Depending on what type of business you operate, you may be working off site for your clients. Some of these types of businesses include construction companies, transportation and cargo, renewable energy, and fine arts. When you are working off-site, your business owner’s policy (BOP) does not always cover your assets, equipment and tools—this can put your business at serious risk. Inland marine insurance may be the coverage you desperately need.
What is Inland Marine Insurance?
Despite its nautical language, inland marine insurance is not designed for property at sea. As opposed to “marine insurance” which covers products transported over water, this type of policy can be used for any kind of miscellaneous property transported over land. For example, if you are a contractor, you need insurance for various types of equipment like bulldozers, excavators, and tools that travel with employees to job sites. Collisions and cargo theft are two of the most frequent causes of inland losses.
What is Covered?
This often covers property, generally transit or mobile in nature, that needs broader protection than what may be provided by a typical property policy. This includes:
- Computers and computer systems.
- Tools and equipment for contractors.
- Fine art dealers, galleries, jewelry.
- Photographer’s camera equipment.
- Motor truck cargo.
- Equipment used by servicing contractors.
- Veterinarians and animals.
- Transportation of goods.
What Does This Policy Include?
When weighing on the need for inland marine insurance, consider the nature of your business. This policy is not just for equipment and tools; it also includes the protection of client’s property while in the company’s care:
- Builder’s Risk Coverage: Protects structures and materials during new construction projects and renovations.
- Bailee’s Customer Coverage: Protects client’s property that is left in the care of your business.
- Exhibition and Fine Art Coverage: Keeps valuable items protected while on exhibit, transit or on loan.
- Motor Truck Cargo Coverage: Keeps client’s goods protected while your business transports and delivers them.
- Installation Floater Coverage: Covers materials from the moment they are loaded onto a truck until they are put to use/installed.
- Commercial Computer Coverage: Covers commercial businesses with high technology assets.
How Much Does This Policy Cost?
The cost of a policy depends on the size of your company, the amount of protection you want and any state required limits you’ll need to meet. This policy can vary depending on the coverage you purchase, but some essential things are included in every plan. It can be purchased as its own policy or as a supplement to another policy you currently have for your business.
Still unsure if you need this coverage? Well, if your business works off-site, transports goods/products, or are in possession of property belonging to others, you should strongly consider this policy. Make sure to view our other article, Does Your Business Need Inland Marine Coverage? For more information on inland marine insurance and how much it will cost, contact our experts at TJ Woods Insurance.
