The thread may be a zombie, but it brings up a question I first considered 20 years ago when I got my first boat.
For safety, I wanted to have some method of contacting someone in an emergency, and I preferred calling a friend than the Coast Guard if it wasn’t a dire emergency.
I considered getting walkie-talkies, ham radio transceivers, cellphones, and emergency beacons.
Walkie-talkies: limited range, only work with others who know the frequency or have the other half of a pair.
Ham radio – limited contact possibilities, and none of my local friends were hams.
Emergency beacons – quite expensive at the time, and all they did was send a signal that could be located. You couldn’t communicate about the problem to just anyone.
Cellphones – expensive at the time, but the best choice. The widest range of possibilities, contacts and range, and they could be used for non-emergency, non-water situations. That’s what I went for, and it worked well (I never had a real emergency, but I made calls from obscure islands for business purposes. “Guess where I’m calling from?”)