What Fishermen Are All About:
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.
What type of insurance does this industry need?
- General Liability: This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy. General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.
- Commercial Property: This policy protects the business's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage. If you have a mortgage or a lease, you may be required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident.
- Ocean Marine: This policy offers coverage to cargo, hull, and freight, as well as third party liability due to bodily injury or property damage caused by the vessel in a variety of scenarios. For example, a hull is usually covered in the case of collision with another ship. Keep in mind that normal wear-and-tear is generally not covered. This coverage is often recommended for businesses involved in shipping and storing goods, or marine transportation.
