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Farming can be tough work, whether you’re running a poultry farm or if you’re raising horses . One mistake can result in issues that will plague you for years to come, and this is true for any kind of farm. Fish farming and aquaculture has exploded in recent years as more and more farmers realize that it’s a great source of food and income.
Thankfully, there is a way to mitigate some of the risks you’ll experience when you start up your fish farm: fish farm insurance. In this guide, we’re going to discuss everything you need to know about insurance for fish farming and aquaculture insurance, ranging from fish farm insurance cost to the best fish farm insurance companies in the industry.
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There are many different types of fish farm insurance available, though the most common one that businesses opt for is fish farm liability insurance. This is because fish farm liability insurance is the most likely form of business insurance to cover the most common issues that a fish farmer or aquaculturist would ever experience.
However, fish farm liability insurance isn’t just a single type of coverage. There are various forms of liability insurance for fish farms that will pay out in certain circumstances. Since each of these kinds of liability insurance has a varying degree of risk for the insurance company, these kinds of coverage also have different costs.
For example, public liability insurance for fish farming is the most common form of liability coverage because it tends to be relatively affordable. This kind of coverage will pay out only in the event that something befalls a member of the public, which can include visitors, customers, and suppliers visiting your farm.
On the other hand, general liability insurance is usually a bit more expensive for fish farmers because it covers everyone on the premises from both bodily injury and property damage. This can include the same members of the public that are covered under a public liability policy as well as the people working for you and even managers and underbosses.
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The average fish farm insurance cost depends on a wide range of variables that you’ll have to account for before you go out and get a quote, lest you find yourself unpleasantly surprised. As we’ve already mentioned, the kind of policy that you get your hands on will dramatically impact the cost of your fish farm insurance.
General liability policies carry more of a risk for the insurer to pay out so you’ll have to pay more for them. On the other hand, since public liability policies apply to fewer instances in which your insurer would have to cover you, then you’ll find yourself paying less for them. That being said, the cost of $1 million general liability insurance for fish farms is $38 a month or $456 a year.
However, the insurance carrier will also take a look at the details of your fish farm when it comes time for you to get insured. For example, if you have a larger fish farming operation with a larger number of employees than the average business, you can expect to pay a lot more for your insurance because this increases the risk of charges being pressed.
Other things that will impact the cost of your fish farm insurance include the history of your business and whether you’ve made prior insurance claims. If an insurance company sees that you’re used to making claims and your business has a history of accidents, then your insurance will cost you more.
Company | Monthly | Yearly | Best for |
---|---|---|---|
Coverwallet | $28 | $336 | Online fish farm insurance quote comparison |
Next | $38 | $456 | Fastest fish farm insurance policy |
AXA | $43 | $516 | Larger fish farms |
Southern Farm & Wind | $39 | $468 | Fish farms from southern US |
GAIC | $36 | $432 | Fish farms with high mortality risks |
Picking out the best fish farm insurance company will allow you to get the best rates for your coverage and it will also ensure that you get quality service for your money. The last thing you want to deal with in the midst of a fish farm disaster is dealing with an unresponsive company that is slow to process claims.
AXA is an insurance firm that is technically based in France, but they have offices across a variety of regions and continents, including Europe, America, and the Middle East. Operating through their subsidiaries, they’re able to provide insurance to a wide range of customers across these areas.
The AXA aquaculture insurance policy is designed to cover fish farms and hatcheries. They offer a wide range of coverage against common risks for fish farms, including disease, theft, pollution, predation, weather issues, water quality issues, and breakdowns in mechanical and electrical equipment.
Covers a wide range of risks
Experienced in aquaculture insurance
Even covers pollution
Pricey
Average cost: $43/m
Our rating: 10/10
Southern Farm & Wind is an insurance company that is family-owned and operates in a range of states, including Mississippi, Tennessee, South Carolina, Florida, Alabama, and Georgia. This company has been in business for over half a century and they focus on insuring farmers in the US’s southern states.
Southern Farm & Wind has a range of policies that apply to fish farms, including protection from wind damage but also more common hazards. For example, their fish farm insurance policy will protect your fish farm from market risks, production risks, personal risks, and asset risks.
Separate wind coverage
Moderate price
Covers market and personal risks
Only available in certain states
Best for: Fish farms in the southern US
Average cost : $39/m
Our rating: 8/10
The GAIC is the Global Aquaculture Insurance Consortium and they are partnered with Lloyd’s of London, one of the world’s most prestigious insurance companies. This partnership helps ensure that GAIC provides its customers with a larger amount of security than many of its competitors.
The most popular policy offered by GAIC is the stock mortality policy, which will pay out in case your stock of fish ends up dying for reasons that are not due to your negligence. The maximum limit for this policy goes up to 6 million USD.
Improved security
Great price
$6 million limit
Not an insurance carrier itself
Best for: Farms with high mortality risks
Average cost: $36/m
Our rating: 8/10
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This company does not care about the people they insure or the people that work for the company. They do stupid meets all day long about quality on calls while injured workers sit in pain waiting for answers but can never get to anyone to help them. This company hires uneducated people to run the company so that nothing important get done. I have heard so many stories about injury workers having bad service. They can’t never get their claims adjuster on the phone and the doctors that this company tells people to go to do not care about their patients causing their injuries to become worse. This company neglect on taking care of people’s injured employees have caused people to end up with disabilities for the rest of their life. if you get insurance under this company you will end up having to hire a lawyer to fight them in court. Do not get a policy with this company. Your employees will pay the price and so will the owners of the company. Honestly they need to get shut down. Avoid at all cost do not get this insurance and do not work for this company.
Terrible customer service. I got this insurance for my Amazon store when I ran one, took a break and cancelled all my subscriptions. I called these guys and they recommended sending an email. They never responded and have been charging me since then. Definitely going to dispute via the bank. Hate when businesses take advantage of other small businesses for their own gain.
I purchased a year long policy for my small business I paid for the year up front. First they sent me the incorrect paperwork and acted as if I had something to do with the mistake. About three weeks later I received a bill for the policy. I then sent countless email as the payment did clear my account. About a week later I'm told they have no record of my payment. Now I have to send any documents proving I said then. It went on for weeks. More requests of proof from this person then another. Every conversation had an under lying tone of me being dishonest. Finally I just gave up with them and filed a despite with my bank which took all of three days.. So now I'm continuing to receive emails that my policy is past due and will be cancelled. Funny, I was told I didn't have a policy because they couldn't locate it.
Purchased the General Liability policy I needed to fulfill a contract for my hiring party. Simply Business made it very easy to complete an application and review multiple quote options. Ended up purchasing a policy for 1/2 of what I originally was told by my agent.
I insured my small business with them from early 2016 to January 2022. I had a workman's compensation policy with them the entire time for my staff of approximately 10 people which fluctuated up and down minimally over the years. We ran a very safe operation and never had so much as one claim. I sold my business in early 2022 and cancelled my policy which triggered a final audit of $2871.00 which was owed back to me. Of course I dissolved my LLC immediately after selling the business and thus closed my bank checking account at the advise of my accountant. Though my name was on the business policy, Employers Preferred Insurance Company refused to issue a check to me directly as the policy holder due to...you guessed it, policy. Long story short, if you sell your business keep a small amount deposited in the checking account because it's almost a guarantee that companies such as Employers will use their policy to weasel their way out of money owed after the dissolution of a business. I should have known that I would be treated a just another number shortly after I signed with them as the sales agent just disappeared after I was set up for an online account to manage my policy. My next business venture will entail me working with an actual insurance agent who has an office in an actual brick and mortar building!