Does your business transport equipment or items? Whether it's contractor tools, photography equipment, computer laptops, or even a tradeshow booth or valuable documents, inland marine insurance protects you against losses from items frequently on the move.
How Does Inland Marine Insurance Work?
You may wonder why you need inland marine coverage, especially if you already have a commercial property policy or BOP (Business Owner's Policy). Commercial property coverage typically protects the business equipment, merchandise, and tools that remain at a specific location. However, if you frequently move or ship equipment or items, you may want the added protection of inland marine to cover those items in transit.
Inland marine insurance covers equipment on the move, including:
- Construction and contracting tools and equipment
- Medical or scientific equipment
- Photography and videography equipment
- Computers (from servers to laptops)
- Communications/ networking equipment
- Other people's property temporarily in your possession
- And more
Inland marine insurance is a specialty coverage intended to protect unique items in unique situations. Here are 10 types of inland marine you can use to protect your equipment, tools, and goods.
Contractor Tools and Equipment Insurance
When construction professionals and artisan contractors want to insure tools (valued less than $10,000), inland marine can help protect your equipment as you move it from one project site to another. Specifically, tools and equipment insurance is known as equipment floater insurance -- think of it as protecting your equipment as it floats from one site to another.
Another form of inland marine insurance is builders' risk insurance, which protects your equipment, materials, and completed work done on projects during the course of construction.
Installation Floater Insurance
Not to be confused with equipment floater insurance is installation floater insurance. If you're a contractor or business that installs materials at a job site (such as copper wire or hardwood flooring), installation floater insurance covers the building materials and the equipment stored on site for installation.
Equipment floater insurance isn't just designed for contractors and construction businesses. You may need this coverage for property that "floats" around if you're a photographer, videographer, or regularly transport computer, medical, or scientific equipment.
Just like the term "inland marine," bailee insurance probably doesn't mean what you think it does. Bailee insurance protects other people's property that's in your care. Whether you take hold of other people's jewelry for cleaning and repairs, restore antique furniture, or repair computers, you'll want the right coverage when you have customer goods in your possession.
Accounts Receivable Insurance
Inland marine insurance can be used to protect against losses if you cannot collect on accounts receivable resulting from damaged, lost, or destroyed account records. If you would be prevented from collecting if your accounts receivable records were lost or damaged, this specialty inland marine coverage could protect your business.
Electronic Data Processing Insurance
Also known as computer coverage or data processing coverage, electronic data processing (EDP) insurance covers equipment including:
- Hardware (computers, laptops, telecommunications equipment)
- Data and software
- Media (external hard drives, USB drives, network servers)
- Smartphones and tablets
This specialized form of inland marine usually includes coverage for the specific perils that computers and computer programs are susceptible to, such as mechanical breakdowns, changes in humidity and temperature, electrical injuries, data loss from a power surge, fires, and more.
Fine Arts Insurance
Fine arts and museum collections can be at risk from several perils while in transit, on loan, or permanently displayed at a museum/ gallery. Fine arts insurance is a type of inland marine coverage that protects fine arts against damage in transit, theft, or damage. This art collections coverage can cover losses for:
- Special collections of historical, cultural, or technological significance
- Corporate collections of fine art
- Artwork in commercial settings
- Galleries, art shows, and exhibitions
- Fine art shippers (handling, crating, storage)
Motor Truck Cargo Insurance
Also known as goods in transit insurance, motor truck cargo covers freight and goods transported by a for-hire trucker. If the cargo you're transporting is lost or damaged due to a collision, fire, or striking of a load, this specialty form of inland marine insurance can protect you against financial loss. Many businesses may require you to insure their cargo as you transport it, so motor truck cargo can be critical for truck drivers and for-hire truckers to grow your business.
Signage for your business can be quite an investment. You may have significant investments in signs for your business if you're an automotive operation, for example. Inland marine signs coverage can help you protect the neon, fluorescent, automatic, LED or mechanical signs, lamps, or street clocks belonging to -- or in the care of -- your business.
Valuable Papers and Records Insurance
When our valuable documents have no duplicates, valuable papers and records insurance is a form of inland marine coverage that can protect you against the risk of direct physical loss. Valuable papers and records can include loss from misplacement, mysterious disappearance, destruction, or loss of documents including:
- Corporate charters
- Medical records
- Property deeds
Which Inland Marine Insurance Does Your Business Need?
If you have goods, equipment, or materials that are on the move, then inland marine insurance is meant for your business. These ten types of inland marine coverage demonstrate that there's a policy for just about every situation you can think of, and for nearly every business. Find out how affordable inland marine coverage can be -- request a quote from your trusted insurance professionals today.