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.
An Industry Guide to Inland Marine Coverage
While incredibly valuable for manufacturers and distributors who ship products 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, including builders’ risk insurance, subcontractors’ installation insurance, and contractors’ equipment coverage.
- 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.
- Service-Based Businesses That Care for Others’ Property: Examples include veterinarians, dry cleaners, auto mechanics, and jewelers who need protection for their clients’ property.
Let’s Make Sure You Have the Coverage You Need
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.
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