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Inland Marine Insurance
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What is inland marine insurance?
- Inland marine insurance
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.
When do small businesses need 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 coverage.
This policy can protect:
- Property in transit
- Property in temporary care
- Property stored at different locations
- Property inside a commercial truck
- Unique or valuable property
- Movable property in a fixed location
Inland marine protects property on the move
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.
Why is it called "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.
Inland marine insurance for construction businesses
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 type of inland marine coverage protects mobile tools and equipment less than five years old. It's also called equipment floater insurance.
Inland marine insurance for installation businesses
Installation contractors and businesses may need installation floater insurance. This type of inland marine coverage protects materials being transported, stored, or installed at a job site, such as copper wire stored on site and awaiting installation.
How much does inland marine insurance cost?
Inland marine insurance can be an affordable policy for a small business. Several factors affect policy costs, including:
- Property value
- Coverage limits
- Industry risk
- Past claims history
Add inland marine to a business owner’s policy
It’s often possible to add inland marine insurance to another policy, such as a business owner’s policy (BOP). Bundling 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. To compare quotes for a business owner’s policy from top-rated U.S. carriers, fill out Insureon’s free online application.