The Catfish Conference Team wanted to take a minute to remind you of the importance of having a general liability insurance when operating in the catfishing business.
Although catfishing is a unique sport, it is also a business where accidents are just as likely and unavoidable as they are in any other type of business. Without an adequate insurance policy, costly accidents that occur on the job must be paid for out-of-pocket by you. As a result, general liability insurance should be seriously considered to best protect you and your business.
Liability insurance offers a variety of protections for you as a business owner, for any workers you may employ, and even for the equipment that you use in your business. If you or one of your employees is seriously injured on the job, liability insurance can cover any medical bills and reimburse the injured party for lost wages resulting from time off of work. If any of your work equipment or property is damaged, whether it be from inclement weather, vandalism, or technical malfunction, a liability policy can pay for the cost of repairs to keep your business in working order. In the event that your business is involved in a lawsuit, either defending yourself against claims or suing a third-party for wrongdoing, liability insurance can also cover the cost of legal fees.
In addition to all the protections it offers, general liability insurance is also an incredibly cost-effective investment for your business. Some policies have annual fees lower than $1,000, and can also be combined with any pre-existing insurance policies you may have in order to manage them more easily.
Catfishing and your business is extremely important to you, and in order to keep business booming it’s crucial to protect yourself, your employees/partners, and your assets. No matter how unlikely accidents may seem or how carefully you run your business, only general liability insurance can truly provide you with peace of mind. To find out what kind of policy would be best for your business, contact your preferred insurance provider to learn about the options they offer.
Sure, having a liability insurance is not mandatory, however the Catfish Conference team can only recommend best practices to protect the sport and protect your business.
HOW TO GET INSURED IN THE CATFISHING WORLD?
1. Try to locate an insurance company or an insurance broker in your region. (Do a quick Google Search)
2. Select an insurance/broker only if they have a good rating and if you can verify they have a good reputation.
3. Get in touch with them, let them know who you are and what you do. MEET WITH THEM! Try to avoid providing information over the phone – get them to come to you and explain their product.
4. NEVER EVER sign a contract on spot! Get all the documents, get the policy details (get it before your sign) and a full quote. Do not sign a contract on spot, take a few days to think about it, compare quotes, seek help (contact us too if you’d like our feedback) if you do not understand something.
5. Make sure you insure the right thing – don’t insure what doesn’t need to be insured i.e. $15’000 of electronic material when you have a PC that’s worth $400…
6. Once you have a good feeling about all the here above, go ahead and get that policy.
I AM JUST AN ANGLER, DO I NEED TO BE INSURED TOO?
Again, no, it’s not mandatory. But it’s highly advisable. Check with your health insurance if you are insured for accidents that would arise from going out and fishing. There might be some risk exclusions you want to know about.
Like everything, a sport is a sport and is not risk-less, especially when you’re on the lake or river. There are boats involved, weather, mechanical factors, third party factor (you know, like that other boat you didn’t see when you were pulling out of the dock…).
Make sure your property such as your boat, material and personal items are insured.
Make sure that your medical expenses are covered if you or fellow passengers get hurt.
Make sure that rescue expenses (search and rescue operations, medical evacuation through plane or helicopter) are also covered. A helicopter transport is EXTREMELY expensive (think six figures) and you don’t want to have to pay that if something goes wrong.
Think twice, paying that extra $100 on your insurance could save you tons of money and could save your life and/or your business.
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Do you have any questions about your insurance? Let us know, we might be able to help you.
Special thanks go to Savanna Bolin from Business House for her precious contribution to the content.