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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 |
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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:
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.
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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.
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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.
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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:
Pollution liability will often have e a $500,000 per occurrence coverage and a $500,000 aggregate during the policy term.
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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 |
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Commercial property insurance protects your business premises and the property contained within if damaged or stolen. Examples are listed below:
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.Â
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.
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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.
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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.Â
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| 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 |
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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:
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.
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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.Â
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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 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.
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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:
Some standard coverage limits for boat insurance are outlined below:
| Medical Payments | Personal Effects | Uninsured Boaters | Assistance and Towing | Equipment Coverage | Liability |
|---|---|---|---|---|---|
| $5,000 | $1,000 | $300,000 to $500,000 | $500 | $1,000 | $500,000 |
Workers’ compensation insurance is a policy that protects your employees if they get sick or injured. Some situation examples include:
Likely yes. Most states require any business with employees to purchase a workers’ comp policy so workers can have some form of job protection.
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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.
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| 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 |
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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 Month | Cost per Year | Best for | |
|---|---|---|---|
| Next | $35 | $420 | Best overall; Fastest general liability insurance for commercial fishing |
| The Hartford | $37 | $444 | Workers comp insurance for commercial fishers |
| CoverWallet | $41 | $492 | Comparing commercial fishing insurance quotes online |
| Tivly | $43 | $516 | Comparing commercial fishing insurance quotes over the phone |
| Thimble | $47 | $564 | On-demand coverage for commercial fishing |
| Hiscox | $50 | $600 | Commercial fishing insurance with worldwide coverage |
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.
Get all the best quotes from leading providers in a click of a button!
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.
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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 fishingÂ
Average cost: $35 per month
Our rating: 10/10
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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
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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 onlineÂ
Average cost: $41 per month
Our rating:Â 10/10Â
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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.Â
Best for: Comparing commercial fishing insurance quotes over the phoneÂ
Average cost: $43 per month
Our rating: 10/10Â
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 fishingÂ
Average cost: $47 per month
Our rating: 10/10Â
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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:Â 10/10Â
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
Not all those who wander are lost.
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