What Is Inland Marine Insurance?
You’d be forgiven for thinking this type of insurance is geared toward goods being transported over water, but inland marine insurance actually has nothing to do with bodies of water. The term now refers to insurance that covers goods in transit on land, such as by road or rail, as well as property and equipment that is being stored by a third party.
Inland marine insurance can help pay to repair or replace any of your portable business property that has been damaged by a covered peril listed in your policy. These perils typically include:
- Water damage
What Does Inland Marine Insurance Cover?
Some inland marine insurance policies may also provide coverage for specific situations, such as missing property that has mysteriously disappeared and property losses that occur when an item is mishandled or dropped in transit or during loading or unloading.
Some of the conditions when this type of policy offers protection include:
- Property in transit
- Property inside of commercial trucks
- Movable property at a fixed location
- Property being stored at different locations
- Property that is in temporary care
Here are a few of the most common types of property businesses purchase inland marine insurance to cover.
- Trade show exhibits
- Photography equipment
- Cargo and items for delivery
- Networking and IT equipment
- Communication equipment
- Personal computers
- Computing systems
- Scientific equipment
- Medical equipment
- Sales samples
- Construction equipment
- Contractor equipment
Who Needs Inland Marine Insurance?
Any business that has movable property can benefit from inland marine insurance. If you or your employees ever place items or data inside company or personal vehicles for work purposes, this type of coverage can prove useful. It is also recommended for businesses that have valuables that cannot be reasonably confined to fixed locations.
While your Business Owners’ Insurance Policy might cover some of your equipment while it is on your premises, the equipment may not be covered while it is being shipped to another location.
How Much Will I Pay For Inland Marine Insurance?
The specific cost of an inland marine insurance policy will depend on several factors, such as:
- The coverage limits you choose
- The value of the property being insured
- Your past history of insurance claims
- The general risk to your industry overall
However, inland marine insurance is generally considered an affordable policy for small businesses.
Talk To The Insurance Professionals At Burton & Company
Protect your property while it’s on the move with inland marine insurance from Burton & Company. Our insurance professionals will be happy to discuss your concerns with you and devise a no-obligation inland marine insurance solution that is suited to your needs so you’ll have one less thing to worry about on the road. Call us today at (888) 652-1325 or request a quote online to discuss inland marine insurance with one of our agents today.