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.

An inland marine policy provides coverage for insured property no matter where it’s located.

Specifically, your inland marine policy provides protection for:

Inland marine insurance benefits both small businesses and independent contractors that own or are responsible for business property that is on the move.

However, there are a few specific professions that need inland marine coverage more often than others, including:

While inland marine insurance is important for a wide variety of small businesses, it does not provide all the protection you need.

Your policy does not include coverage for:

While inland marine insurance can be an important policy for your business, you likely have other risk exposures that need coverage.

Inland marine doesn’t cover your business headquarters, injuries, and common lawsuits. To fully protect your small business, you should also consider:

General liability insurance: This policy covers common business risks such as a customer’s bodily injury, damage to a customer’s property, and advertising injuries.

Commercial property insurance: Covers your business’s physical location, and other assets like equipment and inventories. It’s often required to sign a commercial lease.

Business owner's policy: A BOP bundles general liability coverage and commercial property insurance, and can be less expensive than buying each policy separately.

Workers’ compensation insurance: Workers’ comp helps pay for medical expenses from work-related injuries and illnesses. It's required in most states for businesses with one or more employees.

Cyber insurance: Also known as cyber liability insurance, this policy covers costs related to data breaches and cyberattacks. It's important for any business that handles personal information belonging to employees or customers.

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.

Builder's risk insurance is a type of inland marine coverage that protects equipment and materials during a specific construction project, along with the structure in progress.

Inland marine insurance is a broader category that encompasses several different kinds of property insurance that go above and beyond your standard commercial property insurance.

Unlike a standard commercial property policy, inland marine policies protect your business property at locations other than your business address. You may need them for certain kinds of property, such as valuable artwork, or for items that you are taking care of for a customer.

Learn more about the difference between inland marine vs. builder's risk insurance.

Property and liability insurance both protect small businesses against 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 insurance agents can help.

It’s often possible to add inland marine insurance to another policy, such as a business owner’s policy 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 coverage, 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 small or medium-sized businesses with higher risks.

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.

There's no single form for inland marine insurance used by every insurance company, but the forms will look similar. You can expect it to include:

• The type of inland marine insurance purchased
• Named perils covered by your policy, such as fires and windstorms
• Exclusions, such as damages related to war or civil unrest
• Your policy limits and deductible
• A coinsurance clause affirming that the limits are appropriate for the value of the insured property