Inland Marine Insurance
Inland marine insurance is a type of business insurance that will help cover materials, products, and equipment that are transported across land. This coverage will keep your items safe or replace them if they are damaged during transport. This insurance type will cover high-value items or protect goods that you are shipping around the U.S. This policy will be added to existing business insurance for most industries, or you may have to purchase it separately.
Portable business property that is transported on land will be covered in the event of theft, fire, wind, hail, and water damage. This protects businesses from major financial loss, upset customers, and inventory issues. Transporting goods can come with other risks like missing items or drops. Inland marine insurance will handle these issues with ease so that you can focus on other business practices.
Inland marine insurance is needed for:
- Moveable property
- Goods in transit
- High-value items
Inland Marine Deductibles And Limits
Your deductible is the amount you pay out of pocket toward a claim. Your deductible will help your insurance feel better about donating money to cover your damages, lost property, or accidents. Reimbursement for business property damage will need to be paid on an actual cash value or a replacement cost basis. Replacement costs will be reimbursed for the cost to replace the damaged property at today’s rate.
Insurance limits exist to keep your deductible at an appropriate level while still being high enough to cover your assets. Some inland marine policies include clauses that will penalize you for claiming more than your coverage. Exceeding your coverage limits could increase your payment by a certain percentage.
Does Your Business Need Inland Marine Insurance?
If you are considering inland marine insurance, you should consider the nature of your business and what items may need to be transported. Any business, no matter the size, with moveable property will benefit from inland marine insurance. Industries that benefit from inland marine insurance include:
- Contractors
- Filmmakers
- Photographers
- Medical salesmen
- Delivery services
- Grocery stores
- Healthcare
- Art dealers
- Speakers or presenters
Those who ship high-value items should invest in this insurance type to protect their personal property and ensure a safe future for their business.
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Benefits Of Working With A Broker
As a busy business owner, you have many things to worry about. Finding the right policy and shopping for an affordable option can seem like a waste of time when your plate is full. Tower Insurance Brokers can help business owners find a policy that will work for them and provide them with comprehensive coverage. Our insurance experts will find the best provider of inland marine insurance to add to your business insurance policy. If your BOP package doesn’t include inland marine insurance automatically, our team can help you bundle these options together so there are no gaps in your policy.