In Massachusetts, $8,060,079,000 in commercial insurance claims were paid in 2019. If you run a company, you'll need adequate protection for a loss. Inland marine insurance can help cover your assets.
An independent insurance agent has access to multiple carriers so that you have options. They do the shopping for you, saving you time. Connect with a local adviser to get started.
What Is Inland Marine Insurance?
Your Massachusetts commercial insurance coverage can be tricky. Business property can be covered in two ways, under your business property policy or an inland marine policy. Check out how it works:
- Inland marine insurance: Replaces or repairs your business property when a covered loss occurs. This could range from heavy machinery to tools in transit. The items insured will depend on the policy and the carrier.
What Does Inland Marine Insurance Cover?
Massachusetts property insurance will depend on your industry. Special inland marine insurance is specific to business types. 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:
- 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 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?
The amount you pay for commercial insurance will depend on several risk factors. Insurance companies review personal data and outside elements when rating your policy. Take a look at what carriers use when determining price:
- Value of items
- Prior claims
- Coverage limits
- Risk mitigation measures
- State claims records
There are 669,224 small businesses in Massachusetts. When one of them files a claim, your rates are impacted. Carriers have to account for losses locally to have enough reserves to pay for future losses.
Does Inland Marine Insurance Cover Theft?
The theft of your Massachusetts commercial property is not as uncommon as you may think. When a piece of equipment gets stolen or damaged, the right insurance can make all the difference. When you are adequately protected, you can avoid thousands of dollars in loss.
An inland marine policy will provide coverage for theft and vandalism in most cases. It may even cover mysterious disappearance, depending on the carrier. The amount of protection you'll need is different from anyone else.
Personal Inland Marine Insurance
If you have valuable items, your personal property coverage may not be enough in your home policy. There is another option through a personal inland marine policy that will replace or repair your scheduled items separately. This coverage will waive a deductible and give you the appraised value when a loss occurs.
Property that can be included in an inland marine policy:
- Golf clubs
- Musical instruments
How to Find a Massachusetts Independent Agent
Commercial and personal insurance in Massachusetts can be confusing. There are multiple options to choose from when looking for coverage. Inland marine insurance can be obtained through a licensed professional.
An independent insurance agent has access to a network of carriers so that your coverage is sufficient. Low prices can be found when your agent does the shopping for you at no additional cost. Connect with a local expert on TrustedChoice to get started today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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