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Commercial Fishing Insurance: Cost & Quotes From $65/mo

Table of contents
1. General Liability Insurance for Commercial Fishing1.1. Add-Ons for General Liability Insurance for Commercial Fishing1.2. Coverage Limits of General Liability Insurance for Commercial Fishing1.3. Does General Liability Insurance Cover Everything?2. Pollution Liability Insurance for Commercial Fishing2.1. What Are the Coverage Limits of Pollution Liability Insurance for Commercial Fishing?2.2. Does Pollution Liability Cover On-Site and Off-Site Incidents?3. Commercial Property Insurance for Commercial Fishing3.1. Add-Ons for Commercial Property Insurance for Commercial Fishing3.2. Coverage Limits for Commercial Property Insurance for Commercial Fishing3.3. Is My Vessel Covered When Off the Business Premises?4. Business Owner’s Policy for Commercial Fishing4.1. Is Business Owner’s Policy a Good Choice if I Also Provide Charter Services?4.2. What Are the Coverage Limits for Business Owner’s Policy?4.3. What Add-Ons Are Worth It for Business Owner’s Policy?5. Hull and Machinery Insurance for Commercial Fishing5.1. What Are the Coverage Limits for Hull and Machinery Insurance?6. Commercial Fishing Boat Insurance6.1. Boat Insurance Coverage Limits7. Workers Compensation Insurance for Commercial Fishing7.1. Am I Required to Get Workers Comp?7.2. Is Negligence Covered by Workers Comp?8. Commercial Fishing Insurance Cost8.1. Commercial Fishing Boat Insurance Cost9. Best Commercial Fishing Insurance Companies9.1. NEXT Commercial Fishing Insurance 9.1.1. Pros9.1.2. Cons9.2. The Hartford Commercial Fishing Insurance 9.2.1. Pros9.2.2. Cons9.3. CoverWallet Commercial Fishing Insurance 9.3.1. Pros9.3.2. Cons9.4. Tivly Commercial Fishing Insurance 9.4.1. Pros9.4.2. Cons9.5. Thimble Commercial Fishing Insurance 9.5.1. Pros9.5.2. Cons9.6. Hiscox Commercial Fishing Insurance 9.6.1. Pros9.6.2. Cons

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.

General Liability Insurance for Commercial Fishing


CoverWalletNEXT (Best)ThimbleHiscoxThe 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?YesNoIncludedCan be includedNo
Hired/non-owned auto liability coverage included?YesNoExcludedCan be includedCan be included
Equipment breakdown floater included?NoYesYesCan be includedCan 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


Add-Ons for General Liability Insurance for Commercial Fishing

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.


Coverage Limits of General Liability Insurance for Commercial Fishing

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.


Does General Liability Insurance Cover Everything?

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 Insurance for Commercial Fishing

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


What Are the Coverage Limits of Pollution Liability Insurance for Commercial Fishing?

Pollution liability will often have e a $500,000 per occurrence coverage and a $500,000 aggregate during the policy term.


Does Pollution Liability Cover On-Site and Off-Site Incidents?

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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Commercial Property Insurance for Commercial Fishing


CoverWalletNEXT (Best)ThimbleThe HartfordHiscox
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 signsExcluded$2,500ExcludedExcludedIncluded
Accounts receivableExcludedExcluded$5,000/$10,000ExcludedIncluded
Money and securitiesExcluded$2,500$1,000ExcludedIncluded
Lock and keysExcluded$2,500ExcludedExcludedIncluded
Business interruption floaterExcludedIncludedIncludedExcludedIncluded
Equipment breakdown floaterExcludedIncludedExcludedExcludedIncluded
Inland marine insurance floaterExcludedExcluded$10,000ExcludedExcluded
Employee dishonesty floaterExcluded$5,000$2,500ExcludedExcluded


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


Add-Ons for Commercial Property Insurance for Commercial Fishing

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.


Coverage Limits for Commercial Property Insurance for Commercial Fishing

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.


Is My Vessel Covered When Off the Business Premises?

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.


Business Owner’s Policy for Commercial Fishing


CoverWalletNEXT (Best)ThimbleThe HartfordHiscox
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?YesYesYesYesYes
Name additional insureds for free?YesYesYesYesYes
BOP discount?YesYesYesYesYes


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


Is Business Owner’s Policy a Good Choice if I Also Provide Charter Services?

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.


What Are the Coverage Limits for Business Owner’s Policy?

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.


What Add-Ons Are Worth It for Business Owner’s Policy?

  • 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 for Commercial Fishing

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


What Are the Coverage Limits for Hull and Machinery Insurance?

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.




Commercial Fishing Boat Insurance

Commercial fishing boat insurance covers your boat when you need to repair or replace it when it is damaged or stolen and if it causes damaging liabilities. Some examples of when to use this coverage include:

  • Someone steals your boat, so your policy helps you cover the resulting damages

  • Your boat gets damaged when colliding with another vessel out on the water


Boat Insurance Coverage Limits

Some standard coverage limits for boat insurance are outlined below:

Medical PaymentsPersonal EffectsUninsured BoatersAssistance and TowingEquipment CoverageLiability
$5,000$1,000$300,000 to $500,000$500$1,000$500,000


Workers Compensation Insurance for Commercial Fishing

Workers' compensation insurance is a policy that protects your employees if they get sick or injured. Some situation examples include:

  • While working on a vessel, an employee falls and injures their back

  • An employee is unable to work due to an injury sustained while fishing


Am I Required to Get Workers Comp?

Likely yes. Most states require any business with employees to purchase a workers’ comp policy so workers can have some form of job protection.


Is Negligence Covered by Workers Comp?

Purely negligent actions like working while intoxicated or intentionally dangerous acts will typically be excluded by this coverage. In general, workers can get coverage regardless of who is at fault, except for extremely negligent circumstances.

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Commercial Fishing Insurance Cost


Cost per MonthCost per YearDeductible
General liability insurance$65$780$0-$500
Pollution liability insurance$70$840$500-$1,000
Commercial property insurance$81$972$1,000-$2,000
Business owner's policy$146$1,752$1,500
Workers comp insurance$150$1,800
$2,500-$5,000
Tools and equipment insurance$68$816$500-$1,000
Hull insurance$71$852$500-$1,000


The average commercial fishing insurance cost is $65 per month or $780 per year for a $1 million general liability coverage. Factors that affect the cost of premiums are claims history, business history, location, policy limits, and deductibles.  Here’s a table showing the cost of a $1 million general liability insurance from companies we recommend:


Cost per MonthCost per YearBest for
Next$35$420Best overall; Fastest general liability insurance for commercial fishing
The Hartford$37$444Workers comp insurance for commercial fishers
CoverWallet$41$492Comparing commercial fishing insurance quotes online
Tivly$43$516Comparing commercial fishing insurance quotes over the phone
Thimble$47$564On-demand coverage for commercial fishing
Hiscox$50$600Commercial fishing insurance with worldwide coverage


Commercial Fishing Boat Insurance Cost

Your commercial fishing boat insurance cost will be around $69 per month or $628 per year for a 30 feet boat. Your premium will change based on the cost of the vessel you need to insure. Commercial fishing boat insurance usually costs between 1-5% of the value of your vessel.

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Best Commercial Fishing Insurance Companies

Here are some of the companies you might want to work with. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance.

 

NEXT Commercial Fishing Insurance

Pros

  • Best overall

  • Issues an online proof of insurance instantly

  • Fastest general liability insurance for commercial fishing 

  • 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 offers the best experience for commercial fishing businesses that need protection. They have options to protect your buildings, goods, equipment breakdowns, general liability, and more. In 2022, Next’s gross premium count exceeded $200 million in 2022 and currently has an A- rating with AM Best and a B+ with the Better Business Bureau.

Best for: Best overall; Fastest general liability insurance for commercial fishing 

Average cost: $35 per month

Our rating: 10/10


The Hartford Commercial Fishing Insurance

Pros

  • 225 marine insurance options

  • Hull and machinery insurance

  • Renowned company for workers comp insurance

Cons

  • Not available in Hawaii

The Hartford offers a suite of policies for your commercial fishing insurance policy. You can get general liability, boat insurance, commercial property, and more. They offer personalized protection and over 225 marine insurance options. The Hartford has an A+ rating from the BBB and a 4.8/5 rating for customer satisfaction from their site reviews.

Best for: Workers comp insurance for commercial fishers

Average cost: $37 per month

Our rating: 10/10


CoverWallet Commercial Fishing Insurance

Pros

  • Compare quotes online

  • HNOA coverage automatically included in general liability insurance

  • Discounted premiums for paying for the whole-year

Cons

  • Not an insurance company but an insurance broker 

CoverWallet has a nice selection of commercial fishing policies and components. Through their partners, they offer commercial fisherman insurance as well as boat insurance. They also have general liability, commercial property, and workers’ compensation. CoverWallet has an A+ rating from the BBB.

Best for: Comparing commercial fishing insurance quotes online 

Average cost: $41 per month

Our rating: 10/10 


Tivly Commercial Fishing Insurance

Pros

  • Compare quotes over the phone

  • A partner of many reputable insurance companies 

  • Solution-oriented policies

Cons

  • Have to call to get the policy process started

Tivly is an insurance platform with over 200 partners to pick from. They offer charter boat and commercial boat policies that help protect your commercial fishing business. They also have hull coverage that protects your vessels against physical damage. Tivly has an A rating from the BBB. Call now to compare quotes over the phone. Call now to compare quotes over the phone. 

Best for: Comparing commercial fishing insurance quotes over the phone 

Average cost: $43 per month

Our rating: 10/10 


Thimble Commercial Fishing Insurance

Pros

  • On-demand coverage

  • Short-term general liability insurance is available

  • Numerous add-ons to general liability insurance and BOP

Cons

  • You can’t reach customer service by calling 

Thimble offers ocean marine insurance to protect your vessel while crossing the sea or ocean. It also has critical components of your commercial fishing insurance, like general liability. Business owner’s policy and commercial property. They make it convenient for fishing businesses by helping you choose the proper policy protections and add-ons.

Best for: On-demand coverage for commercial fishing 

Average cost: $47 per month

Our rating: 10/10 


Hiscox Commercial Fishing Insurance

Pros

  • Great workers comp coverage

  • Policies can cover you outside of the US

  • 14-day refunds

  • Numerous upgrades to base policies

Cons

  • Online quoting not available all the time due to periodic site maintenance

At Hiscox, you get a personalized customer experience where they tailor your policy to be wholly unique for your business. They specialize in small business customers and are a great international brand because they offer protection in 14 countries. Hiscox offers general liability, business owner’s policy, and workers' compensation for your commercial fishing insurance package.

Best for: Commercial fishing insurance with worldwide coverage

Average cost: $50 per month

Our rating:  10/10 


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