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In the US, anglers caught more than 8.4 billion pounds of fish in 2020.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 coverage. This article explores commercial fishing insurance coverage in detail from cost, policy offered and the best companies offering the policy.
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:
General liability insurance generally has $1 million per occurrence and $2 million in aggregate coverage limit.
| 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 |
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:
Pollution liability will often have e a $500,000 per occurrence coverage and a $500,000 aggregate during the policy term.
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:
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.
| 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 |
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.
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:
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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:
| 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 |
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.
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.
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 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.
Has an A- rating with AM Best and a B+ with the Better Business Bureau.
Average cost: $35 per month
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.
Average cost: $37 per month
Our rating: 10/10
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.
Average cost: $41 per month
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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.
Average cost: $43 per month
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.
Average cost: $47 per month
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.
Hiscox offers general liability, business owner’s policy, and workers’ compensation for your commercial fishing insurance package.
Average cost: $50 per month
Do you have U.S. insurance expertise/experience? Would you like to become a voice at Insuranks, help businesses and individuals, and showcase your authority online? Write us!
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