In 2019, Arizona had $6,937,130,000 in commercial insurance claims paid. When you operate a company, you'll have to account for all the what-ifs. An inland marine policy can help insure your most valuable assets.
If you work with an independent insurance agent, you will have access to multiple carriers. They do the shopping on your behalf so you can save time and premium dollars. Connect with a local expert for custom quotes.
What Is Inland Marine Insurance?
Business insurance in Arizona can come in many different forms. When you need protection for your property, there are two ways to cover it. A commercial property policy will insure your items that stay in one location. An inland marine policy can help with equipment and heavy machinery that may be in transit.
- Inland marine insurance: Replaces or repairs your business property when a covered loss occurs. This could be from heavy machinery to tools in transit. The items insured will depend on the policy and the carrier.
How Much Does Inland Marine Insurance Cost?
What you will pay in Arizona for commercial insurance depends on a variety of risk factors. Insurance companies look at several items when setting your price. Take a look at what carriers use when determining price.
- Value of item
- Prior claims
- Coverage limits
- Risk mitigation measures
- State claims records
Arizona has roughly 571,495 small businesses. The number of claims that these owners file will impact your premiums. Carriers will raise or lower your prices depending on how much they need to make up for losses.
What Does Inland Marine Insurance Cover?
Special inland marine insurance is specific to an industry. The type of business you run will determine what inland marine coverage you'll need. Some examples of these are as follows.
- Bailee's insurance: Used for client property that is left in the care, custody, and control of your business.
- Builders risk insurance: Used to protect the property and materials used when building a structure.
- Installation insurance: Used when items are in transit up until they are installed. Also known as in-transit coverage.
Risks that may be covered by inland marine insurance
Some miscellaneous coverages that your policy may protect against
- Mysterious disappearance: Pays for missing property when the cause of loss can't be discovered.
- Accidental damage: Pays for the replacement or repair when an item is dropped. This can be in transit or when loading or unloading.
Items that you may want to insure under an inland marine policy
- Contractors tools
- Contractors equipment
- Computer systems
- Sales equipment
- Heavy machinery
Does Inland Marine Insurance Cover Theft?
The theft of your commercial property is a real thing. When a piece of equipment gets stolen or damaged, you'll be responsible for the loss. The right policy can help you cover the expense, so you aren't out thousands of dollars.
An inland marine policy in Arizona will provide coverage for theft and vandalism. Mysterious disappearance can be an add-on with most carriers as well. The amount of protection you'll need will depend on your exposures.
Personal Inland Marine Insurance
When you have valuable items, your personal property coverage may not be enough. A homeowners policy will have automatic coverage at a blanket limit. To schedule property for an appraised amount, you should consider inland marine insurance. This is often referred to as a personal articles floater.
It will apply to any piece of property you list on the policy. Instead of giving a blanket amount, it gets specific. The majority of the time, no deductible applies.
Property that can be included on an inland marine policy
- Golf clubs
- Musical instruments
How to Find an Arizona Independent Agent
Commercial insurance in Arizona can be found with the help of a trusted adviser. There are several options when it comes to obtaining proper coverage. An inland marine policy can be shopped through multiple carriers.
When you use an independent insurance agent, they will review your current coverage at no cost. Since they have access to several markets, you'll get the best rates around. Connect with a local expert on TrustedChoice.com for quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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