Commercial Fishermen Insurance

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Commercial Fishermen Insurance Policy Information

Commercial Fishermen Insurance

Commercial Fishermen Insurance. Tuna, salmon, crab, lobster, clam, scallops; the sea provides a bounty of food, and as a commercial fishermen, you play a vital role in supplying food to people around the globe.

Whether you operate a small outfit with just a few vessels and supply fresh seafood to local markets, or you are the proprietor of a national or international operation with a large fleet of vessels and you supply seafood to markets around the globe, you need to make sure that your business is properly protected.

How do you do that? By investing in the right type of commercial fishermen insurance.

Commercial fishermen catch and trap fish and shellfish, including carp, cod, flounder, herring, salmon, sardines, tuna, clams, crab, lobsters, scallops, shrimp, and squid. The business may be owned by a family or a large corporation.

Equipment used include cranes, dredges, nets, poles, traps, and trolling lines. Fish and shellfish are highly perishable and must be kept from deteriorating between the time of capture and pickup by a processor, restaurant, retail store, or wholesaler.

Aboard the fishing vessel, the fish may be gutted and washed, then chilled or iced in refrigerated containers or salted until delivered to shore. Shellfish may be kept alive in tanks while on the vessel.

Once the vessel lands, the catch may be picked up by or delivered directly to customers or stored temporarily in a warehouse. Seafood is subject to FDA requirements, which are provided by the National Oceanic and Atmospheric Administration (NOAA). NOAA provides sanitation inspections of vessels and storage facilities along with product quality, grading and certification services.

As the owner and operator of a commercial fishermen, you are liable for anything that goes wrong. In order to protect yourself from the risk of serious financial losses, you need to invest in the right type of commercial fishermen insurance coverage.

What kind of insurance do you need? How much should you carry? Read on to find out how to properly protect your AL commercial fishermen from any mishaps that may be thrown your way.

Why do commercial fishermen need to be insured? What type of insurance should they carry? Below, we'll explore the answers to these key questions and more.

Commercial fishermen insurance protects your fishing operation from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.

Below are some answers to commonly asked commercial fishing insurance questions:


How Much Does Commercial Fishermen Insurance Cost?

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small fishing operations ranges from $67 to $89 per month based on location, number of vessels, operations, claims history and more.


Why Do Commercial Fishermen Need Insurance?

Commercial Fishing Boat

As a commercial fisherman, the very nature of your business is risky. The sea can be volatile and is difficult to predict. An unexpected storm could blow in, capsize one of your vessels, resulting in serious injuries, loss of any product that was caught, and damage to the ship.

This isn't the only type of issue that commercial fishermen could experience. A client could file a lawsuit against you, claiming that the products you supplied were responsible for illnesses. The dock where you keep your vessels could be damaged in a storm. These are just some of the issues that commercial fishermen face.

As the owner and operator of your commercial fishing outfit, you are liable for any of the costs that are associated with mishaps that may occur. As you can imagine, these costs can be exorbitant and if you have to pay for them out of your own pocket, you could be looking at serious financial losses.

If, however, something unexpected does occur and you do have the right kind of commercial fishermen insurance coverage, instead of paying for the associated expenses yourself, your carrier would cover them for you.

In other words, insurance can protect you from financial hardships, and can even help you avoid losing your business.

Of course, in addition to the financial security insurance provides, commercial fishermen are legally required to carry certain types of coverage. If you fail to have mandated coverages, you could be hit with major penalties and may even end up having your operation shut down.


What Type Of Insurance Do Commercial Fishing Operations Need?

There are several types of insurance that commercial fishermen will need to carry. The specific types of commercial fishermen insurance coverage that fishing businesses will need are dependent on several factors that relate to the individual operations; the size of the business, where it is located, what type of clients the business supplies products to, etc.

With that said, however, here's a look at some of the most basic types of coverage that most commercial fishermen will require:

  • Commercial General Liability - This kind of insurance protects you from third-party property damage and personal injury liability claims. For instance, if a vendor or a client were to slip, fall, and suffer an injury on your business' premise and they filed a lawsuit against you, citing that it was your negligence that resulted in the accident and injury, commercial general liability insurance would help to cover your legal expenses, as well as any settlements that you may be required to pay.
  • Commercial Property - You'll also want to carry a commercial property insurance policy, which protects the physical structure of the buildings that are used for your business, as well as the contents within them, from acts of nature, theft, and vandalism. If someone were to steal one of your vessels, this coverage would assist with replacing it, as well as pay for any repairs that your property may require.
  • Workers' Compensation - You are responsible for providing your employees with a safe work environment. In the event that one of your employees suffers a work-related injury or illness, you would be responsible for covering the cost of their medical care, as well as reimbursing them for any wages that they may lose if they are unable to work. Workers' compensation would help to pay for the expenses that are associated with any employee-related injuries or illnesses.

The above-mentioned policies are just a few examples of the type of commercial fishermen insurance coverage you should consider for your fishing operation.


Commercial Fishing's Risks & Exposures

Fisherman Holding A Big Fish

Ocean marine exposures are from the vessel, its cargo, third party liability, and injury or death to the crew while working away from shore. The size of the vessel, the equipment used, the type of fish or seafood being sought, whether fishing is in fresh or salt water, the distance from shore, and the length of time out to sea are all important considerations.

Communication with land, Coast Guard, and other nearby fisherman is vital. Regular maintenance of the vessel and all equipment must be documented. Cargo areas must be appropriate for the type of seafood or fish that is caught and the length of time the catch is held.

Bodily injury and property damage caused by the vessel is an important exposure. The crew and master must be trained in navigating the fishing area and must have the needed tools to prevent contact with other fixed objects such as piers, bridges and docks and other vessels.

Injury to the crew and captain is considered an ocean marine exposure because of maritime law and the Jones Act. The exposures are severe due to the hazardous working conditions aboard the vessel. Long hours, strenuous work, dangerous equipment (such as cranes or winches), and severe weather conditions combine to make commercial fishing one of the most dangerous occupations in the world.

Fishermen can fall overboard or drown when the vessel capsizes, is flooded, or becomes unstable due to high waves and/or heavy winds. Safety equipment, including use of personal flotation devices (PFDs) equipped with a Global Positioning System (GPS) while on deck, emergency stops on winches, and hatch and door monitoring systems to prevent progressive flooding, should be required.

Drills on safe evacuation procedures should be regularly conducted. As operations are conducted in remote areas, it is difficult to transport an injured worker to a medical facility to receive prompt treatment.

Premises liability exposure is light. There may be an office as well as some selling of fish and seafood on the pier, but this is very limited. If the fisherman processes or sells fish, refer to the Fish Packers or the Meat Markets classifications. Commercial fishing corporations can be targeted by conservation or animal rights groups. Additional security may be required if there are demonstrations.

Products liability exposure does not exist unless the fisherman processes the fish. If the fisherman processes or sells fish, refer to the Fish Packers or the Meat Markets classifications.

Environmental impairment exposure is high due to the potential for water pollution from waste products from fish and seafood, which can include heads, skin, viscera and carcasses along with briny storage fluid. Disposal must be documented and meet all FDA and EPA standards. Fishing operations may damage coral reefs.

Workers compensation exposure is limited on shore to that of an office plus light maintenance type operations related to the equipment used on the vessel. The fishing operations are not covered by workers compensation but by federal maritime law and the Jones Act. Additional coverage in Alaska is available through the state's Fishermen's Fund.

Property exposure is limited to items kept on shore, including an office and storage of items needed to support the vessel. If the fisherman processes or sells fish, refer to the Fish Packers or the Meat Markets classifications.

Crime exposures are from employee dishonesty and money and securities. Background checks, including criminal history, should be obtained on each employee prior to hiring. Ordering and billing must be handled by two different employees.

Employee theft of fresh seafood is a particular problem because of the high value of certain types of seafood and the lack of clear identification or markings on the items.

Inland marine exposure includes accounts receivable for customers with credit arrangements, computers for tracking inventories, and valuable papers and records for customers' and suppliers' information and documentation of regulatory requirements.

Business auto exposure may be limited to hired or non-owned from employees using their vehicles to run errands. If the fisherman processes or sells fish, there may be delivery to customers in refrigerated trucks and the transporting of frozen goods.

Drivers must have appropriate licenses and acceptable MVRs. Vehicles must be regularly maintained with records kept in a central location.

Commercial Insurance And Business Industry Classification

  • SIC CODE: 0912 Finfish, 0913 Shellfish, 0919 Miscellaneous Marine Products
  • NAICS CODE: 114111 Finfish Fishing, 114112 Shellfish Fishing, 114119 Other Marine Fishing
  • Suggested ISO General Liability Code(s): 43754 - Note: This code applies to activities on the pier after the vessel lands. The majority of liability exposure is covered under the vessel related Protection and Indemnity (P&I) coverage.
  • Suggested Workers Compensation Code(s): 8810 - Note: This code applies only to the office operation. Commercial fishermen's injuries are covered under the vessel-related P&I coverage based on provisions in the Jones Act and federal maritime law.

Description for 0912: Finfish

Division A: Agriculture, Forestry, And Fishing | Major Group 09: Fishing, Hunting, And Trapping | Industry Group 091: Commercial Fishing

0912 Finfish: Establishments primarily engaged in the catching or taking of finfish.

  • Bluefish, catching of
  • Cod, catching of
  • Eels, catching of
  • Finfish, catching of
  • Fisheries, finfish
  • Haddock, catching of
  • Mackerel, catching of
  • Menhaden, catching of
  • Pilchard, catching of
  • Pollack, catching of
  • Rays, catching of
  • Salmon, catching of
  • Sea herring, catching of
  • Sharks, catching of
  • Tuna, catching of
  • Whiting, catching of

Description for 0913: Shellfish

Division A: Agriculture, Forestry, And Fishing | Major Group 09: Fishing, Hunting, And Trapping | Industry Group 091: Commercial Fishing

0913 Shellfish: Establishments primarily engaged in the catching or taking of shellfish.

  • Clams, digging of
  • Crab, catching of
  • Crayfish, catching of
  • Fisheries, shellfish
  • Lobsters, catching of
  • Mussels, taking of
  • Oyster beds
  • Oysters, dredging or tonging of
  • Shellfish, catching of
  • Shrimp, catching of
  • Squid, catching of

Description for 0919: Miscellaneous Marine Products

Division A: Agriculture, Forestry, And Fishing | Major Group 09: Fishing, Hunting, And Trapping | Industry Group 091: Commercial Fishing

0919 Miscellaneous Marine Products: Establishments primarily engaged in miscellaneous fishing activities, such as catching or taking of sea urchins, terrapins, turtles, and frogs. The gathering of seaweed and sponges is also included in this industry.

  • Cultured pearl production
  • Frogs, catching of
  • Sea urchins, catching of
  • Seaweed, gathering of
  • Sponges, gathering of
  • Terrapins, catching of
  • Turtles, catching of

Commercial Fishermen Insurance - The Bottom Line

To find out what other kinds of commercial fishermen insurance coverage you should carry and to develop a policy that is customized to meet your unique needs, speak with a reputable agent who specializes in commercial fishing insurance.

Types Of Small Business Insurance - Requirements & Regulations

Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.

Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.

Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.

Small Business Information

Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.

Small Business Insurance Information

In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.

The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.

Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.

According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.

Types Of Small Business Insurance

Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:

  • What type of business am I running?
  • What are common risks associated with this industry?
  • Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
  • Does my state require me to carry this type of insurance?
  • Does my lender or do any of my investors require me to carry this type of policy?

A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:

Business Insurance Policy Type What Is Covered?
General Liability InsuranceWhat is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.
Workers Compensation InsuranceWhat is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.
Product Liability InsuranceWhat is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.
Commercial Property InsuranceWhat is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.
Business Owners Policy (BOP)What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.
Commercial Auto InsuranceWhat is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.
Commercial Umbrella PoliciesWhat is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.
Liquor Liability InsuranceWhat is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.
Professional Liability (Errors & Omissions)What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.
Surety BondWhat is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).


Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.

Business Insurance Required by Law
Small Business Commercial Insurance

If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.

Your insurance agent can help you check applicable state laws so you can bring your business into compliance.

Other Types Of Small Business Insurance

There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:

  • Business Interruption Insurance
  • Commercial Flood Insurance
  • Contractor's Insurance
  • Cyber Liability
  • Data Breach
  • Directors and Officers
  • Employment Practices Liability
  • Environmental or Pollution Liability
  • Management Liability
  • Sexual Misconduct Liability

Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.

Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.

Additional Resources For Agribusiness Insurance

Learn about small business agribusiness insurance - a type of commercial insurance protects farmers against loss of, or damage to crops or livestock.


Agribusiness Insurance

Farming is, and has always been a tough business. There are many uncontrollable factors for farmers to deal with - like the weather, vermin, or other natural catastrophes. Any of these can destroy cash crops, such as corn, cotton, soybeans, and wheat, and put the farmer in a very bad financial situation.

Insurance for agribusiness falls into three general categories:

The first is property insurance on the buildings and the usually substantial amount of business personal property made up of machinery, livestock, equipment and other stock.

The second is liability for both premises and products.

The last is protection for worker injuries. Commercial auto insurance should be written if the operation owns vehicles and especially if it transports its own products.

There are a wide variety of agribusiness insurance options that are available to farmers. These policies allow them to to receive compensation in the event of a poor growing season, dropping prices, cattle disease or catastrophic natural event.

Loss of crops or livestock can financially ruin an agribusiness operation. The crop insurance agrees to indemnify the farmer, rancher or grower against losses which occur during the crop year. Losses have to be caused by things which are unavoidable or beyond the farmer's control - like a drought, freeze and/or disease.

Some policies offer coverage due to adverse weather events such as the inability to plant due to excess moisture or losses due to the quality of the crop.

Minimum recommended small business insurance coverage: Buildings, Business Personal Property, Crop Insurance, Employee Dishonesty, Accounts Receivable, Computers, Goods in Transit, Mobile Equipment, Valuable Papers and Records, General Liability, Environmental Impairment, Umbrella, Business Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.

Other commercial insurance policies to consider: Business Income and Extra Expense, Earthquake, Equipment Breakdown, Farm Owners, Flood, Computer Fraud, Employee Dishonesty, Forgery, Money and Securities, Cyber Liability, Employee Benefits, Employment-related Practices Liability, Product Recall, Underground Storage Tank, Stop Gap Liability and Unmanned Aerial Vehicles (UAV) (Drones).


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