Your policy limits and the value of your business property influence the cost of inland marine insurance.
The median premium for inland marine insurance is $14 per month ($169 annually). The median offers a more accurate estimate of what your business is likely to pay than the average because it excludes outlier high and low premiums.
The median policy limit for inland marine insurance is $5,000. The higher the coverage limit, the higher the premium. Professionals with expensive equipment choose higher limits and pay more for increased protection.
For example, landscapers, installation professionals, cleaning services, and contractors often choose a $5,000 limit – which costs only about $170 annually. Photo and video professionals often opt for a limit of $86,000, and thus pay a higher median premium of about $580.
Consultants and building design professionals, such as architects and engineers, might decide to buy even more coverage to protect valuable equipment.
To see insurance costs for businesses in your industry, visit our industry-specific cost analyses:
Insurance premiums vary based on the policies a business buys. See our small business insurance cost overview or explore costs for a specific policy.