Who Needs Inland Marine Insurance?

Inland marine insurance is one of the most confusing types of commercial insurance available, and many business owners aren’t sure exactly what it is or if they need it.

In a nutshell, inland marine insurance was originally created to protect goods as they traveled overseas; hence its name. Over time, however, the insurance evolved to cover goods that travel over dry land and even valuable items  that don’t travel at all, like computer data and accounts receivable.

So, does your business need inland marine insurance?

If you regularly transport expensive goods or equipment that are not otherwise insured, then inland marine insurance may be a good idea. For example, contractors bring lots of expensive equipment and tools to worksites. In most cases, these items aren’t insured even though they represent assets for the company. If such tools and equipment are stolen, a contractor could lose much hard earned money.

The same goes for companies that regularly transport merchandise from a warehouse to a storefront or who transport equipment to multiple locations or to a worksite. Much can go wrong when you’re on the road or hauling big, bulky items from once place to another.

Businesses that are in the process of building a store, warehouse or other facilities should consider insuring it under marine inland insurance (also known as builders’ risk or course of construction). Again, the chance for an accident or damage during the building process is very real and could result in expensive losses and time delays.

Business owners are often surprised to learn that marine inland insurance can be used to protect their electronic data and accounts receivables as well. While we strongly recommend that businesses use a professional file backup system, marine inland insurance may be a good idea as an extra safety net. I’ve seen many cases of companies that don’t back up properly and then lose all of their crucial electronic files. It’s usually a devastating financial blow.

Most businesses in most industries can benefit from inland marine insurance, especially those that regularly transport expensive equipment and tools.

To learn if inland marine insurance is right for you, contact Fusco & Orsini Insurance Services for a free consultation. Call us at (858) 384-1506 or contact us through our website. 

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