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A Breakdown of Inland Marine Insurance

If you’re running a business, then you know accidents can and will happen. That’s why it’s important to have the proper insurance in place to protect your company from financial losses in the event of an accident or disaster.

This blog post will discuss inland marine insurance and what it covers. We’ll also provide a breakdown of some of the most common types of inland marine policies. So, if you’re interested in learning more about this type of insurance, keep reading!

What Is Inland Marine Insurance?

The first question you might be asking is, “what is inland marine insurance?” Inland marine insurance is a type of business insurance that covers products, materials and equipment when transported over land.┬áIt primarily helps protect your company’s property and equipment from damage or theft.

In addition, inland marine insurance can provide coverage for business property that is located away from your company’s premises. This can include things like materials that are being stored at a construction site or equipment that is being used at a customer’s location. So, as you can see, inland marine insurance is a very important type of coverage for businesses to have in place. So, now that we’ve answered the question “what is inland marine insurance,” let’s look at some of the most common types of inland marine policies.

There are two main types of inland marine insurance policies: all-risk and named-peril. All-risk policies provide broad coverage for your company’s property and equipment. This means that if your property is damaged or stolen, you will be covered as long as the cause of the damage is not specifically excluded in your policy. Named-peril policies, on the other hand, only provide coverage for specific types of damage or theft that are listed in your policy.

Some of the most common types of inland marine insurance policies include:

  • Contractors’ equipment insurance – This type of policy covers the tools and equipment that you use in your business, such as excavators, bulldozers, and cranes.
  • Business personal property insurance – This type of policy covers items like office furniture, computers, and inventory that are located at your company’s premises.
  • Transportation insurance – This type of policy covers items that are being shipped from one location to another. This can include things like raw materials, finished products, and equipment.
  • Storage insurance – This type of policy covers items that are being stored at a location other than your company’s premises. This can include things like inventory that is being stored at a warehouse or construction materials that are being stored at a job site.

As you can see, there are many types of inland marine insurance policies available to businesses. The best way to determine which type of policy is right for your company is to speak with an experienced insurance agent who can help you assess your risks and choose the coverage that best fits your needs.

Who Needs Inland Marine Insurance?

Inland marine insurance is not just for businesses that transport goods or store inventory off-site. Any company that has property or equipment located away from its premises should consider this type of coverage. This includes businesses such as:

  • Contractors
  • Manufacturers
  • Retailers
  • Service providers

If your company owns any property or equipment that is used in your business, then you should speak with an insurance agent about inland marine insurance. Even if you don’t think you need this type of coverage, it’s always better to be safe than sorry. You never know when an accident or disaster could strike, and you don’t want to be caught without the proper protection in place.

No matter what type of business you have, inland marine insurance is essential coverage to consider. This type of policy can protect your company’s property and equipment from a variety of risks, including theft, damage, and loss.

Invest in Inland Marine Insurance

There are many benefits to having inland marine insurance, including peace of mind, financial protection, and coverage for a variety of risks.

If you have questions about inland marine insurance, or if you need help choosing the right policy for your business, contact an experienced agent at Calhoun Insurance Agency today. We would be happy to answer your questions and help you find the coverage that best fits your needs.