From the name alone, it may not be clear what inland marine insurance covers. However, if you or your employees frequently transport products, equipment, or other material over land, you need this coverage.
Sometimes referred to as a floater, Inland Marine Insurance covers the wide range of business-related property that cannot be conveniently or reasonably confined to a fixed location or standard form, including:
- Tools and materials
- Cameras and computers
- Exhibit and display items
- Construction and contracting supplies and equipment
- Entertainment, party, and special event equipment
- Equipment sales and rentals
Do you need inland marine insurance?
Commercial property insurance and business owner policies may not cover equipment once it has been moved off of the business’s physical property, and they provide little coverage while in transit. To insure company equipment that is moved around to different locations, you should have an inland marine policy. In addition, an installation floater can cover company equipment from the moment it’s loaded onto the truck until it’s accepted, put to use, or installed.
Just like other types of insurance, inland marine insurance can be tailed to your specific business. An experienced insurance professional can help you assess your company’s risk and insurance needs to ensure you have insurance coverage that’s appropriate for your business.