Inland marine insurance is one of the most confusing types of commercial insurance available, and many business owners aren’t sure exactly what it is or if they need it.

In a nutshell, inland marine insurance was initially created to protect goods as they traveled overseas, hence its name. Over time, however, the insurance evolved to cover goods that travel over dry land and even valuable items that don’t travel at all, like computer data and accounts receivable.

So, does your business need inland marine insurance?

If you regularly transport expensive goods or equipment that are not insured, then inland marine insurance may be a good idea. For example, contractors bring lots of expensive equipment and tools to worksites. In most cases, these items aren’t insured even though they represent assets for the company. A contractor could lose much hard-earned money if such tools and equipment are stolen.

The same goes for companies regularly transporting merchandise from a warehouse to a storefront or equipment to multiple locations or a work site. Much can go wrong when you’re on the road or hauling big, bulky items from one place to another.

Businesses building a store, warehouse, or other facility should consider insuring it under marine inland insurance (also known as builders’ risk or course of construction). Again, the chance of an accident or damage during the building process is real and could result in expensive losses and time delays.

Business owners are often surprised to learn that marine inland insurance can also protect their electronic data and accounts receivables. While we strongly recommend that businesses use a professional file backup system, marine inland insurance may be a good idea as an extra safety net. I’ve seen many companies that don’t back up correctly and then lose their crucial electronic files. It’s usually a devastating financial blow.

Inland marine insurance can benefit most businesses in most industries, especially those that regularly transport expensive equipment and tools.

To learn if inland marine insurance is right for you, contact Fusco & Orsini Insurance Services by completing this form.

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