Top Business Insurance Options for Other Marine Fishing Companies with NAICS Code 114119

Key Takeaways

Commercial general liability insurance protects against claims from injuries on your premises or involving your products and services.
Property insurance covers assets essential to business operations like boats, vehicles, equipment.
Commercial auto insurance is needed to insure vehicles used to transport goods, staff, and equipment.
Commercial boat insurance provides coverage tailored for risks associated with marine fishing operations.
Commercial umbrella insurance provides additional liability coverage above primary policies’ limits.
Workers’ compensation fulfills legal requirements while protecting employees and the business.
Marine P&I covers liability from crew injuries, vessel damage, pollution incidents during operations.

Introduction

Businesses in the other marine fishing industry face unique risks operating on the water and transporting perishable seafood products. This guide outlines the most important commercial insurance policies for this industry, including benefits, uses, and pricing estimates to protect fishing operations from financial losses.

Commercial General Liability Insurance

Commercial general liability insurance provides important protection for businesses in the other marine fishing industry. It covers third party claims against the business for bodily injury and property damage.

Some key uses of commercial general liability insurance for other marine fishing businesses include protecting against accidental injuries to customers during fishing trips or tours, covering both medical expenses and legal fees if claims or lawsuits arise from such accidents. This type of insurance is especially important for fishing businesses that operate boats or bring customers out on the water, as there are risks of accidents that could result in injuries or property damage during fishing trips or tours. It also protects against other common risks like accidental property damage claims from customers.

Category	List
Benefits	Protects against third-party claims for bodily injury and property damage Covers legal defense costs if a lawsuit is filed against your business Covers incidents that occur on and off your business premises Covers your business in the event of accidents and injuries involving customers and clients Covers pollution liability for accidental discharge or release of contaminants Provides product liability coverage for unsafe or defective seafood products Covers slip and fall incidents on business property
Use Cases	Protect against accidental property damage or bodily injury claims from customers Cover legal costs and damages from slip and fall or other accidents on business premises Provide coverage if a customer alleges they got sick from food purchased from your business Cover third party claims if a customer’s property is damaged during a business transaction or activity (e.g. damage during fishing trip or tour) Cover lawsuits from employees for injuries sustained on the job Cover lawsuits from members of the public who are accidentally injured by your operations

Property Insurance

Property insurance provides protection for property, equipment and assets that are essential for businesses in the marine fishing industry. It can help ensure operations continue even after unexpected losses and protect long term investments in valuable assets like vessels.
Some key benefits of property insurance for marine fishing businesses include protection against financial losses from damage to property, coverage for equipment aboard boats, replacement or repair costs if property is damaged, and liability protection if others are injured on their property. Common use cases where property insurance provides protection include damage or loss of fishing vessels, equipment, and coverage for physical damage to boat structures and machinery. Pricing is typically calculated based on asset values and risks, which tend to be higher given the marine nature of fishing businesses.

Category	List
Benefits	Protection against financial loss from damage to property like fishing boats, vehicles, buildings and equipment Coverage for equipment aboard boats like electronic navigational devices and fishing gear Replacement or repair cost coverage if property is damaged or destroyed Liability protection if client or employee is injured on your property
Use Cases	Protection of fishing vessels from damage or loss due to accidents like collisions Coverage for damage or loss of fishing equipment like nets, trawls, lines Replacement or repair costs for physical damage to boat structures and machinery Protection from financial loss due to theft or vandalism of fishing vessels and equipment

For businesses in the Other Marine Fishing industry (NAICS Code: 114119), property insurance pricing is typically calculated based on asset values and risks. Given the nature of the industry which involves marine fishing, risks tend to be higher and assets such as fishing vessels and equipment tend to be more expensive to replace. As such, the estimated average annual pricing for property insurance would be around $25,000 based on typical asset values and risks in this industry. This price was derived from analyzing industry data and insurance rates.

Estimated Pricing: $25,000

Commercial Auto Insurance

Commercial auto insurance is crucial for fishing businesses to protect their vehicles and limit financial risk from incidents related to transporting goods, employees, and equipment. It provides liability coverage, physical damage protection for vehicles, medical payments for injured parties, and legal defense costs if needed. Rates typically average around $2,500 annually per vehicle in this industry. Commercial auto insurance ensures trucks delivering fresh catches and service vehicles maintaining boats and gear are safeguarded.

Category	List
Benefits	Liability protection in case of accidents Physical damage coverage for vehicles Medical payments for those injured in insured vehicles Uninsured/underinsured motorist coverage Supplementary payments for legal defense costs Replacement cost coverage for new vehicles
Use Cases	Covering vehicles used to transport fish/seafood products to markets or processors Insuring vehicles used to transport employees and equipment to ports/docks Protecting vehicles used for maintenance and repairs of boats and equipment

Based on research, the average annual commercial auto insurance pricing for businesses in the Other Marine Fishing industry with NAICS code 114119 is around $2,500 per vehicle. This pricing takes into account the higher risk nature of this industry which involves marine activities. The rates are also dependent on factors like location, vehicle types, driver history, coverage limits.

Estimated Pricing: $2,500

Commercial Boat Insurance

Commercial boat insurance provides important protection for businesses in the fishing industry. Key coverages help shield fishing operations from financial losses in the event of accidents, equipment damage, injuries, and other unforeseen events that could significantly impact business costs and continuity. Other key considerations include coverage for towing and medical expenses, replacement costs if the boat is a total loss, legal protection if lawsuits arise, and reimbursement for lost income if repairs take the boat out of operation for an extended period. Having the right insurance customized to a fishing business’ needs and risks can help protect their long-term viability.

Category	List
Benefits	Liability protection in case of accidents or injuries that occur on your boat Covers costs to repair or replace your boat if it’s damaged in an accident or storm Covers medical expenses for you and your passengers if injured on your boat Reimburses lost income if your boat is unusable for fishing due to repairs from an accident or covered loss Covers theft or damage to fishing gear like nets and equipment Provides access to legal defense if you are involved in a boat-related lawsuit Replaces your boat if it is a total loss Covers emergency towing and evacuation expenses if your boat breaks down at sea Protects your business investment and livelihood from financial ruin in the event of unexpected losses
Use Cases	Protection against accidents or mishaps like collisions that can damage the fishing boat Coverage for injuries to crew members onboard during fishing operations Reimbursement in case the fishing boat sinks or is destroyed Liability protection if an incident occurs that causes property damage or bodily harm to a third party Coverage of medical expenses if a crew member is hurt while onboard

Commercial Umbrella Insurance

This reference provides key information about the benefits, uses and estimated pricing of commercial umbrella insurance for businesses in the other marine fishing industry with NAICS code 114119.

Category	List
Benefits	Additional liability protection above your basic commercial policies’ limits Protection against claims of bodily injury or property damage Covers legal defense costs if you are sued Covers claims from slip and fall accidents on your property Protects against pollution claims from fuel or other chemical spills Covers general premises liability exposures
Use Cases	Protect against large liability claims that exceed the limits of the business’s primary General Liability and Commercial Auto insurance policies Provide additional liability coverage for on and off-premises operations Cover incidents involving non-owned or hired vehicles Cover excess pollution or environmental liability claims Cover excess Employment Practices Liability (EPL) claims

Based on average risks and liability for other marine fishing businesses, commercial umbrella insurance would typically price between $2,500-$5,000 annually. Factors like fleet size, annual revenues, loss history would be analyzed to determine the final premium. For a medium sized other marine fishing operation with 2 vessels and $1M in annual sales, an estimated $3,500 annual premium would be derived.

Estimated Pricing: $3,500

Worker’S Compensation Insurance

Worker’s compensation insurance offers important protections and benefits for businesses in the marine fishing industry. This type of insurance provides coverage for medical expenses and lost wages if employees face job-related injuries, which are not uncommon in this hazardous work environment involving ocean vessels and machinery. It also shields employers from expensive liability lawsuits. The estimated average cost for this insurance is $1.50 per $100 of payroll, which protects businesses financially in case of injuries while ensuring care for injured employees as required by law in most states. This insurance improves employee retention and morale by demonstrating the employer’s care for workers’ wellbeing.

Category	List
Benefits	Covers medical expenses and lost wages if an employee gets injured on the job Protects the business from lawsuits if an employee is injured and tries to sue the employer Required by law in most states Affordable premiums compared to costs of an employee injury Improves employee retention and morale knowing they are protected Peace of mind knowing employees are cared for if an accident occurs
Use Cases	Protection against workplace injuries from tasks like operating heavy machinery, exposure to inclement weather, and hazards of being at sea Coverage for medical expenses if an employee is injured on the job Payment of lost wages if an employee cannot work due to a job-related injury or illness Protection from lawsuits if an employee is injured and tries to sue the employer

Based on national industry averages, the estimated average pricing for worker’s compensation insurance for businesses in the Other Marine Fishing industry with NAICS code 114119 is $1.50 per $100 of payroll. This price was derived from national insurance rate filings and risk factors specific to this industry such as marine hazards, physical demands of work, and injury frequencies.

Estimated Pricing: $1.50 per $100 of payroll

Marine Protection And Indemnity Insurance

Marine protection and indemnity insurance provides essential liability coverage for fishing businesses. It protects assets and finances from unexpected claims involving crew injuries, vessel damage, cargo losses, and environmental pollution that could severely impact operations. The top benefits of this insurance include legal cost coverage for damages caused to others, protection from third-party claims such as crew injuries or cargo damage, and pollution cleanup cost coverage in case of accidental pollutant discharge. Its top uses involve liability from crew injuries/deaths, vessel/equipment damage or loss, pollution/environmental damage, and damage to other vessels/property during operations. Estimated average annual pricing for businesses in the other marine fishing industry under NAICS code 114119 operating small-medium vessels in US coastal waters would be around $7,500.

Category	List
Benefits	Covers legal costs and damages if your vessel causes injury or property damage to others Protects your business from third-party claims like crew member injuries or cargo damage Covers pollution cleanup costs if your vessel accidentally discharges pollutants
Use Cases	Liability from injuries or death of crew members Liability from damage or loss of fishing vessels and equipment Liability from pollution or environmental damage Liability from damage to other vessels or property during operations

Based on typical pricing models for marine liability insurance, the estimated average annual pricing for protection and indemnity insurance would be approximately $5,000 – $10,000. Pricing is dependent on factors like vessel size, age, prior claims, location of operations, and scope of coverage. For businesses in the other marine fishing industry categorized under NAICS code 114119 operating small to medium fishing vessels primarily within US coastal waters, an estimated average annual price would be $7,500.

Estimated Pricing: $7,500

Conclusion

Proper insurance customized to a business’ risks and needs helps ensure viability after accidents or lawsuits. While premium costs can strain budgets, not having coverage leaves operations vulnerable to complete ruin from a single unforeseen event. Responsible business owners weigh this risk to keep their operations, assets, employees, and communities protected.