As a business owner in Colorado, you can protect your company’s assets and finances through a variety of commercial insurance policies. When shopping for coverage, you may come across inland marine insurance and might have questions about whether this insurance is right for your business.
Local independent insurance agents are available to answer all of your insurance-related questions. These agents can help you determine whether inland marine insurance is a good fit for your company and, if so, can find you a great policy at a competitive price. Find an insurance agent near you to get started.
What Is Inland Marine Insurance?
Inland marine insurance is a type of business insurance that can supplement your commercial property coverage. It is designed to cover loss or damage to business-owned products, materials, or equipment whenever they are in transit over land or while they are located away from your place of business.
Examples of the sorts of companies that frequently purchase inland marine insurance include the following.
- Construction firms
- Technology and telecommunications companies
- Transportation businesses
- Art dealers and gallery owners
- Supermarkets and food vendors
- Wedding and event photographers
- Karaoke, DJ, and entertainment companies
- Vending machine businesses
- Online retailers
Talk to a local independent insurance agent for help figuring out whether an inland marine insurance policy is a good fit for your Colorado business.
How Much Does Inland Marine Insurance Cost in Colorado?
The cost for inland marine insurance can vary significantly from one company to the next. A small company with few assets may pay about $250 a year, while a large company that frequently transports expensive items may be expected to pay well over $10,000 a year.
The average cost of an inland marine insurance policy in Colorado is about $2,500 a year.
Insurance companies consider a number of factors when calculating your cost for coverage. These include, but are not limited to the following.
- The type of business you own
- The value of the assets being insured
- Where this property will be stored and how often it will be transported
- The coverage options you may wish to include in your policy
- Your company’s claims history
- The amount of your deductible
To find out how much an inland marine insurance policy will cost for your Colorado business, you can contact a few competing insurance providers and request customized quotes. Independent insurance agents can save you time and money by doing the legwork for you.
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What Does Inland Marine Insurance Cover?
Inland marine insurance is designed to cover the cost to repair or replace your business’s high-value portable property if it is lost or damaged while in transit over land, such as by train, truck, or van, and when it is being stored or used away from your place of businesses.
Hazards this insurance can cover against include, but are not limited to the following.
- Fires, including accidental fires and wildfires
- Severe weather events like tornados, hail, and electrical storms
- Water damage as long as the damage is not the result of a flood
- Theft and mysterious, unexplained disappearances
- Damage to insured property that is sustained during collisions
- Damage due to insured property that is sustained due to accidental mishandling or dropping while loading or unloading
Depending on the type of business you own, you may also want to add specialized coverage options to your inland marine insurance. Options include the following.
- Bailee's insurance: This can cover your customers’ valuable property whenever it is in your company’s custody, care, or control.
- Fine art insurance: This can cover art that is transported from one gallery to another for exhibition purposes.
- Builders risk insurance: This can cover the structure of buildings being constructed or renovated as well as your materials and equipment owned by your company while you are working at the job site.
- Cargo insurance: This covers sold products from the time you ship them until they arrive at their destination.
A local independent insurance agent can do a complete risk assessment of your Colorado business and can identify any ways that inland marine insurance can prove beneficial.
What Does Inland Marine Insurance Not Cover?
Inland marine insurance is quite versatile, but it does not cover everything. For instance, it will not cover the following.
- Damage sustained by the vehicles used to transport your covered property
- Property that has been intentionally damaged by you or your employees
- Cargo that is being transported over the ocean
- Stationary property located at your place of business
- Damages caused by earthquakes and floods
To get more information about what your inland marine insurance policy will and will not cover, consult a local independent insurance agent.
What Is Personal Inland Marine Insurance?
Unlike inland marine insurance for businesses, personal inland marine insurance is designed for homeowners. This insurance may be sought out by individuals who own very expensive personal property such as fine art, valuable heirlooms, or priceless collections.
Homeowners insurance policies typically have a cap on how much coverage they will provide for different classifications of personal property, so a personal inland marine insurance policy may be necessary to obtain full coverage for these very-high value items.
To qualify for personal inland marine insurance, the items being covered must be portable but they do not have to ever leave the home. A local independent insurance agent can provide more information about this personal property coverage.
How to Get the Best Inland Marine Insurance Policy for Your Colorado Business
When you are shopping for any kind of insurance for your Colorado company, your best bet is to work with a local independent insurance agent. These agents live and work in your community, so they are familiar with the risks you face as a business owner in the Centennial State and they have relationships with some of Colorado’s most highly rated insurance providers.
Let an independent agent help you determine if inland marine insurance is right for your company. If you agree that it is, your agent can shop around to find you a great policy at a competitive price. Learn more by setting up an obligation-free consultation with an insurance agent near you today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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