Your business property is only covered by commercial property insurance at the location on the policy. If your business property, such as tools, equipment and products, goes for a ride over land or is stored at a location that is off-site, you may want to consider inland marine insurance.
Your business property insurance covers your tangible assets when they are stored at your main location and for a distance of about 1,000 feet away. It doesn’t cover those assets outside of that distance, and it doesn’t cover them in transit. Although the term may be confusing, inland marine insurance protects your business property specifically while in transit over land or if it is stored at a site other than your main location. It does not cover property shipped by sea or air. Inland marine insurance can also cover specialized high-value assets typically not covered by property insurance.
What does inland marine insurance cover? It covers property in transit over land (such as construction equipment), property that is part of the infrastructure (bridges and communication towers), property stored at an off-site facility (such as a vending machine at a customer’s site) and property stored in a moving vehicle (such as the kitchen in a food truck). It also covers high-value assets stored at the location of your fixed business (such as an artist’s work displayed at your café).
If you ship property by land, move property between sites or store property at third-party-owned locations, inland marine insurance can help ensure you rest easy at night knowing that your property is covered. Contact us to see if it’s right for your business and if we can bundle your policies to save you some money in the process.