An inland marine insurance policy generally helps protect items that are in transit. While exact coverages can vary, policies usually insure items against a variety of perils while the items are being transported between two locations. Here’s a look at some Massachusetts businesses that might benefit from having such protection.
What Businesses Can Benefit from the Coverages Inland Marine Insurance Offers?
Contractors Who Tow Equipment to Work Sites
Both residential and commercial contractors occasionally have to tow equipment to work sites. When they do, equipment frequently isn’t adequately protected.
Commercial property policies often exclude coverage for items that are off of a company’s property, and commercial auto policies may also exclude coverage for towed equipment. Even if contractor’s commercial auto policy provides coverage for towed equipment, the policy’s limit might be less than the value of the equipment. Some specialized and heavy equipment is extremely expensive.
Inland marine insurance may be able to fill in this coverage gap. Not only does inland marine coverage normally insure equipment while it’s in transit, but several insurers in Massachusetts offer policies with high limits.
Tour Groups Who Have Stage Equipment, Costumes or Instruments
The equipment that tour groups bring with them on the road might not always be as valuable as the heavy machinery that contractors use, but it’s still usually expensive to replace. Instruments, costumes, stage props and other gear can cost thousands of dollars.
It can sometimes be difficult to find an insurance policy that provides coverage for gear that’s consistently on the road. Inland marine coverage, however, might provide the protection that theater troupes, bands and other stage performers need for their equipment.
Museums That Send Visiting Exhibits
Museums face a special challenge when they send visiting exhibits to other museums. Not only are exhibits valuable, but they’re often difficult (if not impossible) to replace. Some science exhibits might be able to be rebuilt, but doing so is often a resource-consuming process. Original art exhibits, meanwhile, often can’t be replaced if they’re damaged or lost.
Because of the traveling exhibits’ uniqueness, it’s especially important to fully insure them during all stages of their travels. Inland marine coverage normally won’t provide all of the insurance that a traveling museum exhibit needs, but it may play an important role in an exhibit’s insurance portfolio.
Businesses That Offer Mobile Services
Offering mobile services is a great way to start a business that has low upfront expenses, and it can be a unique way to grow an existing business. Offering services off-site also presents unique risks, though. Equipment may be damaged in an accident, stolen from a vehicle or destroyed any number of other ways while it’s being taken to and from clients’ locations.
If a commercial property or commercial auto policy don’t afford adequate protection for equipment that’s being taken to clients’ locations, inland marine coverage might offer affordable protection. This may help pet grooming, computer repair, massage and other businesses that offer mobile services operate without taking on too much additional risk.
Talk with a Massachusetts Insurance Agent About Inland Marine Insurance
If you have a business in Massachusetts that regularly takes equipment off-site, ask an independent insurance agent about inland marine insurance. An independent agent will be able to review your business’ current insurance portfolio and overall insurance needs to determine whether adding inland marine coverage makes sense. If it does, an independent agent can help request quotes from different insurers and select a policy that offers robust coverage.