Inland marine insurance is additional coverage for tools, equipment and products that move over land or are kept away from your business.
Standard business insurance policies don’t cover this type of property, but inland marine insurance does. Companies that regularly transport or store products off-premise should consider adding inland marine insurance as an endorsement to a general liability policy. This added coverage is also known as a commercial property floater.
Why is it called inland marine insurance?
Inland marine insurance gets its name from ocean marine insurance, which covers international shipping by boat. When ground transportation, such as trucks and trains, became more common, insurers adapted ocean marine policies to protect cargo on land. They called these new policies “inland marine insurance.”
What does inland marine insurance cover?
Inland marine insurance covers moveable property or property not adequately covered by an existing insurance policy. It could protect your business from losses associated with theft, vandalism and some weather-related damage.
In general, commercial inland marine coverage includes:
- Property that you transport from one location to another, such as landscaping tools
- Property stored off-site at a warehouse or storage facility, like building materials
- Property stored in moveable vehicles, such as appliances in a food truck
- Property that you lend to others, such as specialty equipment
Inland marine insurance is a good option for businesses that travel or complete work away from the office. For example, contractors who work at different job sites and carry tools with them could use the added protection of inland marine coverage.
How much does inland marine insurance cost?
Inland marine insurance cost depends on several factors, including your industry, property value, coverage needs and claims history.
Expensive equipment might require more coverage, which could increase your premium. For example, a contractor looking to insure a laser level worth thousands of dollars would likely pay more for their policy than a painter insuring a ladder and brushes.
Getting a quote is the best way to determine how much you’ll pay for inland marine insurance.
Choosing an inland marine insurance company
If you need inland marine insurance, you’ll want to choose a company that understands small businesses and offers reliable support when an accident happens. Quoting with Progressive Commercial provides you with stability, options and expertise. Our agents can help you find the right coverage to protect what you’ve built.