Inland Marine Insurance 101: What It Does and Doesn't Cover

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Did you know that the average cost of inland marine insurance is $2,500 per year?

While you may not be interested in shelling out any more money for your business, you probably don't understand the importance of an inland marine insurance policy. If your company stores property away from your business or you're regularly transporting property, investing in inland marine insurance is essential for your company's longevity.

What is inland marine insurance and how can it benefit your company? If you're unsure, we've created a quick guide to help you better understand. Keep reading to learn more!

What Is Inland Marine Insurance? 

Inland marine insurance is a type of insurance that you purchase for your business that will cover materials, products, and any equipment when it is being transported. This type of insurance will only cover you if you're transporting on land. The term "inland marine" is opposed to marine insurance, which insures items that are being moved on the water. 

Using inland marine insurance will ensure that your company and your company's property is protected during transportation. You can invest in inland marine insurance as a type of add-on to any business insurance policy that is already existing. You can also purchase this policy as a separate insurance policy.

What Inland Marine Insurance Covers

The property that your company owns will be protected, no matter where it's currently located. This is unlike commercial property insurance, which only covers damage or property loss when your property isn't on the premises of your company.

 Some of the items that are covered under inland marine insurance include:

  • Property that is being transported
  • Property that you're currently holding onto for another person or company
  • Property that moves from place to place
  • Property installed inside of a vehicle
  • Property that's being used for communication
  • Properties being used for transportation

Some of the most commonly covered perils include:

  • Civil commotion
  • Theft
  • Vandalism
  • Fire
  • Damage from vehicles
  • Damage from airplanes
  • Windstorm
  • Hail
  • Smoke from an accidental fire
  • Water damage
  • Building collapse
  • Sinkhole collapse 

If you have any equipment that has a high value or expensive goods that are being transported, investing in inland marine insurance can be a great idea for your business.

Understanding How Your Company Will Benefit From Inland Marine Insurance

By investing in inland marine insurance, you're protecting all of your company's highly valuable assets, no matter where they are located. If your company is looking to protect and insure your property, take the extra step up for caution and invest in inland marine insurance.

This will provide you with an extra layer of coverage aside from standard commercial property insurance policies. This is imperative if you have a property that isn't located on the premises of your business. Inland marine insurance will protect equipment, tools, goods, and inventory that are moved from different job sites or to a different location.

Are you interested in signing up for an inland marine insurance policy? Click here to contact us today if you have any questions or concerns.