In 2019, Tennessee had $6,317,565,000 in commercial insurance claims paid alone. If you own a company, there is much exposure you'll need to cover. Inland marine insurance can protect your assets.
Fortunately, an independent insurance agent can help with coverage and premium options. They have a network of carriers to quote through at no additional cost to you. Connect with a local adviser to save.
What Is Inland Marine Insurance?
In Tennessee, your commercial property insurance will protect your items that stay put. For your property in transit, inland marine coverage is necessary. Adequate protection from both is needed to cover your assets fully.
- 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 in TN?
Special inland marine insurance in Tennessee will cover a specific industry. The type of business you run will determine the amount and form of inland marine insurance needed. 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 the 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 in TN?
Like every other business policy you own, the price will vary. Insurance companies review several factors before they figure your costs. Take a look at what carriers use when determining price.
- Value of item
- Prior claims
- Coverage limits
- Risk mitigation measures
- State claims records
In Tennessee, there are approximately 603,310 small businesses in operation. The number of claims that these companies file will impact your premiums. For exact costs, you'll have to reach out for a quote.
Does Inland Marine Insurance Cover Theft?
If a piece of your equipment gets stolen or damaged, you'll be at a loss financially. Theft is a real exposure that affects every piece of property out there. In order to avoid an out-of-pocket expense, proper coverage is needed.
Fortunately, an inland marine policy in Tennessee will provide coverage for theft and vandalism. You may be able to add on mysterious disappearance coverage as well. The value of your property will determine the price to cover it.
Personal Inland Marine Insurance
Personal inland marine insurance is usually added to your primary homeowners policy. It will allow you to schedule your higher valued items without a deductible applying. Each piece of property will be individually insured at the appraised value without a deductible.
Property that can be included on an inland marine policy
- Golf clubs
- Musical instruments
How to Find a Tennessee Independent Agent
Your Tennessee commercial and personal insurance policies can be found through a trusted adviser. There are several options when it comes to coverage. Inland marine insurance is one policy you may want some help insuring.
When you use an independent insurance agent, you get the best of both worlds. They do the shopping for you at no cost with their network of carriers, saving you time and money. Connect with a local expert on TrustedChoice.com in minutes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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