Inland marine insurance

Videographers and photographers often have specialized equipment that move from place to place, and are prone to risks. An inland marine policy would protect this equipment when it's on the go.

For example, a video production studio's inland marine policy would cover valuable cameras, lighting, and other equipment that moves from place to place in the company's van.

Many bars and cafes exhibit artwork from local artists. These businesses are temporarily in possession of someone else's property. If they were stolen, inland marine insurance would cover the cost as a form of protection called bailee coverage.

Inland marine coverage protects the cooking equipment in a food truck, but not the truck itself. For example, if a fire damages the kitchen, it would pay for repairs or replacement of the damaged equipment.

Construction professionals and contractors usually carry a variety of tools with them in order to do their jobs. Inland marine insurance would protect these tools when you're working at different locations, and provides coverage for items under $10,000 that are less than five years old.

For instance, a carpenter may want to purchase contractor's tools and equipment insurance, a type of inland marine insurance, to protect carpentry tools and contractors equipment that is brought to each job site.

IT professionals are often dependent on computer equipment to complete their jobs. Inland marine coverage protects the policyholder's equipment no matter where the IT professional goes.

For example, employees at an IT consulting firm often bring laptops to client homes and offices. To provide protection wherever the computers go, the consulting company invests in inland marine insurance.

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.

There are a few different types of coverage, each providing its own specific protection. These include:

• Contractor's tools and equipment insurance, also known as equipment floater insurance, protects mobile tools and equipment brought to different worksites. Small construction and contracting businesses that want to insure property worth less than $10,000 should look into this policy.
• Builder's risk insurance protects equipment and materials during a specific construction project, as well as covers structures in progress.
• Installation floater insurance protects materials being transported, stored, or installed at a job site, such as copper wire stored on site and awaiting installation. Installation contractors and businesses may need this policy.
• Bailee insurance 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.

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 insurance agents can help.

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.