In Illinois, there are over 1,200,000 small business owners. Business insurance is essential to running a smooth operation, and inland marine insurance is often necessary for many companies.
Fortunately, an independent insurance agent can help. They have several carrier options, so you don't have to do all the shopping. Connect with a local expert for custom quotes.
What Is Inland Marine Insurance?
Your Illinois based business may have some business property that won't fit under your property insurance limit. These are usually items that are in transit and need coverage that moves with them.
Inland marine insurance will pay to repair or replace any portable business property. If the item gets damaged due to a covered peril, this policy will apply.
What Does Inland Marine Insurance Cover?
There are various perils that your inland marine policy will insure. Some of them are pretty unique and not often seen in other business policies.
Perils that may be covered by inland marine insurance
Some miscellaneous coverages that your policy may cover are
- 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
How Much Does Inland Marine Insurance Cost?
The cost of your Illinois inland marine insurance will vary. Similar to your business equipment policy, the value of each item will be taken into account. The property insured will impact premiums. Take a look at what carriers use when determining price.
- Value of item
- Prior claims
- Coverage limits
- Risk mitigation measures
- State claims records
In 2019, Illinois had $16,998,439,000 in commercial claims paid. This figure will affect your insurance costs. Carriers review the number of claims in an area and charge accordingly.
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Does Inland Marine Insurance Cover Theft?
Your business or personal inland marine policy will have theft coverage. Some policies may even include mysterious disappearance. Since your covered items are likely in transit, theft coverage is essential.
If an instance arises and theft is suspected, your agent can help file a claim. Most of the time, carriers will need a step by step recalling of the loss. Usually, companies will supply the funds in a timely manner to replace the said item.
Personal Inland Marine Insurance
In Illinois, inland marine insurance can apply to your personal items as well. This can be coverage for belongings that you want to have replaced without a deductible applying. Inland marine is also known as personal articles floater or scheduled personal property.
Things that can be included are listed below
- Golf clubs
- Musical instruments
This policy will typically require an appraisal for each item. Coverage will pay out on an appraised value most of the time. In some cases, this policy is added to your homeowners insurance.
How to Find an Illinois Independent Agent
The right business coverage can mean the difference in a claim being paid or not. If you have the wrong insurance, you could be paying out of pocket. Your Illinois inland marine policy can be found with the help of a local adviser.
An independent insurance agent has access to numerous markets, saving you time and premium dollars. They will do the shopping on your behalf at no cost. It's the perfect time to connect with a local expert on TrustedChoice.com.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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