Inland marine insurance can be beneficial to both large and small businesses. It not only protects your business property while it’s being transported, it also covers a customer’s property while it’s in your possession.
Protection of goods and equipment in transit is a big benefit of inland marine coverage and applies to all different types of shipments. A few examples are:
- Shipments from a supplier to a user
- Private shipments from one party to another
- Shipments from a main warehouse to a retail outlet
- Sales persons’ samples
- Equipment of any kind that is mostly used off-site
A commercial inland marine policy may also cover damage your equipment does to infrastructure.
These policies offer coverage for all moveable property and equipment as it’s transported from location to location, and typically offer full protection regardless of where the equipment is located at the time of loss or damage.
This fills in a gap that exists in other insurance products. A homeowners policy doesn’t cover property or equipment that is used in a business capacity, and most commercial policies limit their coverage for equipment that is off the premises.
The type of equipment covered by inland marine insurance is virtually unlimited, but here are a few examples:
- Tools and equipment belonging to tradespersons or repair persons
- Equipment that is being moved to different facilities, such as lift trucks
- Testing equipment
- Pet grooming equipment
- Vending machines
Commercial inland marine insurance also protects fixed property that is deemed to be involved in transportation or communication under the instrumentality of the transportation or communication sections of a policy.
These fixed asset types include pipelines, wharves, docks, transmission lines, outdoor cranes and other loading equipment.
One final advantage of these policies is the protection they offer to bailees. Bailees are businesses that have possession of another person’s property for repair, service or storage.
A commercial inland marine policy protects all of the property in their possession, covering all legal liability should a client’s property be stolen, damaged or lost.
Just a few examples of bailees who would benefit from inland marine insurance are:
- Dry cleaners
- Jewelry repairers
- Furniture or appliance repair shops
- Computer repair shops
- Storage facilities