As a business owner in Maryland, you can shield your company from large financial losses through a variety of commercial insurance product. One such product is inland marine insurance.
Local independent insurance agents are available to answer all of your questions about inland marine insurance as well as any other insurance policies that may be suitable for your Maryland business.
Because they are not tied to a single insurance provider, independent agents are free to shop around to find you great coverage at a competitive price. Find an insurance agent near you to get started.
What Is Inland Marine Insurance?
Inland marine insurance is designed to supplement your commercial property coverage. It can compensate your business for loss or damage to property such as products, materials, and equipment whenever it is in transit over land or when it is located away from your place of business, like at a job site.
Here are examples of the types of Maryland companies that typically purchase inland marine insurance.
- Construction companies
- Transportation businesses
- Grocery stores and food vendors
- Technology and telecommunications companies
- Wedding and event photographers
- Karaoke, DJ, and entertainment companies
- Vending machine businesses
- Online retailers
- Art dealers and gallery owners
Talk to a local independent insurance agent for help figuring out whether an inland marine insurance policy is a good fit for your company.
How Much Does Inland Marine Insurance Cost in Maryland?
Premiums for inland marine insurance can vary significantly from one company to the next. A small company with few portable assets might pay about $250 a year, while a large company that frequently transports expensive items might pay several thousands of dollars per annum.
The average cost of an inland marine insurance policy for businesses in Maryland is about $2,500 a year.
Insurance companies will factor in a number of considerations when they calculate your cost for coverage. These include, but are not limited to the following.
- The type of business you own
- The value of the assets you want to insure
- Where your insured property will be stored when not in use
- How often your insured property will be transported
- The coverage options you wish to include in your policy
- Your company’s claims history
- The size of your deductible
To find out how much an inland marine insurance policy will cost for your particular business, you can contact a few competing insurance providers and request customized quotes. Independent insurance agents in Maryland can save you time and money by doing the legwork for you.
What Does Inland Marine Insurance Cover?
Inland marine insurance is a type of commercial property insurance. It 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 as well as when it is being stored or used away from your place of businesses.
Some of the hazards this insurance can cover against include the following.
- Severe weather events like hurricanes, hail, and storms
- Water damage, as long as the damage is not due to a flood
- Theft and mysterious, unexplained disappearances
- Damage sustained during collisions while in transit
- Damage caused by accidental dropping while loading or unloading
Inland marine insurance also offers a few specialized coverage options. Depending on what your business does, you may also want to consider purchasing options such as the following.
- Bailee's insurance: This is designed to cover your customers’ valuable property whenever it is in your company’s custody, care, or control.
- Builders risk insurance: This is designed to cover the structure of buildings being constructed or renovated as well as your company’s construction materials and equipment while you are working at a job site.
- Fine art insurance: This is designed to cover original artwork that is being displayed to the public or is being transported from one gallery to another for exhibition purposes.
- Cargo insurance: This is designed to cover products that have been sold by your company from the time you ship them until they arrive at their destination. This is particularly important for online retailers.
A local independent insurance agent can do a complete risk assessment of your Maryland business and can identify any ways that inland marine insurance may prove beneficial.
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What Does Inland Marine Insurance Not Cover?
Inland marine insurance covers a lot, but it does not cover everything. For instance, you can expect your policy to exclude coverage for the following.
- Cargo that is being transported over the ocean.
- Property that has been intentionally damaged by you or your employees.
- Vehicles used by your company if they are damaged while transporting covered property.
- Stationary property that is located at your place of business when the loss or damage occurs.
- Property that has been damaged by floods or earthquakes.
To learn more about what your inland marine insurance policy will and will not cover, you can consult a local independent agent.
What Is Personal Inland Marine Insurance?
Personal inland marine insurance is designed for homeowners rather than businesses. It may be necessary to cover your very expensive personal property such as fine art, valuable heirlooms, or priceless collections since the value of the items may exceed what your homeowners insurance will cover.
To qualify for coverage by personal inland marine insurance, the items being insured 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 Maryland Business
When you are shopping for any kind of insurance for your business in Maryland, your best bet is to work with a local independent agent. These agents live and work in your community, so they are familiar with the risks you face as a business owner in the Old Line State. Also, these agents have relationships with some of Maryland’s most highly rated insurance providers.
Let an independent agent help you determine whether inland marine insurance is a good fit for your company. If so, your agent can shop around to find you a suitable 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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