Inland marine insurance covers company property that can be moved from one location to another, including equipment, materials, and products. While your commercial property policy covers stationary property and equipment at specific location(s), inland marine coverage protects business property that will be located off-site.
Although not commonly referenced, inland marine coverage is a crucial part of some policies, as it aids in replacement or repair costs in the event of damaged or lost property.
Types of Businesses that Need Inland Marine Insurance
The following types of businesses commonly need inland marine insurance:
- Manufacturers: Businesses that manufacture and ship goods to customers need inland marine insurance to cover their products while in transit.
- Warehouse Operators: Inland marine coverage protects property that belongs to others while in your possession, making it the perfect safeguard for warehouse operators.
- Construction Companies: Construction companies are often transporting high-dollar equipment between job sites. Inland marine coverage protects against theft and damage while on the move.
- Logistics Providers: If your business arranges transportation or shipping for another company, inland marine coverage reduces your liability.
- Trade Show Participants: Inland marine coverage is a must if your company visits trade shows to showcase expensive equipment or materials.
- Galleries & Museums: Institutions involved in moving high-dollar art or valuable artifacts benefit greatly from inland marine insurance as losses can quickly become pricey.
Do You Need It?
The list above is not all-encompassing, and you want to ensure your company is protected. If you have any questions about whether your business needs inland marine coverage, give us a call. We will look at the specific activities of your company to determine the proper coverage.
If you have any commercial insurance needs or would like a policy quote, please contact Steve Longenecker (303-808-9351 x2) at Mountain Insurance: Longmont.
We give out $25 gift cards for referrals that become our insurance clients.
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