Property Insurance Protects the things kept on premises; but your business is a traveling show
For your work pickup, there’s commercial auto; your business’ fixtures are under commercial property insurance. But there are a few pieces of equipment that defy easy categorization. Anything that might leave your property but isn’t licensed should be covered under an Inland Marine policy.
What Does Inland Marine Insurance Cover?
Inland Marine insurance covers repair or replacement costs for damage to a wide range of commercial equipment, materials and tools from theft, fire, wind, hail and water damage while they are in transit. This can be cargo, sales samples, medical equipment, or construction tools and mobile contractor or farm machinery.
Any business that transports products or equipment should discuss inland marine policies with their insurance agent; as well as any business that has mobile machinery like loaders, tractors, forklifts, or even center pivot sprinklers.
What are the Limits to Inland Marine Insurance?
Inland Marine policies have coverage limits, and insurers will pay claims up to those amounts. High-dollar items may push a claim past those limits; but they can often be scheduled and listed separately.
It’s also important to know whether your policy reimburses actual cash value or replacement value on items. Actual cash value appraises items at their current value, taking depreciation into account, while replacement value policies will reimburse the cost of, well, replacement.
Your business’ insurance needs will be unique to your business. Coverage limits, deciding what to schedule, and wether to opt for full replacement value coverage are all questions to discuss with your insurance agent. Plummer Insurance’s Business Insurance experts are ready to talk.