Inland marine insurance generally helps businesses protect items that are being transported between two locations. While this may seem like a fairly narrow form of insurance, a surprising number of businesses may benefit from having inland marine coverage. Here are some businesses in Massachusetts that might want to consider getting an inland marine policy.
What Massachusetts Businesses Should Have an Inland Marine Insurance Policy?
Landscapers are a great example of the kind of Massachusetts business that should consider getting inland marine insurance. Landscaping companies regularly trailer lawn mowers, weed whackers, trimmers and other equipment to client’s sites. Commercial property policies frequently won’t cover these pieces of equipment once they’re taken off a company’s property, and commercial auto insurance policies may not offer sufficient protection for trailered equipment.
With commercial mowers running anywhere from $2,500 to $25,000, few landscapers can afford to not insure their equipment. An inland marine policy may offer the protection they need for their mowers and other equipment while it’s being taken to and from job sites.
Tradespeople, such as carpenters, electricians and plumbers, may not have much equipment that by itself is highly valuable. Altogether, however, the tools and other equipment that tradespeople keep in their vehicles is often worth at least several thousand dollars. In many cases, the total value of their equipment may exceed any coverage offered by a commercial auto policy.
Few tradespeople could afford to replace all of their tools and equipment if it were stolen or destroyed in a covered incident. Even those who could afford to would suffer a major financial hit. Inland marine coverage might help ensure that tradespeople don’t have to pay for new items themselves if their current tools and equipment are lost in a covered incident.
Caterers frequently bring both equipment and food to clients’ locations. Should a caterer be in an accident on the way to an event or have their vehicle broken into, they might lose both equipment and products (food).
When needed, inland marine coverage may be designed to insure both equipment and products, such as food. Exact coverages vary, but policies can often cover a wide array of items that a company owns -- including equipment, supplies and products.
Sales representatives frequently carry another type of product or samples with them to customers’ locations. An individual sample may not be worth much, but some sales representatives can have lots of samples in their vehicle. Replacing a rep’s entire supply of samples could be a significant cost.
Inland marine policies that cover products may cover both products that are sold to customers and those that are given away to potential customers. Thus, a policy might be used to insure samples.
Wedding photographers may not be transporting expensive equipment to clients’ sites as often as landscapers do, but photographers do bring valuable cameras and supplies with them to weddings. Professional-quality cameras cost thousands of dollars, and the accessories that photographers need only adds to the value of their equipment.
Inland marine coverage may offer the most affordable coverage for photography equipment while it’s being transported to weddings. Photographers might be able to get insurance for their cameras through another insurance policy, but it might cost more than an inland marine policy.
Ask a Massachusetts Agent Whether You Need Inland Marine Insurance
To find out if your business could benefit from having inland marine insurance, contact an independent insurance agent who’s in Massachusetts. An independent agent will be able to review your current insurance policies and business’ practices to see whether inland marine coverage makes sense for your business. If it does, they can also help you find an inland marine policy.