Does my business need inland marine insurance?
Any business that transports goods should consider adding an inland marine insurance policy to its other business insurance coverage. The coverage applies to items transported that belong to the business or its customers, such as employee laptops or customer blueprints. Regardless of what is being transported, the fact that your business is taking something from one location to another warrants inland marine insurance.
Don’t let the name confuse you. Inland marine insurance came to be from ocean marine insurance coverage. Ocean marine insurance covers items transported via water vessels (i.e. ships). Once the items reach land, another type of insurance, inland marine, is needed to cover their transport from shipyards to their final destination “on land.” With the growth of “on land” shipping came the need for inland marine insurance to cover items shipped even if they did not originate from a water-bound vessel. Since that time, insurance coverage that protects items shipped or transported on land has been known as inland marine insurance.
Inland marine insurance covers all types of items that can be transported from one location to another, including valuable papers, contractor tools, photography equipment, portable electronic devices, laptops, musical instruments, and mobile medical equipment, to name a few.
Review your inland marine insurance coverage needs with your local independent insurance agent to make sure your business is protected when you transport goods.