Inland marine insurance provides coverage for business property, such as products, tools, and equipment, while it’s in transit over land or stored at an off-site location.
Inland marine insurance is a “floater” policy, which simply means the coverage goes where the insured property goes. A small business that ships valuables, transports tools, or owns a truck with specialized equipment may need this policy.
Commercial property insurance only covers business property at the location listed on the policy. Inland marine insurance protects against damage and theft outside your place of business. Read more about inland marine coverage.
Many inland marine policies cover insured property no matter where it’s located. That could include the kitchen of a food truck, a carpenter's tools that move to different worksites, or artwork on display at a bar or cafe.
This policy is called inland marine insurance because it's an offshoot of ocean marine insurance, which protects property transported over water. Marine insurance came first – hence the distinction "inland" marine for land transportation coverage.
Small construction and contracting businesses that want to insure property worth less than $10,000 should look into contractor's tools and equipment insurance, a type of inland marine coverage that protects mobile tools and equipment less than five years old.
It’s often possible to add inland marine insurance to another policy, such as a business owner’s policy (BOP). Bundling policies often costs less than purchasing each policy separately. A BOP includes both general liability insurance and property insurance, protecting your business against the most common risks faced by small businesses. To compare quotes for a business owner’s policy from top-rated U.S. carriers, fill out Insureon’s free online application.