As you build and grow your Florida business, you have many concerns to think about, including finding insurance protection that protects your financial investment. Common commercial insurance coverage includes various types of liability coverage and property insurance, and many business owners will find a Business Owners Policy (BOP) is enough to cover their insurance needs. However, if your business transports or ships goods, stores the property of others, or stores property someplace other than your own business premises, you should consider buying inland marine insurance.
What is inland marine insurance?
Despite its name, inland marine insurance has nothing to do with bodies of water. This insurance covers clients’ products, materials, and equipment while your company transports it. Inland marine insurance also covers property that belongs to you and is being stored somewhere other than your business premises, as well as property belonging to others being stored by you. Inland Marine pays to repair or replace property damaged by covered perils such as fire, theft, wind, hail, and water. It may cover high value property excluded by typical property insurance, including computers; TVs; video, sound, or recording equipment; medical equipment; tradeshow equipment; special event equipment; solar panels; and fine art and collectibles.
It’s mostly useful for companies that ship high value products, parts or equipment to customers or stores. It can also be important for other businesses, such as those that ship tradeshow booths around the country and/or store equipment with a third party.
Why is it called inland marine insurance?
Back in the 1600s, most cargo was transported by water. Marine insurance covered businesses from losses at sea. As cargo began to move over land more frequently, insurance companies began to cover transported goods under the same policy, so “inland” was added to the name to show that additional coverage feature.
Helping You Get the Right Insurance For Your Business
L & M Insurance Group is a full service, independent insurance agency, and we can help you with all your commercial and personal insurance needs, including inland marine insurance. Our experienced agents can help you decide if inland marine insurance coverage is right for you. Please give us a call at (813) 672-4100, or contact us online if you have any questions about your insurance needs. L & M Insurance Group has been serving Tampa, Brandon, Riverview and surrounding communities for more than 20 years, and we’d love to help you.
