Insurance for Fisherman

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.

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.

• Accidents on the deck are a major risk. Around 12 percent of the injuries are caused by slippery surfaces, high tension cables, equipment malfunction and more.
• The fish you’ve caught and sold to the market are later contaminated, causing a certain amount of illness.

These are some of the many risks that your business can face.

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:

• Commercial Auto insurance costs around $500 in annual premiums.
• Workers' Compensation costs around $1000 in annual premiums.
• Equipment Breakdown insurance costs around $700 in annual premiums.