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. It is essential for any ship, but it is crucial for those whose livelihoods depend on their vessels!
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. One of the most asked queries is how much boat insurance costs, so let’s give you an idea in this article.
How Much Should 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.
In fact, 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.
As you can imagine, a cruise ship with hundreds of passengers, more difficult mooring and countless instruments and employees will pay a far different comprehensive cover than a local fisherman.
It pays to compare and contrast.
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 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
And, again, the list goes on.
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.
Thankfully, boat insurance comparison has never been easier, and we can help you with that!
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!
All you need do is click on the ‘Get Quote’ button at the top of the website and fill in some quick personal data about your boat to make obtaining insurance quotations that much easier.
We’re also completely authorised and regulated by the Financial Conduct Authority, too – so you can rest easier.
It takes just 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.
It’s time to protect your business, your interests, your people – and your boat.
Run a commercial business using your yacht, sailboat, pleasure craft or other type of boat? You can trust your vessel with Velos. Start your COMMERCIAL BOAT INSURANCE POLICY QUOTE NOW by clicking on the quote button at the top of this page.
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 us at Velos to use our decades of experience to find you the best policies and rates, depending on your precise needs. It’s time to get yourself covered.