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
Get all the best quotes from leading providers in a click of a button!
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.
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
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:
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
Likely yes. Most states require any business with employees to purchase a workers’ comp policy so workers can have some form of job protection.
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 |
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.
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
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
225 marine insurance options
Hull and machinery insurance
Renowned company for workers comp insurance
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
Compare quotes online
HNOA coverage automatically included in general liability insurance
Discounted premiums for paying for the whole-year
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
Compare quotes over the phone
A partner of many reputable insurance companies
Solution-oriented policies
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
On-demand coverage
Short-term general liability insurance is available
Numerous add-ons to general liability insurance and BOP
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
Great workers comp coverage
Policies can cover you outside of the US
14-day refunds
Numerous upgrades to base policies
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
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!