In New Jersey, there are 884,049 small businesses. If you own one of many businesses in this state, insurance is necessary. Inland marine coverage may be on your list of policies to collect.
An independent insurance agent can help with coverage and premium options. Since they work on your behalf, you'll get the best deal in town. Connect with a local adviser and save big.
What Is Inland Marine Insurance?
If you have equipment and items that are in transit, you may need inland marine insurance. This policy is used for property that your business owns and it doesn't fall under your business property policy for one reason or another.
Inland marine insurance will pay to repair or replace any portable business property. If the item gets damaged due to a covered peril, this policy will apply. These can be tools that travel with staff or exhibit materials that are shipped to a trade show.
What Does Inland Marine Insurance Cover?
Inland marine insurance can have some unique coverages that your business property policy may not have. There are several physical perils that an inland marine policy can cover.
Some miscellaneous risks 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
How Much Does Inland Marine Insurance Cost?
Inland marine insurance premiums vary depending on several factors. Similar to your other business insurance policies, costs will be figured based on your specific data. Take a look at what carriers use when determining price:
- Value of item
- Prior claims
- Coverage limits
- Risk mitigation measures
- State claims records
In New Jersey, $13,470,081,000 in commercial insurance claims were paid in 2019 alone. The number of claims in an area will affect your pricing. Carriers will take into account the losses that have occurred and charge accordingly.
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Does Inland Marine Insurance Cover Theft?
Theft coverage is essential when you have equipment and property in transit. Since your items may not be secured at all times, the risk of loss is greater. Fortunately, inland marine insurance will protect against theft and vandalism in most cases.
Some policies may even include mysterious disappearance. When a piece of property goes missing and you cannot account for how, this coverage will apply. It is beneficial to review your current policies to see how you're protected.
Personal Inland Marine Insurance
Your New Jersey homeowners policy may be endorsed to account for scheduled personal property. This is known as inland marine coverage or a personal articles floater. It is typically used for your higher value items.
Things that can be included:
- Golf clubs
- Musical instruments
Appraisals are usually required for these scheduled items. If they cannot be appraised, then an agreed value can be determined between you and the carrier. A deductible will not apply when a loss occurs in most scenarios.
How to Find a New Jersey Independent Agent
The right inland marine policy for your New Jersey business is essential. When a claim happens, you'll be financially responsible without coverage. If you want to avoid a significant expense, consider consulting with a professional.
An independent insurance agent can help find a policy for a fair price. They work with several markets, saving you time and money. Get connected with a local expert on TrustedChoice in minutes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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