If your business engages in shipping goods or regularly does work on the property of others, you may need inland marine insurance. This type of insurance can cover most modes of transport, such as truck, train, and ship, and may cover other situations where your property is away from your location of business.
What Is Inland Marine Insurance?
Inland marine insurance, such as from an inland marine insurance Maitland FL company, specifically covers the shipment and use of equipment, products and goods while it is away from your own property. This policy is separate from a general business owner’s policy and can increase the coverage on goods, particularly if they are high value or hard to replace. Goods that are damaged accidentally can be cover, as well as lost or missing items. The policy may cover the actual cash value or the replacement value of the goods. Companies that regularly engage in shipping should consider inland marine insurance an essential part of their business coverage.
What Does Inland Marine Insurance Cover?
Coverage includes risks often encountered in commercial shipping, but can also cover risks when your equipment is used away from your own property. Installation floater insurance protects shipments for the full shipment process. Motor truck cargo coverage protects the goods of others that your company ships. Builders risk protects buildings and equipment while it is being built or renovated. Bailee’s customer coverage can repay damages or theft if the property of another is in the care of your business.
Inland marine coverage is usually separate from a business owner’s policy, but it can be customized to the nature of your goods and equipment being transported. Your insurance agent should be able to tell you if you need inland marine insurance and what kind of policies might benefit your company.