If you own a business in South Carolina, you will want to be sure that you have sufficient coverage against all of the hazards that could potentially cost your company large financial losses. One important type of coverage that is sometimes overlooked or misunderstood is inland marine insurance.
Local independent insurance agents are available to discuss all of your business insurance coverage needs and can help you determine whether inland marine insurance is a good fit for your company. Find an insurance agent near you to get started.
What Is Inland Marine Insurance?
Inland marine insurance is a type of business insurance that is designed to supplement your commercial property coverage.
This insurance can cover loss or damage to business-owned products, materials, or equipment whenever they are in transit over land or while they are being temporarily stored away from your place of business, such as at a job site or in a warehouse.
Examples of the kinds of companies that frequently purchase inland marine insurance include the following.
- Construction companies
- Transportation companies
- Technology and telecommunications companies
- Food vendors and supermarkets
- Companies that fill and maintain vending machines
- Art dealers and gallery owners
- Photography studios
- Online retailers
Talk to a local independent insurance agent for help figuring out whether an inland marine insurance policy is a good fit for your South Carolina business.
How Much Does Inland Marine Insurance Cost in South Carolina?
Premiums for inland marine insurance can vary significantly from one company to the next. Costs may range from as low as $250 to well over $10,000 a year. The average annual cost of a policy in the United States is about $2,500.
Insurance companies use several different factors when calculating your cost for coverage. These include, but are not limited to the following.
- The type of business you own
- Your company’s size and annual revenues
- The value of the portable property being insured
- Where and how often this property will be transported
- What, if any, additional coverage options you wish to include
- Your company’s claims history
- The size of your deductible
To find out how much an inland marine insurance policy will cost for your business, you will need to contact a few competing insurance providers and request customized quotes. Independent insurance agents can do this for you.
What Does Inland Marine Insurance Cover?
Inland marine insurance pays 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 away from your place of businesses.
Hazards this insurance can cover against include the following.
- Severe weather
- Water damage
- Damage caused by collisions
- Theft and mysterious disappearance
- Accidental damage due to mishandling or dropping while loading or unloading
Depending on the type of business you own, you may also want to add specialized coverage options to your inland marine insurance such as the following.
- Bailee's insurance: This is ideal for businesses that perform repair, restoration, maintenance, or alternation services on their customers' valuable property. It can cover this property while it is in your company’s custody, care, or control.
- Exhibition and fine art insurance: This is ideal for businesses like galleries and for companies that frequently transport expensive products to expos and conventions.
- Builders risk insurance: This is ideal for construction and renovation firms. It protects the structure of the building being constructed or renovated as well as your company’s materials and equipment while they are at the job site.
- Cargo insurance: This is ideal for online retailers who frequently ship expensive items to their customers. It can cover these products from the time you ship them until they arrive at their destination.
A local independent insurance agent can do a complete risk assessment of your South Carolina business and can identify any ways that inland marine insurance can protect it.
What Does Inland Marine Insurance Not Cover?
As with any insurance policy, inland marine insurance has some limitations. For instance, it will not cover the following.
- Property that has been intentionally damaged by you or your employees.
- Damage to the vehicles being used to transport the items.
- Cargo that is damaged while being transported over the ocean (this requires coverage with marine insurance).
- Company-owned property that is damaged while it is located at your place of business. (In this case, your commercial property insurance should provide coverage.)
For more information about what your inland marine insurance policy will and will not cover, be sure to consult a local independent insurance agent.
What Is Personal Inland Marine Insurance?
Personal inland marine insurance is different from inland marine insurance in that it is designed to cover homeowners rather than businesses.
This insurance can help by covering your most valuable portable property against losses due to severe weather, fire, or property crimes. You will want to purchase this if your homeowners insurance coverage is too limited to fully cover this extremely valuable property.
If you are interested in learning more about personal inland marine insurance, a local independent insurance agent would be happy to help.
How to Get the Best Inland Marine Insurance Policy for Your South Carolina Business
Comparison shopping for a good inland marine insurance policy can be time-consuming and, at times, frustrating. But it doesn’t have to be.
When you consult a local independent insurance agent, your agent can make finding the best policy easy. These agents are available to answer your insurance-related questions and can ensure that your business is fully covered against all its potential risks. Also, because they are not tied to a single insurance provider, these agents are free to shop around find you a suitable policy at a reasonable price.
There are more than 300 independent insurance agents with offices in South Carolina, so it should be easy to find an agent near you. Set up a one-on-one consultation with an insurance agent today to get more information and start comparing inland marine insurance quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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