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As a business owner, you've invested a lot of time and money into running a successful company.
But what if your tools and equipment get damaged, lost, or stolen?
That's where inland marine insurance can help. This policy can help to cover costs if your tools and equipment get damaged, lost, or stolen on the job. That means you might not have to pay out-of-pocket to repair or replace your property.
Take a step to protect your tools and equipment. Get inland marine coverage. It takes only 10 minutes!
Inland marine insurance is coverage that helps to financially protect the tools and equipment you use while in transport or on a job site.
Inland marine coverage can financially protect your business from occurrences like:
Say you're working at a job site and you take a lunch break. You lock your tools in your truck and plan to get them when you return.
But when you come back, you see that someone broke into your truck and stole your tools.
Without inland marine coverage, you could face paying for replacing your tools out-of-pocket. And these tools aren't inexpensive. For example, a hammer drill may cost around $180. But the drill bits and hammer chisels to go with it can cost hundreds more. Larger equipment has an even bigger price tag.
That could mean you face a hefty sum to replace your property.
If you had an inland marine policy to protect you, you could be covered for the cost of the claim (up to your policy’s limit), which includes tool reimbursement.
Let's look at another scenario. You're working at a construction site and lock up all your equipment for the day. You secure the gate at the site entrance.
The next morning when you return to the job site, you find police officers surveying the scene. They tell you that the job site was vandalized overnight. Unfortunately, the vandal(s) destroyed your equipment.
Without inland marine insurance coverage, you would face repairing or replacing the equipment on your own. And that could potentially put you in financial trouble. If you had coverage, then you could be covered for repairs and replacements, up to your policy's limit.
An inland marine policy can financially protect you if your property is damaged or stolen. But what kind of property is actually covered?
An inland marine policy typically covers property that is:
If your property is damaged or stolen, it likely will need to be repaired or replaced. Your inland marine policy can help to cover the cost of repairs or replacements, up to your policy's limit.
You may take precautions to protect your property. But even so, you could still experience theft or an event that causes damage. In that case, having coverage can reduce your risk of being put in financial jeopardy.
Imagine you experienced one of the above scenarios. And unfortunately, you didn't have inland marine coverage.
You would face replacing valuable tools and other property out of your personal savings. That kind of money could put your company in financial risk.
You may think to yourself, I'm so careful. There's no way anyone could steal or damage my property.
But remember: You can't control or predict the actions of others. That's why inland marine insurance is so important. It can help you prepare for the financial risk you may face as the result of an incident out of your control.
An added benefit of having an inland marine policy is the peace of mind you can give to companies you rent equipment from. Having coverage means that if your tools get damaged or stolen, they're less likely to be liable for repairs and replacements.
Let's think of it from their perspective. Your decision to take this responsible step can potentially save them time and money too.
Inland marine insurance is a type of coverage that financially protects you from risks like tool and equipment damage and theft. You have the option of paying your premium annually or monthly. You choose whichever works best for your business.
Once you buy your policy, we'll send you a certificate of insurance. You can keep this for your records. Feel free to display your certificate. If you have a physical space, like a workshop, you could display it in the storefront. Or if you have a digital space, like a website, you could post it on your homepage.
Your coverage will come in handy if anything happens to your movable property (such as your tools and equipment). And that's a possibility, especially if you travel to do your job.
Your policy also can protect you if your business has possession of someone else's property that gets damaged or stolen. In that case, your policy may cover repairs and replacements, up to the policy’s limit.
For example, you rent a pressure washer from another small business for one of your projects. Since you’ve rented it for three months, you keep it in your storage unit. After all, you may need it again before the end of the lease.
Unfortunately, a tornado rolls through the town where your storage area is. Its path takes it right through your storage unit.
Some of your tools are scattered. Others are destroyed, including the rented pressure washer.
In this scenario, you could face paying the other small business for the cost of a new pressure washer. That money could have to come out of the funds you'd saved for other business expenses.
This would be on top of the money you spend to repair your own damaged tools.
With an inland marine policy, though, you could be covered for the cost of replacing the pressure washer, up to your policy's limit.
Sure, you won't need your policy if nothing unexpected happens.
But if it does, you'll be glad you have it. Without inland marine insurance, you could lose time replacing your property. Replacement could also come as quite the expense!
It makes sense that as a business owner, you want to follow laws and regulations for your company. Having inland marine coverage isn't required by law.
But there are benefits of having coverage you may want to consider, such as:
Your job can be stressful enough. When you're on a job, there's no need to add the worry of your tools being stolen or damaged in some way.
That’s because your equipment may need repairs or replacing as a result of damage or theft. In that case, you know your policy can protect you financially.
Sometimes you may not own the equipment you need for a project. In some cases, you may have to rent equipment from different companies. Having inland marine insurance is a sign that you care about your business. It shows you made the effort to assess potential risks and get the coverage.
From a lessor's point of view, they face a risk lending equipment to you too. If equipment gets damaged or stolen while renting from them, they could be liable for repairs. If you have coverage, that liability is held by your policy — not theirs.
Do you use property in your day-to-day work that isn't on your business's premises? Then you should consider getting inland marine insurance.
This could apply to many different professions and industries. Here are just a few examples of the types of businesses that could benefit from inland marine insurance coverage:
Yes, your inland marine insurance policy premiums are typically deductible from your income tax. According to the IRS, liability insurance for your company is a business expense, so it's likely your inland marine policy would qualify for a deduction.
That said, we're insurance experts, not tax experts. To learn more about tax deductions, be sure to consult with an accountant or tax professional.
Inland marine insurance coverage doesn't have a one-size-fits-all rate. After all, your business isn't like any other, and your property is likely just as unique.
Your inland marine policy cost depends on factors such as:
Finally, your coverage will depend on the amount of money you want your policy to cover. You will have the option to choose your policy's limit, which will impact your premium cost.
Getting a new business insurance policy may feel like a small decision, but it can have a big impact down the road. We understand wanting to take your time and cover all your bases before buying a policy.
Have questions about how inland marine insurance can financially protect your business? Speak to a Simply Business licensed insurance agent. Call 844-654-7272 M-F 8 a.m.-8 p.m. ET to get your questions answered.
* Monthly payment calculations (i) do not include initial premium down payment and (ii) may vary by state, insurance provider, and nature of your business. Averages based on January - December 2020 data of 10% of our total policies sold.
This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.
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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.