Everything You Need to Know About Inland Marine Insurance

What is Inland Marine Insurance?

If you are a business owner, your business insurance package probably includes commercial property insurance that covers the equipment, supplies, or goods stored at your business location. Usually, that coverage ends when your equipment leaves the premises, and for some businesses, this is a significant issue. 

That is where inland marine insurance comes in. Inland Marine Insurance covers business property while it transported across the land. Yep, you heard me right; I said land, not ocean! The name of this insurance type often causes some confusion, which is understandable due to the title. Inland marine insurance was inspired by ocean marine insurance, which provides coverage to your business property when traveling over water.

Inland marine insurance is excellent for businesses that frequently transport their goods or store their equipment away from their company, which can apply to a wide range of companies, some less obvious than others. Let’s take a closer look at inland marine insurance and see if it’s right for your business.

Who needs inland marine insurance?

Businesses that ship their goods frequently

If you make find goods or materials that are shipped frequently, you may consider adding inland marine insurance to your coverage. This would cover any damage that may occur to your products while in transit over land. 

Specialty businesses such as musicians or art dealers

Whether you are an art dealer or in a traveling band, it’s wise to consider additional insurance to cover your property while traveling. For example, if your art piece is going to be on display for the next year away from your warehouse, this insurance would protect it is not only in transit but while it is on display at the gallery.

Freelancers, consultants, or contractors who travel between job sites

Regardless of your craft, if you are traveling with valuable business property and frequently using it off-site, it’s smart to consider adding this insurance to your small business plan.

Construction or landscaping companies

Construction and landscaping companies travel with costly equipment daily to job sites because of this; they must acquire the necessary coverage to protect them while they are in transit and on-site.

Companies that often travel to events or tradeshows

If you frequently travel to tradeshows, events, and conferences where you set up elaborate booths or experiences, it’s smart to ensure your supplies while traveling.

Food truck owners

As a food truck owner, this insurance would cover the materials and cooking equipment inside your truck.

Companies that store their property off-site

If you store your property off-site, whether it’s in a warehouse or on a job site, this coverage would protect your items.

Still Not Sure if You Need Inland Marine Insurance?

Simply put, if your business property is traveling on land from one location to another, inland marine insurance is likely a good idea. We understand that deciding what commercial insurance is right for your business can be confusing, but that’s why we are here. Our team of highly trained professionals can help guide you through the process and make sure you end up with the right coverage.

Ready to get started? Contact us today.