How Much Does Commercial Boat Insurance Cost? (Examples Included)
Boat insurance is one of the first things you should always consider for any kind of commercial vessel. Whether you rely on your vessel for fishing, transport, tourism, or specialist services, having the right insurance in place is essential to protect your livelihood.
However, to find the best cover for your boat, you will need to work with an insurance broker that will happily tailor the policy to your specific needs.
So, let’s get started and look at a few sample commercial boat insurance policies, rates, and a few things to bear in mind in your hunt for the perfect cover.
How Much Does Commercial Boat Insurance Cost on Average?
Unfortunately, there’s no straight answer here – there’s no such thing as average commercial boat insurance rates!
Due to the varying uses of commercial crafts, there are many different commercial boat insurance policies and specifics. For example, a cruise vessel carrying passengers will be insured very differently from a small commercial fishing boat.
Most insurance companies apply different covers and prices to individual needs. That is why creating an average for commercial marine insurance policies is nigh-on impossible.
There’s a reason why the average is likely to vary so much. Whatever your business, running a commercial craft has a variety of challenges.
Whether you will have your own customers boarding and even staying on the boat, or you use it for your own commercial purposes (such as fishing), your boat will likely go through a lot, including different settings, weather, and even the occasional breakdown.
That is why ensuring that you are fully covered is essential – and why you should start comparing rates as a priority.
What Does Commercial Boat Insurance Cover?
When looking into boat insurance comparison, you’ll likely find the following areas are covered by policies:
- The vessel’s commercial purpose (whether it is for fishing, diving, cruising, ferrying, sightseeing, potting, layering, water sampling, etc.)
- Your trading style (how you’re registered)
- The age of the vessel
- The owner’s experience and previous claims
- Its mooring location
The list goes on.
Now, depending on what the boat is used for, insurance experts will be able to better determine what exactly your commercial boat insurance policy should cover.
Some of the more common policies include:
- Marine legal protection cover
- Crew liability
- Third-party liability
- Personal belongings
- Personal accident cover
- Outboard motors
The best insurance brokers will work closely with you to better determine exactly what should be covered for your vessel – it’s worth setting up a conversation once you have at least three commercial boat insurance quotes to hand.
Commercial Boat Insurance Price Examples
We understand that finding an average price for boat insurance can be a little tricky.
As there are so many things to consider before being able to reach a set price, and of course, with the price varying depending on the insurance brokers, it can be quite stressful, especially when you are setting out your business plan at the same time!
With that in mind, here are a few examples of boat insurance quotes, bearing in mind that these are for very specific boats and their needs.
For example, all under fully comprehensive cover:
- Large motorboats cost on average just over £260.
- Dutch barges cost on average just over £700.
- RIB insurance costs around £330.
- Catamarans cost around £480.
However, it is essential to remember that these rates vary depending on the age and current state of the boat, the owner, the captain, the crew, the public, the mooring, the size of the boat, etc.
The only way to truly determine how much you will have to spend on boat insurance is by getting multiple quotes online.
We are a vastly experienced, commercial boat insurance broker who will get the most competitive rate possible for your policy needs.
Commercial Boat Insurance Quote
If you wish to insure your commercial boat here in the UK and need to find the best commercial boat insurance quotes available, then you have certainly come to the right place!
You can Get a Quote by quickly filling in some personal data about your boat; it just takes minutes to arrange cover for your commercial craft.
With a wide array of options available to you, it won’t take long for you to find the perfect insurers to protect you when out on the water.
Summary
Insurance for commercial vessels is always going to vary when it comes to the cost. That’s why it makes sense to save money and time by contacting an insurance broker, like Velos, to use their decades of experience to find you the best policies and rates, depending on your precise needs.
