In the US, anglers caught more than 8.4 billion pounds of fish in 2020. It is an essential job for the economy, but also very dangerous. The Centers for Disease Control considers commercial fishing among the most dangerous professions in the US.
To protect your business from costs, you will want a solid commercial fishing insurance policy. By getting covered, you won’t have to worry if your boat causes pollution. Insurance can also help with boat repairs. Sometimes, business insurance for commercial fishing might also help with emergency boat rental expenses. Read on for more information.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $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 | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
Commercial fishing insurance coverage with a general liability policy offers broad protection for third-party injuries and property damage due to your business operations. Example situations where this insurance can help are:
One of your fishing vessels injures someone while out at sea, which requires medical treatment.
While gathering fish, a vessel damages someone’s private property
Businesses can customize their policies with insurance add-ons that provide more protection. A fishing business will want to add a product liability policy to protect the fish they will gather that they are selling to customers. This policy offer protection from the injury or damage the fish might cause to a third party.
Another add-on you might want is tools & equipment protection. This lets you cover your tools even when they are off the premises of your commercial property.
General liability insurance generally has $1 million per occurrence and $2 million in aggregate coverage limit. Aggregate coverage means that the company will pay up to the maximum amount for all covered incidents during your policy's lifetime.
No, even though general liability insurance is broad, it does not offer full coverage. It has coverage limits to its policies and cannot cover every type of business liability. You will need to add more policies to completely cover your business.
Pollution liability policy is a good inclusion to a commercial fishing vessel insurance policy. This policy protects your business against the costs of potential leaks of hazardous materials during business. Example situations where this insurance can help are:
One of your fishing vessels has a fuel spill on the water, requiring clean up
If your boat sinks, you may be required to remove the wreckage
Pollution liability will often have e a $500,000 per occurrence coverage and a $500,000 aggregate during the policy term.
Yes. Depending on the policy you get, you will be covered if your boat has a pollution incident while out working and when it comes back to your commercial property
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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $340,000 | $25,000/$500,000 | $35,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $35,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Commercial property insurance protects your business premises and the property contained within if damaged or stolen. Examples are listed below:
A fire breaks out at your marina, causing damage that needs to be repaired
Your fishing equipment is stolen from your commercial property
A bad storm floods your property. Electronics must be replaced
One add-on you might want for your commercial property policy is debris removal coverage. This will cover the costs of cleaning up your property when it is damaged. This can save you money when extreme weather hits.
Business interruption can be a nice add-on to pair with commercial property protection because it protects any lost business profits and relocation costs that come with physical damage to your property.
On average, a commercial property policy will have around $60,000 in coverage. However, this limit will be significantly affected by the overall value of your business property.
Commercial property insurance is typically confined to a small radius around your business property. So if a fishing vessel is outside that radius, you would need another policy to cover it if it gets into an incident. Your insurance for commercial fishing vessels would need a boat policy or something similar to cover the vessel while it’s away.
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $320,000 | $25,000/$500,000 | $35,000 | $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 combines protection from general liability and commercial property insurance into one policy. Examples of business owner’s policy in action include:
One of your customers sets foot on your business premises and slips, needing medical treatment
A power outage causes some equipment on your business property to malfunction
Yes, commercial charter boat insurance would benefit from a business owner’s policy since you will be transporting customers on your boat that may experience injuries to their body or property.
Business owners’ policy varies depending on what policy options you select. Typically you will find a $1 million per occurrence limit and a $2 million aggregate limit for the liability coverage.
Commercial crime coverage–This policy protects your company from business-related crimes like employees stealing from you, electronic crime, and robbery
Hull and machinery insurance provide insurance for a vessel that covers it against many forms of physical damage in many kinds of waterways. You also get protection for machinery and marine equipment on board the vessel. Examples of situations to use this policy include:
Your vessel or fleet gets damaged by an iceberg while crossing the sea to fish
One of your vessels traveling down a waterway runs into rocks and needs to be repaired
Your coverage limit will be determined by the value of the insured vessel. Typically the insured value will not exceed 25% of the assessed insurable value of the vessel.
