The unfortunate name of inland marine insurance has made it so many business owners and executives don’t even consider this incredibly important type of coverage. If your company regularly conducts work “off-site”, ships products and/or goods, moves high-value assets to various locations, or takes responsibility for clients’ property – then you probably need inland marine insurance.
What is Inland Marine Insurance, Really?
Contrary to how it may sound, inland marine insurance has nothing to do with water or the ocean. It’s more of an extension to your commercial property insurance. While property insurance is designed to protect assets at your business address(es), inland marine insurance extends that coverage to protect those assets everywhere else. In other words, it covers many assets and circumstances that traditional property coverage would exclude.
Generally speaking, inland marine insurance covers property that is:
- Moveable or high-value in nature – such as a photographer’s DSLR cameras, contractor’s construction equipment, or company’s custom tradeshow booth.
- Being transported – such as medical equipment being shipped to a customer or laptops being shipped to a retailer.
- In your care but owned by a client – such as animals getting treatment at a veterinarian or clothing being treated by a dry cleaner.
An Industry Guide to Inland Marine Coverage
While incredibly valuable for manufacturers and distributors who ship product to retailers, there are many industries (and common business practices) that benefit from inland marine coverage.
Construction: Protection for contractors and subcontractors who regularly conduct business off-site. Inland marine insurance – including builders’ risk insurance, subcontractors’ installation insurance, and contractors’ equipment coverage – protects property that’s being used at the project’s location and isn’t covered by a Business Owner’s Policy or Commercial Package Policy.
Events, Exhibitions & Art Shows: Protection for high-value property – such as artwork and tradeshow assets – while on exhibit, in transit, on loan, or in storage.
Photographers & Musicians: Protection for special and valuable equipment – such as cameras, lighting, laptops, instruments, speakers, and digital mixers.
Rented & Borrowed Equipment: Protection for damage to equipment that’s owned by someone else. This type of coverage is relevant to a wide array of industries – such as agriculture, entertainment, healthcare, landscaping, manufacturing, and special events. It also may be important to business offices that rent computers and other technology.
Service-Based Business that Care for Others’ Property: Protection for your clients’ property when it’s left in your care. In addition to the veterinarian and dry cleaner examples mentioned above, auto mechanics, banks (with safe deposit boxes), computer repair shops, couriers, jewelers, restoration companies, storage facilities, and valets all should carry inland marine insurance.
Technology & Communication: Protection for high-value items in transit and during installation. This coverage is especially important for companies involved with R&D for renewable energy solutions, building wireless communication towers, or manufacturing computer technology.
Transportation: Protection for goods while in transit (as originally designed). Inland marine insurance has long been a staple coverage for businesses in the transportation industry – including freight carriers, trucking companies, and warehouse and logistics firms.
We Can Help You Decide If You Need Inland Marine Insurance
At Swarts, Manning & Associates, we provide a unique perspective on all of your commercial coverage options, and we help to determine which carrier best fits your business needs. We strive to find you the broadest coverage at the best available rate. Give us a call to get started: (833) 878-2820.
Each week, Swarts, Manning & Associates covers relevant topics for your business. Stay tuned to hear more discussions about managing your insurance and industry-specific tips.
