What is Inland Marine Insurance, and Do I Need it?

Many business owners are misinformed about the concept of Inland Marine insurance. So, what does this policy cover, and how can it protect your business from liability exposures?

When business insurance was in its infancy, Ocean Marine insurance protected losses acquired when ships were on their way to the port. If goods became damaged from the ship getting caught in a storm, this policy would cover some of those financial losses, which was adequate coverage when boats were the primary means for shipping. However, more businesses began transporting goods over rivers and land by trains, trucks, barges, and buses. Since protection is still needed for cargo, insurers began offering inland marine policies stemming from ocean marine coverage. Inland Marine insurance is a crucial component of a business owner’s policy.

What Does Inland Marine Insurance Cover?

This coverage protects any property that is movable, transportable or involved in transferring information. For instance, some things Inland Marine insurance may cover include:

  • Contractor’s equipment
  • Valuable artwork (paintings, photographs, sculptures, etc.)
  • Transportation equipment (food trucks or cargo vans)
  • Mobile tools and equipment for construction and landscaping
  • Computer equipment
  • Communication equipment and networking tools
  • Scientific and medical equipment

What are Inland Marine Risks?

If you’re considering Inland Marine insurance, you must think about the nature of your business operations. This coverage was created to safeguard against losses while shipping goods, but today, it can protect your business from a wide variety of property damage risks, such as:

Bailee’s customer coverage

Protects your business from liability if a client’s property becomes damaged while in your care

Builders’ risk

Protect the structures and materials used during construction projects.

Exhibition and fine art coverage

Covers valuable pieces of artwork that are on display, in transit, or on loan.

Installation floater

Protects goods from damage once they’re loaded on a truck until they are put to use.

Motor truck cargo coverage

Covers damaged goods while transporting or delivering them to a client.

Does my Business Need Inland Marine Insurance?

Is your business property protected from all it’s unique risks? Inland Marine insurance is designed to close the gaps left by standard commercial property insurance, which commonly limits coverage for property that is removed from your premises. Many business owners are in an industry where they should not underestimate the value of this broad policy that insures property they are transporting as well as property that is kept at your building. This coverage can even be written specifically for your industry, and possessions that you want insured can be “scheduled,” or noted on a list in your policy. An agent can help you determine if Inland Marine insurance is right for your business.

About SB One Insurance Agency

At SB One Insurance Agency, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.