Fish Farm Insurance: Cost, Liability & Quotes From $5

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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.

Fish Farm Liability Insurance

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.

Fish Farm Insurance Cost

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.

Best Fish Farm Insurance Companies

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 Fish Farm Insurance

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.

AXA Policy Details

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.

Pros:

• Covers a wide range of risks

• Experienced in aquaculture insurance

• Even covers pollution

Cons:

• Pricey

Average cost: $43/m

Our rating: 10/10

Southern Farm & Wind Fish Farm Insurance

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 Policy Details

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.

Pros:

• Separate wind coverage

• Moderate price

• Covers market and personal risks

Cons:

• Only available in certain states

Best for: Fish farms in the southern US

Average cost : $39/m

Our rating: 8/10

GAIC Fish Farm Insurance

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.

GAIC Policy Details

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.

Pros:

• Improved security

• Great price

• $6 million limit

Cons:

• Not an insurance carrier itself

Best for: Farms with high mortality risks

Average cost: $36/m

Our rating: 8/10