Inland marine insurance is a type of business insurance that covers products, equipment, and valuable goods as they are transported over land or stored at an off-site location. Unlike commercial property insurance, inland marine covers property while it is away from your main premises. Inland marine can also cover property owned by others that is in your possession. This may include cargo you are transporting, or others’ property being held on your premises.

There is a greater risk for accidents and theft when things are on trucks or trains, and standard business insurance policies don’t automatically include inland marine coverage. This creates a coverage gap for many small businesses that don’t always keep products or equipment in their main business location. 

In the FitSmallBusiness article “Inland Marine Insurance: Cost, Features & Providers,” Partner P.J. Miller discusses common instances in the normal course of business operations in which items are not covered.

“Mailing or shipping through a common carrier (e.g., FedEx, UPS) may or may not be insured through the cargo carrier. If equipment is leased or rented from a supplier, the renter business might need its own coverage on the equipment. If property is damaged while it’s being repaired, whether working on your own property or working on someone else’s property, it’s usually not covered by property or general liability.” 

Read the full article.

Questions about business insurance? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.