So you’re talking to your insurance agent about your bakery business, how you make great big wedding cakes and thousands of cupcakes and deliver them all over the tri-state area, and she says:
“You need inland marine insurance.”
And you say:
“Marine what? I don’t own any boats….”
Protecting Products in Transit
Confusing, huh? You can thank whoever names insurance policies for that. Inland Marine insurance gets its name for being the “inland” version of “marine insurance.” Marine insurance is a policy that normally covers the cost of equipment and products lost at sea. Instead of cargo on boats, inland marine insurance covers products and equipment in trucks and vans that might be damaged while in transit.
For example: that giant wedding cake you spent six hours making, which is now worth hundreds of dollars in labor alone. If your van gets into an accident while delivering the cake, your commercial auto coverage pays for the broken fenders and medical bills. Great! But you’ll need inland marine insurance if you want to recover the cost of the cake that was ruined in the crash. The same goes for any other kind of product or inventory in your trucks and vans.
Covers Valuable Equipment
Inland marine also covers business equipment that requires regular transporting, such as light bulbs and lenses for professional photography, construction equipment, computers, laptops, and more. It can also be useful for protecting expensive trade show equipment on that long drive to Las Vegas.
Move Client Stuff Regularly?
If you frequently have valuable client property in your trucks or vans, such as if you operate a warehouse, a flooring company, an art/exhibit moving company, etc., inland marine will cover the costs if those kinds of goods are lost or damaged.
Not all Inland Marine policies are the same, and not all products or equipment are worth buying coverage for. You’ll need a professional to help find the policy that covers only what you need. As always, AP Intego would be happy to help. You can call us at (888) 289-2939, or request a quote here.