Inland Marine Insurance: Protect Your Goods with Betters

Inland Marine Insurance

Transporting goods over a short or long-distance carries a huge risk. Items can be lost or damaged and then you are out of money.

Why do I need Inland Marine Insurance?

Transporting goods over a short or long-distance carries a huge risk. Items can be lost or damaged and then you are out of money.

Inland Marine (IM) coverage is often referred to as “floater” coverage, while commonly not associated with the marine industry, IM policies provide protection for things like tools, contractors equipment, rental equipment and much more.

Why should I choose Betters Agency?

We are an independent insurance agency and can customize your inland marine insurance to suit your needs.

If you need long term coverage then we can detail a package that gives you peace of mind while maintaining your transport business.

If you need a single-event transportation policy then we can make sure it is just right for the items you are transporting.

If you are transporting a client’s possessions, we can work out a plan that covers the goods against theft and damage and cover you against liability.

Understanding Inland Marine Insurance

Inland Marine Insurance is a specialized type of coverage designed to protect goods while they are in transit or stored away from the primary location. This insurance is crucial for businesses that frequently transport valuable items, such as construction tools or equipment, ensuring that they are financially protected against potential losses.

For instance, if a contractor's equipment is damaged during transit, Inland Marine Insurance can cover repair or replacement costs. This type of policy not only safeguards physical assets but also provides peace of mind, knowing that businesses are protected against unforeseen incidents that could disrupt their operations.

Common Coverage Options in Inland Marine Insurance

Inland Marine Insurance offers various coverage options tailored to meet the diverse needs of businesses. These options can include coverage for tools and equipment, fine arts, and even mobile equipment. Understanding these options allows businesses to choose a policy that best fits their operational requirements.

For example, a construction company may opt for coverage that includes tools and equipment while on the job site and during transport. Additionally, businesses can customize their policies to include specific items of high value, ensuring comprehensive protection against theft or damage.

How to Choose the Right Inland Marine Insurance Policy

Selecting the right Inland Marine Insurance policy involves assessing the specific needs of your business and understanding the types of coverage available. It’s essential to evaluate the value of the items being transported and consider the risks associated with their transportation.

Consulting with an insurance professional can help clarify the options available and ensure that the policy chosen provides adequate coverage. Factors such as deductibles, limits, and exclusions should also be thoroughly reviewed to avoid any unexpected gaps in coverage.

The Importance of Regular Policy Review

Regularly reviewing your Inland Marine Insurance policy is vital to ensure it remains aligned with your business needs. As your business grows or changes, so do the risks associated with transporting goods. Keeping your policy updated is crucial to maintain optimal coverage.

For instance, if your business acquires new equipment or expands its service area, it’s important to reassess your insurance needs. An annual review with your insurance agent can help identify any necessary adjustments to your coverage, ensuring that you are always protected against potential losses.