As a small business owner, you may already have insurance coverage for your property and equipment. However, have you considered the risks associated with property that is frequently on the move? This is where inland marine insurance comes into play. Inland marine insurance provides coverage for property that is transported over land or stored at various locations, making it essential coverage for many small businesses. In this blog, we will discuss how inland marine insurance works, what is covered under an inland marine insurance policy, what is not covered, and the cost of this coverage.
What Is Covered Under an Inland Marine Insurance Policy?
Inland marine insurance provides coverage for a wide variety of properties, including but not limited to:
- Equipment and tools used in your business
- Goods and merchandise in transit or stored at various locations
- Contractor’s equipment
- Computers and other electronics
- Fine art and other valuable items
- Mobile properties such as food trucks and trailers
Inland marine insurance policies are designed to provide coverage for property that is frequently on the move and not covered under traditional commercial property insurance policies. This can include property that is in transit, property that is stored at various locations, and property that is used in your business operations.
What Does Inland Marine Insurance Not Cover?
It is important to note that inland marine insurance does not cover all types of property. Some common exclusions include:
- Property that is covered under other insurance policies, such as commercial property insurance or auto insurance.
- Property that is damaged as a result of intentional acts, such as vandalism or theft.
- Property that is damaged as a result of wear and tear, deterioration, or lack of maintenance.
- Property that is damaged due to a failure to follow proper safety protocols or regulations.
You should speak with your insurance agent to fully understand what is covered and what is not covered under your inland marine insurance policy.
Cost of Inland Marine Insurance
The cost of inland marine insurance will vary based on a number of factors, including the value of the property being insured, the type of property, the location where the property is stored or transported, and the coverage limits you choose. However, compared to the potential costs associated with property damage or loss, the cost of inland marine insurance can be relatively low. It is important to speak with your insurance agent to understand the cost of coverage and ensure that you are adequately covered.
How Much Coverage Do You Need?
The amount of coverage you need will depend on a number of factors, including the value of the property being insured, the types of property, and the potential risks associated with your business operations. You will have to work with an experienced insurance agent or carrier to determine the appropriate coverage limits for your business.
In a nutshell, inland marine insurance is an important coverage for many small businesses, particularly those that frequently transport or store property at various locations. It provides coverage for property that is not covered under traditional commercial property insurance policies. When choosing an inland marine insurance policy, it is important to understand what is covered, what is not covered, the cost of coverage, and the appropriate coverage limits for your business.
Cover Your Inland Marine Business with Premier Risk, LLC
At Premier Risk, LLC, we understand the importance of protecting your small business property, whether it’s on the move or stored at various locations. Our experienced agents can help you understand your coverage options and choose the policy that best fits your needs and budget. Contact us today to learn more about how we can help protect your business with inland marine insurance.