There are approximately 512,348 small businesses in Indiana. If you own and operate a company, you may need coverage for your property. An inland marine policy can help.
Fortunately, an independent insurance agent has access to several carriers. They have coverage for an affordable price so that you can save. Connect with a local expert to get started.
What Is Inland Marine Insurance?
In Indiana, your commercial property insurance can be covered in one of two ways. When your business property stays in one location and isn't a piece of machinery, it's typically insured under your business property policy. If you have heavy machinery or equipment in transit, you'll likely need inland marine insurance.
- 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.
What Does Inland Marine Insurance Cover?
The type of inland marine policy you will need is dependent on your industry. Some entities have a specific kind of inland marine coverage that is customized. These are often referred to as special inland marine policies. 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 the time they are installed. Also known as in-transit coverage.
Risks that may be covered by inland marine insurance.
- Water damage
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
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How Much Does Inland Marine Insurance Cost?
Similar to commercial auto, general liability, and more, your Indiana insurance costs vary. Companies look at numerous risk factors when figuring your premiums. Take a look at what carriers use when determining the price of inland marine insurance.
- Value of item
- Prior claims
- Coverage limits
- Risk mitigation measures
- State claims records
Another item that will affect your pricing is the number of claims that have been paid in an area. In 2019, Indiana had $6,780,466,000 in commercial insurance claims alone. This can impact your premiums by carriers raising prices to recoup their losses.
Does Inland Marine Insurance Cover Theft?
Your equipment and machinery are used to run your business. What happens if it gets stolen or damaged? This could put you out thousands of dollars in repairs or replacement, not to mention the lost income that could come of it.
Fortunately, most inland marine policies include theft and vandalism coverage automatically. The amount of protection necessary will depend on what you're insuring. Values and replacement costs of items are used to determine limits.
Personal Inland Marine Insurance
In Indiana, your personal property can be covered under your homeowners policy. In 2020, there were roughly $1,003,810,000 in home insurance claims paid. The proper coverage for your property is essential.
Your more valuable items can be added to an inland marine policy. This will allow you to schedule things for the appraised value with no deductible applying. The coverage is referred to as a personal articles floater and is attached to your home insurance.
Property that can be included on an inland marine policy
- Golf clubs
- Musical instruments
How to Find an Indiana Independent Agent
In Indiana, your commercial insurance is key to running a smooth operation. When a loss occurs, you'll be on the hook if you're without proper coverage. Inland marine insurance is used when you have equipment and machinery that need protection.
An independent insurance agent can help find a policy for an affordable price. They have access to multiple carriers so that you get the best options in town. Connect with a local expert on TrustedChoice.com and start saving.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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