Marine business insurance costs vary significantly by coverage type, and understanding these differences helps with budget planning. MoneyGeek's analysis shows monthly premiums range from $28 for general liability coverage to $151 for workers' compensation insurance.
How Much Does Marine Business Insurance Cost?
Marine business insurance rates begin at $28 per month, but your specific business details and coverage needs will determine your actual cost.
Discover cheap marine business insurance below.
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Updated: August 21, 2025
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Key Takeaways
Marine business insurance costs range from $28 to $151 monthly, with general liability offering the most affordable coverage and workers' compensation commanding higher premiums.
Your marine insurance premiums depend on location, claims history, property types serviced and employee count.
Shop multiple insurers, bundle policies, increase deductibles and pay annually to find affordable marine business insurance costs.
Average Marine Business Insurance Cost Overall
| BOP | $41 |
| General Liability | $28 |
| Professional Liability (E&O) | $88 |
| Workers' Comp | $151 |
How did we determine these rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Marine Business Insurance Cost for General Liability Coverage by State
Your marine business insurance cost for general liability coverage depends on where you operate. Maine offers the most savings at $24 monthly (vs. the $28 national average), while New York costs $33 monthly.
| Alabama | $28 |
| Alaska | $25 |
| Arizona | $27 |
| Arkansas | $27 |
| California | $31 |
| Colorado | $28 |
| Connecticut | $31 |
| Delaware | $30 |
| Florida | $30 |
| Georgia | $29 |
| Hawaii | $29 |
| Idaho | $27 |
| Illinois | $31 |
| Indiana | $27 |
| Iowa | $27 |
| Kansas | $27 |
| Kentucky | $26 |
| Louisiana | $31 |
| Maine | $24 |
| Maryland | $27 |
| Massachusetts | $30 |
| Michigan | $27 |
| Minnesota | $26 |
| Mississippi | $28 |
| Missouri | $28 |
| Montana | $28 |
| Nebraska | $27 |
| Nevada | $32 |
| New Hampshire | $28 |
| New Jersey | $32 |
| New Mexico | $28 |
| New York | $33 |
| North Carolina | $24 |
| North Dakota | $24 |
| Ohio | $26 |
| Oklahoma | $26 |
| Oregon | $26 |
| Pennsylvania | $32 |
| Rhode Island | $31 |
| South Carolina | $29 |
| South Dakota | $26 |
| Tennessee | $27 |
| Texas | $28 |
| Utah | $27 |
| Vermont | $27 |
| Virginia | $26 |
| Washington | $32 |
| West Virginia | $30 |
| Wisconsin | $28 |
| Wyoming | $26 |
How did we determine these rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Marine Business Insurance Cost for Workers’ Compensation Coverage by State
Your Marine business cost for workers' compensation varies by state. North Carolina offers the lowest rates at $130 monthly and Pennsylvania the highest at $175 monthly. Our analysis reveals how state regulations and claim histories create these differences.
| Alabama | $148 |
| Alaska | $136 |
| Arizona | $144 |
| Arkansas | $145 |
| California | $168 |
| Colorado | $149 |
| Connecticut | $163 |
| Delaware | $163 |
| Florida | $163 |
| Georgia | $154 |
| Hawaii | $159 |
| Idaho | $143 |
| Illinois | $164 |
| Indiana | $148 |
| Iowa | $143 |
| Kansas | $146 |
| Kentucky | $140 |
| Louisiana | $172 |
| Maine | $131 |
| Maryland | $143 |
| Massachusetts | $157 |
| Michigan | $143 |
| Minnesota | $140 |
| Mississippi | $151 |
| Missouri | $148 |
| Montana | $149 |
| Nebraska | $142 |
| Nevada | $170 |
| New Hampshire | $149 |
| New Jersey | $169 |
| New Mexico | $152 |
| New York | $175 |
| North Carolina | $130 |
| Oklahoma | $139 |
| Oregon | $141 |
| Pennsylvania | $175 |
| Rhode Island | $165 |
| South Carolina | $154 |
| South Dakota | $140 |
| Tennessee | $148 |
| Texas | $152 |
| Utah | $144 |
| Vermont | $146 |
| Virginia | $136 |
| West Virginia | $157 |
| Wisconsin | $148 |
How did we determine these rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on workers’ comp policies. Workers' compensation requirements vary by state and are mandated by state regulations. Survey results reflect limited sample data and may not represent all available rates in your area.
Marine Business Insurance Cost for Professional Liability Coverage by State
Just like other insurance types, cost for professional liability varies based on your location. The national average runs $89 monthly, with North Dakota offering the lowest rates at $75 monthly for E&O insurance, while Pennsylvania tops the list at $102 monthly.
| Alabama | $86 |
| Alaska | $81 |
| Arizona | $83 |
| Arkansas | $85 |
| California | $99 |
| Colorado | $88 |
| Connecticut | $96 |
| Delaware | $96 |
| Florida | $94 |
| Georgia | $89 |
| Hawaii | $90 |
| Idaho | $82 |
| Illinois | $99 |
| Indiana | $85 |
| Iowa | $83 |
| Kansas | $86 |
| Kentucky | $81 |
| Louisiana | $101 |
| Maine | $76 |
| Maryland | $83 |
| Massachusetts | $91 |
| Michigan | $82 |
| Minnesota | $82 |
| Mississippi | $88 |
| Missouri | $87 |
| Montana | $88 |
| Nebraska | $84 |
| Nevada | $100 |
| New Hampshire | $87 |
| New Jersey | $97 |
| New Mexico | $88 |
| New York | $101 |
| North Carolina | $77 |
| North Dakota | $75 |
| Ohio | $81 |
| Oklahoma | $83 |
| Oregon | $81 |
| Pennsylvania | $102 |
| Rhode Island | $98 |
| South Carolina | $91 |
| South Dakota | $81 |
| Tennessee | $85 |
| Texas | $89 |
| Utah | $83 |
| Vermont | $84 |
| Virginia | $80 |
| Washington | $100 |
| West Virginia | $93 |
| Wisconsin | $86 |
| Wyoming | $82 |
How did we determine these rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on professional liability policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Marine Business Insurance Cost for BOP Coverage by State
Business owner's policy rates show substantial variation in marine business insurance costs nationwide. Monthly premiums range from $36 in North Carolina to $48 in New York for comparable coverage.
| Alabama | $42 |
| Alaska | $36 |
| Arizona | $39 |
| Arkansas | $40 |
| California | $46 |
| Colorado | $42 |
| Connecticut | $46 |
| Delaware | $44 |
| Florida | $46 |
| Georgia | $42 |
| Hawaii | $43 |
| Idaho | $39 |
| Illinois | $46 |
| Indiana | $41 |
| Iowa | $40 |
| Kansas | $39 |
| Kentucky | $38 |
| Louisiana | $47 |
| Maine | $36 |
| Maryland | $40 |
| Massachusetts | $43 |
| Michigan | $39 |
| Minnesota | $39 |
| Mississippi | $42 |
| Missouri | $41 |
| Montana | $40 |
| Nebraska | $40 |
| Nevada | $47 |
| New Hampshire | $41 |
| New Jersey | $47 |
| New Mexico | $42 |
| New York | $48 |
| North Carolina | $36 |
| North Dakota | $36 |
| Ohio | $38 |
| Oklahoma | $38 |
| Oregon | $38 |
| Pennsylvania | $47 |
| Rhode Island | $46 |
| South Carolina | $43 |
| South Dakota | $40 |
| Tennessee | $40 |
| Texas | $42 |
| Utah | $39 |
| Vermont | $40 |
| Virginia | $38 |
| Washington | $47 |
| West Virginia | $43 |
| Wisconsin | $40 |
| Wyoming | $38 |
How did we determine these rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on BOP coverage. Survey results reflect limited sample data and may not represent all available rates in your area.
Factors Affecting Marine Business Insurance Cost
Marine business insurance costs are determined by several factors that insurers consider when calculating your premiums. Understanding these pricing elements helps you plan your budget effectively. Below, we explain how different variables affect your rates.
Geographic location
Your business location affects liability and workers' compensation rates due to local regulations and claim frequencies. Coastal operations face higher risks from severe weather and maritime accidents, while inland locations may have lower premiums. State-by-state regulatory differences create substantial premium variations.
Safety record and claims history
Previous claims impact future premiums, sometimes for three to five years. A single maritime accident or cargo damage claim can substantially increase your general liability rates at renewal.
Employee count and payroll
Insurers calculate workers' comp premiums based on your total payroll and maritime job classifications. Adding crew members increases your payroll costs, directly impacting your workers' compensation premiums since insurers calculate your rates per dollar of wages paid.
Business size and revenue
Higher annual revenue typically means higher premiums since insurers view larger operations as having greater exposure to claims. A small charter operation with one vessel will pay less than a commercial shipping company operating multiple cargo vessels.
Coverage limits
Higher coverage limits provide better protection but cost more monthly. Choosing between different coverage amounts directly affects your premium, with higher limits increasing costs proportionally.
Equipment and vessel values
More expensive vessels and marine equipment require higher coverage limits, increasing your premiums. A company operating large commercial vessels will pay more for coverage than one running smaller recreational boats.
Credit score and financial stability
In most states, insurers can consider your business credit score when setting rates. A strong credit score can reduce premiums, while poor credit often increases costs substantially.
How to Get Cheap Marine Business Insurance
Smart shopping and good business practices can lower your marine business insurance costs significantly, and these proven strategies will help reduce your premiums both now and as your risk profile improves.
- 1
Choose the right coverage types for your business
Understanding what types of business insurance your marine operation needs prevents overpaying for unnecessary coverage. Marine businesses typically require protection against water damage, cargo loss, and liability for accidents on vessels. Consider specialized maritime coverage alongside standard business insurance options.
- 2
Shop multiple insurance companies
Insurance rates can vary significantly between providers for identical marine business coverage. Request quotes from at least three companies that specialize in maritime insurance. Consider working with an independent agent who understands marine industry requirements.
- 3
Bundle your coverage types
Insurance companies offer substantial discounts for bundled policies. Combining marine liability, hull insurance, and protection and indemnity coverage with one carrier typically costs less than separate policies from different providers.
- 4
Increase your deductibles
Choosing higher deductibles reduces your monthly premiums. This approach means paying more out-of-pocket before insurance kicks in, but can significantly lower your overall insurance costs.
- 5
Pay annually instead of monthly
Most marine insurance providers add processing fees for monthly payments. Paying your premium annually eliminates these extra charges and often qualifies you for additional discounts.
- 6
Review and adjust your coverage annually
Your marine business insurance needs change as your operation grows. Review your policy yearly to ensure coverage matches your current fleet size, number of employees, and service offerings. Remove unnecessary coverage and adjust limits to match your actual risks.
Insurance for Marine Business Cost: Bottom Line
Marine business insurance costs range from $28 to $151 monthly, with your location, claims history and business size driving your actual premium. Getting quotes from multiple insurers, bundling your policies, choosing higher deductibles and paying annually instead of monthly helps you find more affordable rates.
Marine Business Insurance Cost: FAQ
Based on our research of marine business insurance costs across multiple providers, here are answers to the questions we receive most often.
What is the cheapest type of marine business insurance?
General liability insurance costs $28 monthly and provides essential coverage for marine businesses against customer accidents and property damage claims.
How much can I save by bundling my marine business insurance policies?
General liability insurance is a cost-effective option, averaging $28 monthly. Bundling multiple policies with one carrier can provide significant discounts on overall insurance costs.
What factors make my marine business insurance more expensive?
Factors that could make marine business insurance more expensive include the size of the company, number of employees, history of claims and location.
Should I choose a $500 or $2,500 deductible for my marine business insurance?
Higher deductibles lower your monthly premiums but require more out-of-pocket costs when filing claims. Base your choice on available cash reserves and claim frequency.
How much does workers' compensation cost for marine businesses by state?
Workers' compensation costs for marine businesses range from $130 monthly in North Carolina to $175 monthly in Pennsylvania, varying based on your business location.
Is business owner's policy (BOP) worth the extra cost for marine companies?
A business owner's policy costs $41 monthly for marine companies and combines essential coverages into one package. The bundled protection offers greater value than purchasing individual policies separately.
How often should I shop around for marine business insurance quotes?
Review your Marine business insurance annually during renewal. Compare at least three carriers to find better rates, particularly if your business has grown or changed services.
How We Determined Marine Business Insurance Costs
We collected marine business insurance quotes from companies across different states. For consistent comparisons, every quote used the same business setup:
- Two employees (three people total, including the owner)
- $150,000 annual payroll
- $300,000 annual revenue
- Already insured status
- $1 million per occurrence and $2 million total per year for all coverage except BOP, which includes the same limits plus $5,000 business property coverage
This profile represents small marine businesses requiring comprehensive insurance coverage in most states. We chose companies offering broad national coverage and online quote capabilities, focusing on insurers that actively serve the marine industry.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.