Inland marine insurance
Running a business is difficult. Insuring it shouldn't be.
Call to get a quote in minutes.
What is inland marine insurance and who needs it?
Inland marine insurance coverage is for businesses that store or frequently transport property, merchandise equipment, or other assets, as well as any business that handles property owned by others. It’s one of the most important types of insurance coverage for industries like construction, retail, shipping, and more.
This is one of the most counterintuitively named coverages in the industry. Today, it has nothing to do with transportation by sea or water in general, but centuries ago, it grew as an extension of that original mode of commercial transportation and related insurance coverage.
Have assets, like inventory or equipment, that can be stolen or damaged.
Risk customer injury or property damage due to your operations.
Why do you need inland marine insurance coverage?
Here are a few reasons why you might need inland marine insurance coverage:
It protects your business assets if they are lost, damaged, or stolen while in transit or while being stored.
If you take custody of your customers’ property at any point in the sales or service cycle, inland marine insurance coverage provides peace of mind for both you and your customers.
It helps meet the costs to repair or replace property that is damaged due to covered events.
For example, just like when you order a meal at a fastfood restaurant, when you buy the meal deal, it's cheaper than if you buy your sandwich, drink, and fries individually.
Simplifies the insurance process and makes it easier for you to manage multiple coverages in one business owner’s policy.
It’s invaluable to have the peace of mind that you are properly protected through a range of coverages included in one business owner’s policy so you can focus on growing your business.
What risks does inland marine insurance cover?
Inland marine insurance coverage protects your business in the face of a wide range of risks. Here are just a few examples:
A contractor’s tools could get damaged in transit between various job sites.
An auto repair business might inadvertently damage a car stored in its garage while waiting for a part to come in.
A dry cleaner must take temporary possession of items to complete cleaning and repair services. These businesses are at risk of losing items – some expensive – and are responsible for replacement.
If cyber criminals hack a medical outpatient facility (ex., a dentist office) and confidential patient information is compromised, the business owner would be liable.
If a clothing boutique stores its employees’ social security numbers in the cloud and that data is compromised, the store owner is at risk of legal action by the employees.
If a logistics company is victim to ransomware after an employee unknowingly downloads a suspicious attachment, the financial burden can be heavy without cyber insurance.
What is the cost of inland marine insurance coverage?
The average annual cost of an inland marine policy can start at around $350 for a small business, but coverage costs will vary.
Here are a few factors that can influence the price of inland marine insurance coverage for your business:
What other coverage might a business need?
Though inland marine insurance coverage protects businesses from some of today's most common business risks, it is very specialized. Most businesses require more than that to protect themselves. Here are just a few other common examples of risks and coverages and why you may need them to protect your business:
Workers’ compensation (WC)
Workers’ compensation insurance protects employers and employees, covering financial needs in case of any workplace illness or injury. This insurance is required by law in most states.
Cyber insurance
A cyber insurance policy protects you against the consequences of a cyber incident, such as data breaches, network security failures, cyber extortion (ransomware, for instance), and other cyber attacks.
Commercial auto
A commercial auto policy covers vehicles used for business purposes, including cars, trucks, vans, and other vehicles owned or leased by your business.
General liability insurance (GL)
Covers a wide range of risks and can shield you from financial losses and legal expenses from customer injuries or damage to their property.
Professional liability insurance
Protects professional service providers when their advice or actions could have significant financial or health-related consequences.
How to get inland marine insurance or other coverage
By now you understand how important it is to be properly insured. What’s next?
Call (380) 225-5242 to connect with an experienced insurance agent who understands the nuances of your business and industry.