Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Equipment Breakdown Insurance protects your equipment from breakdowns caused by motor burnout, power surges, boiler malfunction, and operating error. It covers you for the costs to replace or repair your damaged equipment, and other related expenses.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Why do Fishermen need insurance?
Companies in this industry are engaged in the process of catching and processing marine animals of all types. This includes shellfish such as clams, crabs, and lobsters, or fish such as bluefish, salmon and trout. This industry does not include inland fish farming.
Whether a seasonal operator or owner of a fleet of boats, you need an insurance to protect your business from many known and unknown risks. This also prevents you from paying huge fees and expenses from your personal and business assets as the insurance will pay for these until it reaches its limits.
What risks do Fishermen face?
Fishermen could drown following a disaster. Vessel disasters could include fire, capsizing, sinking due to a severe weather, collisions, malfunctioning equipment or other related incidents.
These are some of the many risks that your business can face.
How much does insurance for Fishermen cost?
The cost of fishermen insurance varies from business to business. Insurance companies normally ask for the services you offer, the number of employees you have and the coverage your business needs. Without taking these into account, here are the common insurances fishermen buy and their average cost: