Inland Marine Insurance

What is inland marine insurance?

Inland marine insurance is commercial property coverage for tools, equipment, materials, and products that move between locations or are stored away from your business. It's also known as a commercial property floater because the coverage goes wherever work takes you.

Standard business insurance policies usually don't cover these items, which can leave a gap in coverage. Companies that regularly transport or keep products off-premises should consider adding inland marine insurance to their general liability insurance or  business owners policy (BOP).

What does inland marine insurance cover?

Inland marine insurance pays to repair or replace off-site items that aren't fully covered by other policies. It protects your business from losses like theft, vandalism, and some weather-related damage.

In general, commercial inland marine coverage includes property that's:

• Transported from one location to another, such as  landscaping tools
• Stored off-site at a warehouse or storage facility, like building materials or inventory
• Kept primarily in vehicles, such as appliances in a  food truck
• Lent out to others, such as specialty equipment

What doesn't inland marine insurance cover?

Inland marine insurance mainly covers movable property. It won't usually protect:

• Permanent fixtures and office furniture: These require commercial property coverage on a BOP, which protects this type of business personal property.
• Business vehicles: Company cars and trucks must be covered by commercial auto insurance.
• Property shipped by air or sea: These items are better protected by freight insurance.
• Damage from excluded events: Inland marine typically won’t cover wear and tear, intentional damage, or natural disasters like floods and earthquakes.

Who needs inland marine insurance?

Inland marine insurance is a good option for businesses that travel or complete work away from the office. For example,  contractors who work at multiple job sites and carry tools can benefit from the added protection of inland marine coverage.

Other professions that can benefit from inland marine coverage include:

• Photographers
• Food trucks
• Plumbers
• Electricians
• Retailers
• Florists
• Cosmetologists
• Locksmiths
• DJs
• Interior designers

Progressive Commercial offers inland marine coverage that can be customized for your business needs. From tools and equipment for contractors to specialized gear for artists and entertainers, we help protect the items you rely on. Call us or start an inland marine insurance quote online today.

How much does inland marine insurance cost?

Your inland marine insurance cost depends on several factors. Each plays a role in shaping your specific rate:

• Your industry
• Property value
• Coverage needs
• Claims history
• Deductibles
• Insurance limits

Expensive equipment might require more coverage, which could increase your premium. For example, a contractor looking to insure a laser level worth thousands of dollars would likely pay more for their policy than a  painter insuring a ladder and brushes.

Getting a quote is the best way to determine how much you'll pay for inland marine insurance.

Inland marine deductibles and limits

You can choose a deductible and coverage limit based on your risk, cash flow, and the value of what you're protecting. The deductible is the amount you pay out-of-pocket when you file a claim. Your coverage limit is the maximum amount your policy will pay.

For example, you select a $5,000 deductible and a $50,000 coverage limit to protect your landscaping tools. That coverage limit can help if your equipment is stolen and needs to be replaced, and the deductible is affordable enough that your business could confidently cover it.

In this scenario, say your $12,000 commercial lawnmower is damaged while you're heading to a job site. You would pay your $5,000 deductible, and your inland marine coverage would pay the remaining $7,000.

Why choose Progressive Commercial for inland marine insurance coverage

Progressive Commercial has been insuring small businesses like yours for over 50 years. We offer flexible coverage options, competitive rates, and knowledgeable support. Our business insurance experts can help you find the right coverage to protect what you've built.

Call us to learn more about how inland marine insurance can help your business. You can also  start a quote online and add an inland marine endorsement to your general liability insurance or BOP.