If you own a business in Mississippi, a comprehensive business insurance policy can protect your company’s finances in times of trouble. One kind of policy that many business owners include in their coverage is inland marine insurance. Local independent insurance agents are available to answer all of your questions about this important, often misunderstood, coverage.
Independent insurance agents work for you, not for an insurance company. This means they are free to shop around to help you find the best and most affordable policies to meet all your coverage needs. Find an insurance agent near you to start comparing customized inland marine insurance quotes.
What Is Inland Marine Insurance?
Inland marine insurance is a business insurance product that is designed to supplement your commercial property coverage. It can compensate your business for loss or damage to portable business property whenever it is in transit over land or is located away from your place of business.
What Kinds of Mississippi Businesses Need Inland Marine Insurance?
Any business that has portable property can benefit from inland marine insurance. Examples of the types of Mississippi companies that typically purchase this coverage include:
- Online retailers
- Construction firms
- Caterers and food vendors
- Technology and telecommunications companies
- Wedding and event photographers
- Karaoke, DJ, and entertainment companies
- Vending machine businesses
- 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 Mississippi?
The cost for inland marine insurance can vary from one company to the next. A small company with few portable assets might pay as little as $250 a year, while a large company that frequently transports expensive items might pay several thousands of dollars. Factors that can influence your premiums include:
- The type of business you own
- The value of the assets you want to insure
- How often your insured property will be transported
- Where your insured property is stored when not in use
- Your company’s claims history
To find out how much an inland marine insurance policy will cost for your Mississippi 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 comparison shopping on your behalf.
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What Does Inland Marine Insurance Cover?
Inland marine insurance can 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) or while it is being stored or used away from your place of businesses.
Some of the hazards this insurance can cover against include:
- Fire, including accidental fires, wildfires, and arson
- Severe weather events like hurricanes, tornadoes, and hail
- Water damage, but only if the damage is not due to a flood
- Theft and unexplained disappearances
- Property damage sustained during a collision while in transit
- Damage caused by loading or unloading accidents
Inland marine insurance also offers a few specialized coverage options. Depending on the nature of your business, you may want to consider one of the following policy options:
- Bailee's insurance: This covers your customers’ valuable property whenever it is in your business’s custody, care, or control.
- Builders risk insurance: This covers the structure of buildings under construction or renovation as well as your company’s construction materials and equipment when you are working at a job site.
- Cargo insurance: This covers products that have been sold by your company from the time they leave your shipping department until they arrive at their intended destination. This coverage is particularly important for online retailers.
- Fine art insurance: This covers original artwork that is being displayed to the public or is being transported from one gallery to another for exhibition purposes.
A local independent insurance agent can do a complete risk assessment of your Mississippi business and can identify any ways that inland marine insurance may be of benefit to you.
What Doesn't Inland Marine Insurance Cover?
As with any insurance policy, inland marine insurance has some limitations. You can expect your policy to exclude coverage for:
- Cargo that is being transported over the ocean
- Property that has been intentionally damaged by you or your employees
- Damage to the vehicles used by your company to transport property
- Stationary property that is damaged while at your place of business
- Property that has been damaged due to floods or earthquakes
To learn more about what your inland marine insurance policy will and won't cover, you can consult a local independent agent.
What Is Personal Inland Marine Insurance?
Personal inland marine insurance is designed for individuals rather than for businesses.
Homeowners may find this insurance necessary to cover their very expensive personal property such as fine art, valuable heirlooms, or priceless collections, since the value of these types of property often exceeds the limits of what home insurance will cover.
To qualify for personal inland marine insurance coverage, the items being insured must be portable. However, they do not have to ever leave the home. If you are interested in learning more, a local independent agent can provide more information about this personal property coverage.
How to Get the Best Inland Marine Insurance Policy for Your Mississippi Business
When you are shopping for a suitable inland marine insurance policy in Mississippi, your best bet is to work with a local independent agent. These agents work for you, not for an insurance company, so they are free to shop around to find you the best and most affordable coverage.
There are more than 200 independent insurance agents in Mississippi. Learn more about inland marine insurance 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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