When business owners hear of inland marine coverage, they often assume they don’t need it because usually their business has nothing to do with boats or anything marine related. However, modern day inland marine insurance is not just limited to those with seafaring inclinations, but is expanded to cover a wide variety concerns. Some of which will likely affect you.
What is Inland Marine Coverage? 
When an item is in transportation, it is at tremendous risk. An accident due to vehicle failure, weather, or another driver could cause damage. Simply the bumping and jostling along the way could cause damage. Your items may never cross a waterway, but inland marine travel is still very important to your business. If you are shipping or receiving items, you will need insurance to cover those items in case of damage.
Why Is It Called Inland Marine Coverage?
In the 1600s, when most merchandise was conducted via water ways, insurance was designed to cover items which were being transported over the dangerous seas. It was extremely important given the perils of piracy, storm, or equipment failure. As things began to be transported over land, insurance companies decided to start offering insurance policies for those items as well, this was the birth of inland marine insurance. Now, most transportation is done over land, but the name remains.
What Does Inland Marine Insurance Cover?
Inland marine coverage is actually very broad. Despite the somewhat outdated word “marine” being left in the name, only a small portion of the coverage available pertains to water. The majority is actually focused on covering products which are on land. This includes property which is temporarily stored on your location or in transit to your location.
Here are some examples:
- Construction and contractor’s equipment
- Motor truck cargo
- Medical equipment
- Electronic equipment
- Pieces of fine art
- Traveling pet groomers
- Clean energy equipment (solar panels and wind turbines)
- Videography and photography equipment
- Accounts receivable
- Musical instruments
- Property in the custody of a Bailee
Do You Need Inland Marine Coverage?
If you are still unsure, consider whether what you or your employees might put in a vehicle each day. This could be plans, client information, equipment or any number of other things that are of high value to you. Even if your business is stationary, it is possible to need coverage on such things as computer hardware and electronic data processing.
For more information about inland marine insurance or cargo/hull insurance, please contact the experienced professionals at TJ Woods Insurance Company, Worcester, MA today for help. Our experts would love to answer your questions or assist you in reviewing what specifically your business insurance policy covers We also offer the full spectrum of business insurance, including errors and omissions insurance, and directors and officers insurance.
