Marine business insurance averages $77 monthly, with costs ranging from $48 to $130 based on your state and chosen policy coverage types.
Get matched with cheap marine business insurance below.
Updated: October 16, 2025
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Marine business insurance costs range from $1,566 to $2,105 annually on average, depending on your coverage type, state and sub-industry.
Your marine insurance premiums depend on location, claims history, services you provide and employee count.
Shop multiple business insurers, bundle policies, increase deductibles and pay annually to find affordable marine business insurance costs.
We found average business insurance costs for marine companies for commonly needed coverage are as follows:
| BOP | $41 | $496 |
| General Liability | $28 | $337 |
| Professional Liability (E&O) | $88 | $1,054 |
| Workers' Comp | $151 | $1,809 |
Note: We based these rates on small businesses with two employees across 79 major industries, focusing on four coverage types: general liability, professional liability/errors and omissions (E&O), workers' comp and business owner's policy. Your actual rates will vary based on your specific business factors and location.
Select your industry and state to get a customized quote.
Your marine business insurance cost for general liability insurance depends on location. Maine offers the best value at $24 monthly compared to the $28 national average, while New York costs $33 monthly.
| Alabama | $28 | $331 |
| Alaska | $25 | $298 |
| Arizona | $27 | $320 |
| Arkansas | $27 | $324 |
| California | $31 | $377 |
| Colorado | $28 | $335 |
| Connecticut | $31 | $367 |
| Delaware | $30 | $363 |
| Florida | $30 | $366 |
| Georgia | $29 | $343 |
| Hawaii | $29 | $348 |
| Idaho | $27 | $321 |
| Illinois | $31 | $371 |
| Indiana | $27 | $330 |
| Iowa | $27 | $322 |
| Kansas | $27 | $328 |
| Kentucky | $26 | $314 |
| Louisiana | $31 | $376 |
| Maine | $24 | $293 |
| Maryland | $27 | $323 |
| Massachusetts | $30 | $354 |
| Michigan | $27 | $320 |
| Minnesota | $26 | $317 |
| Mississippi | $28 | $340 |
| Missouri | $28 | $334 |
| Montana | $28 | $336 |
| Nebraska | $27 | $320 |
| Nevada | $32 | $383 |
| New Hampshire | $28 | $336 |
| New Jersey | $32 | $383 |
| New Mexico | $28 | $340 |
| New York | $33 | $393 |
| North Carolina | $24 | $293 |
| North Dakota | $24 | $294 |
| Ohio | $26 | $314 |
| Oklahoma | $26 | $316 |
| Oregon | $26 | $314 |
| Pennsylvania | $32 | $390 |
| Rhode Island | $31 | $371 |
| South Carolina | $29 | $348 |
| South Dakota | $26 | $316 |
| Tennessee | $27 | $330 |
| Texas | $28 | $341 |
| Utah | $27 | $322 |
| Vermont | $27 | $325 |
| Virginia | $26 | $308 |
| Washington | $32 | $384 |
| West Virginia | $30 | $354 |
| Wisconsin | $28 | $332 |
| Wyoming | $26 | $313 |
Note: We based these general liability rates on marine businesses with two employees across different states. Your rates will vary based on your location, claims history and the services you provide.
The cost of workers' compensation insurance for businesses differs across states. North Carolina has the most affordable rates at $130 monthly, while Pennsylvania costs $175 monthly. State regulations and claim histories drive these pricing 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 |
Note: We based these workers' comp rates on marine businesses with two employees across different states. Your workers' comp requirements and costs will vary by state since each has different regulations.
Your professional liability cost varies by state. Businesses pay $88 monthly on average nationwide. North Dakota offers the most affordable rates at $75 monthly, while Pennsylvania ranks highest 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 |
Note: We based these professional liability rates on marine businesses with two employees across different states. Your actual rates will depend on your services offered and location.
Marine business insurance costs depend heavily on your state, with business owner's policy coverage showing the biggest price differences. BOP insurance cost ranges from $36 in North Carolina to $48 in New York for the same 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 |
Note: We based these BOP rates on marine businesses with two employees across different states. Your actual rates will vary based on your business size, location, and coverage needs.
Marine business insurance costs vary widely by provider, ranging from $68 to $89 monthly. These price differences reflect each insurer's specific market focus and strategic priorities, which shift over time based on profitability and coverage expansion opportunities.
| Chubb | $89 | $1,063 |
| Coverdash | $75 | $894 |
| Hiscox | $77 | $919 |
| NEXT Insurance | $69 | $833 |
| Nationwide | $82 | $988 |
| Progressive Commercial | $73 | $880 |
| Simply Business | $74 | $884 |
| The Hartford | $68 | $815 |
| Thimble | $76 | $911 |
| biBERK | $74 | $882 |
Your marine business insurance cost depends on several factors insurers consider when setting your premium rates.
Coastal positioning and operating waters directly impact what you'll pay for protection. Businesses in hurricane-prone regions or areas with heavy vessel traffic have different underwriting than those serving protected inland waterways.
Marine losses tend to be expensive, making your claim history especially important. Previous incidents involving sinking vessels, collision damage or crew injuries weigh heavily when insurers calculate renewal pricing.
Charter fishing boats present entirely different risks than cargo vessels or passenger ferries. Small recreational rentals cost far less to insure than commercial workboats, tugboats or vessels carrying hazardous materials.
Maritime work carries inherent dangers that make crew compensation expensive. Deckhand injuries fall under specialized maritime law, creating unique workers' comp obligations that grow with every person you employ.
Dockside maintenance and repair services sit at one end of the risk spectrum. Businesses offering offshore operations, salvage work or passenger excursions need broader protection due to the complexity and exposure involved.
Fleet size and annual receipts give insurers a window into your operational scale. A marina with a small boat rental side business pays completely different rates than commercial operators running multiple vessels daily.
Marine liability claims can escalate quickly given vessel values and environmental damage potential. Standard policies might offer $1 million in protection, but operations near sensitive ecosystems or carrying passengers often need several times that amount.
Boats, electronics and specialized gear represent substantial investments requiring proper hull and machinery coverage. Operators maintaining newer vessels with advanced navigation systems pay more than those running older, basic watercraft.
Captain licensing, crew certifications and years on the water all factor into premium calculations. Experienced operators with proper credentials and safety training secure more favorable rates than newcomers to the industry.
Reducing your marine business insurance cost requires strategic shopping and our step-by-step guide to smart business practices. Here's how you can find cheap business insurance for your marine business and build a better risk profile over time.
Marine businesses need commercial marine hull insurance for vessel damage, protection and indemnity (P&I) for crew injuries and third-party liability, and general liability for dock and shore-based operations.
Add workers compensation for crew members, pollution liability for fuel spills and environmental damage, cargo insurance if you transport goods, and Jones Act coverage if you employ maritime workers on navigable waters.
Marine insurance costs vary dramatically based on vessel type, operating area, and services offered; charter fishing has different rates than commercial shipping or marina operations. Maritime insurers understand Coast Guard regulations, vessel surveys, and navigation requirements better than general business carriers.
Combining hull insurance, P&I coverage, and general liability saves 15% to 24% compared to purchasing separately. Many maritime insurers offer fleet policies for multiple vessels or comprehensive packages that include pollution and cargo coverage at reduced bundle rates.
Higher hull deductibles of $2,500 to $10,000 can reduce premiums by 20% to 30%, but consider your vessel's replacement cost and typical marine repair expenses.
Keep P&I and pollution liability deductibles low since crew injury claims or environmental cleanup costs can escalate to hundreds of thousands quickly.
Monthly payment plans add 5% to 11% in installment charges, which, on a $12,000 marine policy, costs $600 to $1,320 extra annually. Paying upfront eliminates these fees and earns 6% to 9% discounts from maritime carriers.
Review your policy whenever you acquire vessels, expand navigation areas, add services like diving operations or underwater construction, or increase passenger or cargo capacity. If you've completed safety training, installed advanced navigation equipment, or implemented maintenance programs, these improvements can qualify for premium discounts.
Marine business insurance costs range from $48 to $130 per month, with factors such as your location, business size and claims history determining your actual premium. You can often reduce costs by comparing quotes from several insurers, bundling policies, choosing higher deductibles and paying your premium annually instead of monthly.
Marine business owners commonly ask about insurance costs. We answered the most frequent questions below:
General liability coverage is the cheapest at $28 monthly, but it only covers third-party claims. Most Marine businesses also need BOP coverage ($41 monthly) since it bundles general liability with property protection.
You'll pay more in these states. General liability in California runs $31 monthly (versus $28 national average), and BOP costs $46 monthly (versus $41 average). New York is similar at $33 and $48, respectively.
Bundling delivers greater savings compared to purchasing individual policies. Insurance companies provide discounts when you package commercial auto, general liability and commercial property coverage with a single provider.
Multiple factors increase premiums: vessel type and age, navigation area risks, cargo value, crew experience levels, claims history, coverage limits and your business's financial stability.
Higher deductibles reduce monthly premiums but increase out-of-pocket costs during claims. Consider your available cash reserves and anticipated claim frequency when deciding.
Workers' compensation costs for marine businesses vary by state, spanning from $130 monthly in North Carolina to $175 monthly in Pennsylvania for coverage.
Yes, BOP insurance is worth it for marine companies. Marine businesses pay around $41 monthly for BOP coverage that includes general liability, commercial property, and business interruption protection. This bundled approach saves money compared to purchasing individual policies separately while offering valuable convenience.
Shop around annually when your policy renews. Compare quotes from multiple insurers to find potential savings, especially after business changes like hiring staff or expanding services.
We collected marine business insurance quotes from companies across different states. For consistent comparisons, every quote used the same business setup:
We used a typical small marine business profile requiring comprehensive coverage. We chose companies offering broad national coverage and online quote capabilities, prioritizing insurers that 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!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.
