Inland marine insurance

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 insurance coverage.

Inland marine policies cover insured property no matter where it’s located, such as:

• The kitchen of a food truck
• A carpenter's tools that move to different worksites
• Fine art on display at a bar or cafe
• A performer's musical instruments while on tour

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.

Here are a few examples of inland marine insurance for different professions and purposes.

Small construction and contracting businesses that want to insure property worth less than $10,000 should look into contractor's tools and equipment insurance. This inland marine coverage protects mobile tools and equipment brought to different worksites. It's also called equipment floater insurance.

A similar coverage, builder's risk insurance, protects equipment and materials during a specific construction project. It also covers structures in progress.

Installation contractors and businesses may need installation floater insurance. This property coverage protects materials being transported, stored, or installed at a job site, such as copper wire stored on site and awaiting installation.

Bailee coverage protects property that belongs to someone else while it's in your care. For example, a computer repair shop may need this coverage for financial protection against a fire or accident that damages customers' laptops or electronics.

It’s often possible to add inland marine insurance to another policy, such as a business owner’s policy (BOP) or a commercial package policy (CPP). Bundling insurance policies usually costs less than purchasing each policy separately.

A BOP includes both general liability insurance and commercial property insurance, protecting your business against the most common risks faced by small businesses. A CPP is similar to a BOP, but it has more flexible protection options and is generally purchased by high risk small-to-medium sized businesses.

To compare quotes from top-rated U.S. insurance companies for a business owner’s policy or commercial package policy, fill out Insureon’s free online application.

Property and liability insurance both protect small businesses against the most common financial threats. Property insurance focuses on your physical assets, and can replace items that are stolen, damaged, or destroyed. Liability insurance, on the other hand, protects against legal defense costs if a customer, client, or employee sues your business.

Just as there are several types of property insurance, different liability policies protect against different types of lawsuits. If you're unsure which coverage you need, our licensed agents can help.