Boat Builder Insurance: Cost & Quotes From $50/mo

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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.

General Liability Insurance for Boat Builders

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.


Add-Ons to General Liability Insurance for Boat Builders

  • 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

Coverage Limits for General Liability Insurance for Boat Builders

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.


Professional Liability Insurance for Boat Builders

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.


Add-Ons to Professional Liability Insurance for Boat Builders

  • 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

Coverage Limits for Professional Liability Insurance for Boat Builders

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.


Add-Ons to Professional Liability Insurance for Boat Builders

  • 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

Coverage Limits for Professional Liability Insurance for Boat Builders

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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Commercial Property Insurance for Boat Builders

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. 


What Are the Incidents Covered by Commercial Property Insurance for Boat Builders?

  • 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

Coverage Limits for Commercial Property Insurance for Boat Builders

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. 




Business Owner’s Policy for Boat Builders

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.


Add-Ons to Your BOP for Boat Builders

  • 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

What Are the Coverage Limits of BOP for Boat Builders?

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.


Tools and Equipment Insurance for Boat Builders 

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. 


Add-Ons for Tools and Equipment Insurance for Boat Builders

  • 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

What Are the Coverage Limits for Tools and Equipment Insurance for Boat Builders?

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

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. 

Components of Commercial Auto Insurance for Boat Builders

  • 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

Add-Ons for Commercial Auto Insurance for Boat Builders

  • 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

Coverage Limits for Commercial Auto Insurance for Boat Builders

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.


Workers Compensation Insurance for Boat Builders

This boat builder insurance covers 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.


Add-Ons for Workers Compensation Insurance for Boat Builders

  • 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

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Boat Builder Insurance Cost

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

Compare Cheap Boat Builder Insurance Quotes Online

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Best Boat Builder Insurance Companies

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. 


NEXT Boat Builder Insurance 

Pros

  • 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 

Cons

  • 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


CoverWallet Boat Builder Insurance

Pros

  • 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 

Cons

  • 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


The Hartford Boat Builder Insurance  

Pros

  • 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

Cons

  • 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


Tivly Boat Builder Insurance

Pros

  • 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

Cons

  • 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


Thimble Boat Builder Insurance

Pros

  • 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

Cons

  • 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


Hiscox Boat Builder Insurance

Pros

  • 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

Cons

  • 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

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