The transfer of consumer or personal goods in the shipping process can be by land, water, or air. If your business transports products by lands, such as with trucks or rail, you need inland marine insurance to protect the value of the items. Products can get broken or lost in the shipping process, but this coverage pays for damage or losses.
What Does Inland Marine Insurance Cover?
Whether you send items for personal or business reasons, inland marine insurance is useful in case something happens to the item during the shipping process. It might get stolen, damaged by the disaster, or mishandled by an inexperienced worker. Also known as Bailee’s customer coverage, inland marine insurance pays for replacing compromised items when they are stored or moved from one location to another.
Does Your Business Need Inland Marine Insurance?
If your business regularly transports precious items such as paintings, it’s important to carry inland marine insurance. The same is true with companies that transport expensive machinery. The coverage is particularly helpful to companies that use trucks on a daily basis, such as logistics firms or catering services.
The types of businesses that can benefit from inland marine insurance include supermarkets, food vendors, high-tech firms, construction contractors, retailers, and medical equipment manufacturers.
How Does Inland Marine Insurance Protect Your Business?
Inland marine insurance gives business owners peace of mind that they won’t suffer losses in the shipping process. It pays benefits that allow you to replace broken, stolen, or lost items, which is better than having no coverage and paying for the losses yourself. Ultimately, it pays for certain perils and liabilities involving transportation or storage that aren’t covered by your commercial property policy.
It’s important to note that shippers don’t necessarily cover losses. The responsibility to protect items falls on the sender, not necessarily the company that’s transporting the items.
How Much Do You Pay for Inland Marine Insurance?
As with all insurance plans, costs vary depending on multiple factors. If your business ships products on a daily basis, inland marine insurance will cost more than if you only occasionally ship items. Other factors include where the items are shipped, distance, time of the shipping process, and types of items. The overall average cost for businesses for this coverage is around $2,500 per year.
Why Choose Us!
Many businesses are unaware of the benefits of inland marine insurance, but we can help give you a clear picture of how it provides financial protection. Our insurance agents will help you create a customized coverage plan to prevent major financial losses. Contact us at Premier Risk, LLC today to learn more!
