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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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!
Not all those who wander are lost.
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