles, and more. Here’s a table showing the cost of a $1 million general liability policy from the best boat builder insurance companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $30 | $360 | Best overall; Fastest general liability insurance for boat builders |
| The Hartford | $38 | $456 | Workers compensation insurance for boat builders |
| CoverWallet | $35 | $420 | Comparing boat builder insurance quotes online |
| Tivly | $42 | $504 | Comparing boat builder insurance quotes over the phone |
| Thimble | $46 | $552 | On-demand coverage for boat builders |
| Hiscox | $48 | $576 | Worldwide coverage for boat builder |
Get all the best quotes from leading providers in a click of a button!
Here are the best boat builder insurance companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability policy.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for boat builders
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT is well known for having great customer service and using technology to make it easy for customers to get insurance. This company offers a mobile application that facilitates policy management and claim filing. NEXT has a wholly digital application and approval process. This means that you can register for and receive coverage online, without having to meet with an agent or complete a paper application.
Best for: Best overall; Fastest general liability insurance for boat builders
Average cost: $30 per month
Our rating: 10/10
Offers a simple online application for quotes and insurance
Gives you access to a variety of coverage options and potential cost savings
Compare quotes online
Not an insurance company but an insurance broker
CoverWallet is a digital insurance broker that offers customized plans to enterprises. CoverWallet provides customized insurance policies for enterprises of all sizes, simple online access and competitive pricing. CoverWallet's success is attributable to its innovative approach to the traditional insurance industry.
Best for: Comparing boat builder insurance quotes online
Average cost: $35 per month
Our rating: 10/10
Solid standing in the industry and extensive knowledge
Assist policyholders to manage risks and avoid losses
The Hartford is financially sound and can guarantee claims and coverage
Limited add-ons to general liability insurance
The Hartford is a well-established company that has acquired its stellar reputation through years of exemplary service. Their dedication to providing clients with customized coverage and customer satisfaction makes them an excellent choice for all of your insurance requirements.
Best for: Workers compensation insurance for boat builders
Average cost: $38 per month
Our rating: 10/10
Ability to anticipate industry trends shows their insurance sector knowledge
Providing clients with reliable insurance solutions
Reputable insurance reputation with over 50 years of expertise
Inaccessible in certain areas
Tivly is trusted in the insurance market after 50 years. Tivly's success has been its ability to stay ahead of industry trends. The company provides features that accommodate the varied requirements of individuals, families, and companies. Customized solutions have made the organization a popular alternative for reputable insurance options. Tivly is trusted to protect what matters most due to its longstanding industry excellence. Call now to compare quotes over the phone.
Best for: Comparing boat builder insurance quotes over the phone
Average cost: $42 per month
Our rating: 9/10
Allow you to add clients, subcontractors, and other persons involved in boat building to your policy
Provide customizable policies, letting you set coverage limits and alternatives to your specific needs
Focuses on on-demand coverage for certain projects or timeframes, which may not suit firms that need long-term coverage
Jay Bregman and Eugene Hertz founded the company after recognizing the need for flexible insurance coverage to defend small businesses. Thimble is an intelligent choice for freelancers and small business proprietors who wish to safeguard themselves against unforeseen risks. They provide those in need with peace of mind through their adaptable coverage options, affordable pricing plans, and user-friendly app.
Best for: On-demand coverage for boat builders
Average cost: $46 per month
Our rating: 9/10
Handles claims quickly and effectively, minimizing disruption to your business
They may provide safety instructions and loss control support to reduce hazards
They offer customizable policies for boat builders
Hiscox's local presence may be limited, limiting service accessibility
With over 100 years in business, Hiscox has grown and diversified its insurance offerings to include property and casualty insurance, professional liability insurance, cyber risk insurance, and more. Hiscox Insurance has offices in New York City, Paris, Madrid, and other significant cities worldwide.
Best for: Worldwide coverage for boat builders
Average cost: $48 per month
Our rating: 9/10
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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