In Missouri, there are about 532,277 small businesses. When you run an operation, the right coverage is necessary. Your property and equipment can be insured under an inland marine policy.
An independent insurance agent can help find coverage that fits your budget. They work with several markets so that you get the best deal in town. Connect with a local adviser for quotes today.
What Is Inland Marine Insurance?
Your Missouri business insurance can cover many exposures. When it comes to your property and equipment, there are two types of coverages. Commercial property insurance protects your items that stay in one place. In contrast, your inland marine policy insures equipment and machinery in transit.
- 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?
There are numerous forms of inland marine policies for different industries. This policy is referred to as special inland marine insurance. Some examples 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:
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?
Any commercial policy premium depends on a variety of risk factors. Your inland marine insurance will be calculated based on your property's specifications. Take a look at what carriers use when determining price:
- Value of items
- Prior claims
- Coverage limits
- Risk mitigation measures
- State claims records
In Missouri, $7,615,718,000 in commercial claims were paid in 2019. Since the carriers recoup their losses by increasing premiums overall, this could affect your costs. Get multiple quotes for your exact pricing.
Does Inland Marine Insurance Cover Theft?
If your Missouri business property is stolen or vandalized, it could result in lost income. Theft and vandalism coverage for your items in transit is essential. Adequate protection for all the what-ifs could help you avoid financial ruin.
Most inland marine insurance policies will include theft and vandalism coverage. Some will also have the option to cover mysterious disappearance. Every business will be different and have individualized protection.
Personal Inland Marine Insurance
Missouri personal inland marine insurance is often referred to as a personal articles floater. These policies will usually insure your more valuable items. Appraisals are typically required for replacement costs.
While your homeowners policy will provide personal property coverage, you may want more comprehensive protection. An inland marine policy will schedule each item instead of using a blanket value. A deductible for these items will not apply most of the time.
Property that can be included on an inland marine policy:
- Golf clubs
- Musical instruments
How to Find a Missouri Independent Agent
If you're looking for the perfect insurance coverage in Missouri, you may want some help. When you own a business, there are several policies you'll need to acquire. Inland marine insurance can be necessary for both business and personal reasons.
An independent insurance agent will be able to find coverage and savings on premium. They have access to multiple carriers so that you can save on costs. Connect with a local expert on TrustedChoice to begin.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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