Inland Marine Insurance Cost

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Inland Marine Insurance Cost

Tools and equipment keep your business running at top speed — but accidents, theft, and damage can happen just as fast. Inland marine coverage, also known as tools and equipment insurance, helps protect your property on the go, from jobsites to warehouses and everywhere in between.  

Let’s break down what an inland marine policy typically costs, what affects the price, and how Simply Business makes getting coverage easier and more affordable.

What is Inland Marine Insurance?

Inland marine insurance, also referred to as “tools and equipment coverage” helps cover costs if your business property or equipment is damaged or stolen. It helps cover the out-of-pocket costs to repair or replace your property.

Small Business Insurance

Coverage for the Risks Small Businesses Face

Find out what small business insurance policies cover, why you might need them, and how we can help – all in just 60 seconds.

Video transcript

Business insurance is often made up of different types of policies to cover different things, similar to how your health insurance can be made up of medical dental and vision coverage. Here are some of the ones small business owners may need. General liability is kind of the Swiss army knife of insurance, it can do a lot like help handle cost from third party accidents, property damage, bodily injury, and more. Nobody’s perfect right? That’s what professional liability is for. It could come in handy in the event of honest mistakes or claims of negligence. Workers’ comp can protect your business and help take care of employees who get sick or injured on the job. Small businesses are big targets for cyber criminals. Cyber Insurance can help cover costs associated with stolen customer data, cyber attacks, breaches, and fraud. BOP, or a business owners policy, combines different types of coverages like general liability and commercial property insurance. Putting them together for you is where we come in, you tell us a bit about your business online or on the phone, we customize the coverage options for what you do and what you need. It’s your business it should be your insurance as well, that’s why we’re here.

How Much Does Inland Marine Insurance Cost?

Most of our small business customers pay under $95 per month. However, the price is tailored to your specific business.

Here’s a snapshot of what our customers typically pay for inland marine insurance coverage:

Monthly Inland Marine Insurance Costs¹

Under $25

51% of customers

$25 to $95

45% of customers

Over $95

4% of customers

¹Data from Simply Business customers who purchased an Inland Marine policy from July 1, 2024 to December 31, 2024.

How Much Will I Pay for an Inland Marine Policy?

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Which trade has the highest premiums?

Inland marine insurance costs vary by trade and the type of work you do. Here’s a list of the median monthly costs for some of the trades we service.

Industry

Median Monthly Cost²

Driveway paver

$54

Videographer

$39

Disc jockey

$38

General contractor

$33

Plumber

$33

Carpenter

$25

Locksmith

$23

Power washer

$21

Handyperson

$21

Housekeeper

$21

²Data from Simply Business customers who purchased an Inland Marine policy from July 1, 2024 to December 31, 2024.

Why Do Prices Vary So Much?

If you’ve searched online for an inland marine insurance policy, you’ve probably seen a wide range of prices — with no clear reason why. The truth is there isn’t a one-size-fits-all price since the cost depends on several key factors.  

We’re dedicated to helping make business insurance easier to understand, so we’ve spelled out some of the particulars, such as:

Your equipment value

The value of your tools and equipment will often influence the cost of your inland marine policy. If you’re insuring big-ticket items like bulldozers or backhoes, you’ll likely need a broader inland marine policy.

Your industry

The type of work you do — and the equipment you use — play a big role in what you’ll pay for inland marine insurance coverage. Power washers, handypersons, and housekeepers usually insure the tools and equipment they use at work locations — and because the value of those items tends to be lower, their policies are often less expensive.

Meanwhile, driveway pavers and general contractors typically pay more. That’s because they’re insuring higher-value tools, which raises the replacement cost for insurers.

²Data from Simply Business customers who purchased an Inland Marine policy from July 1, 2024 to December 31, 2024.

Your industry risk

Insurance companies also consider the risk level of your industry when calculating your premium. Businesses that face a higher risk of property damage or theft — such as DJs and videographers — may pay more. For example, DJs pay about $38 per month for tools and equipment coverage, while lower-risk trades, such as a handyperson, pay around $21 per month.

Inland marine policy limits

Coverage limits should match the full value of your insured items. Higher limits mean more protection — but they also can increase your premium. It’s important to choose limits that would cover the full cost of replacing your property if something were to go wrong.

What else can affect the price?

Your past claims history.
How often you transport or store equipment offsite.
Whether you rent or lease any property.
Where your business operates.

How to Save on Inland Marine Insurance Coverage

Reduce your risks

Fewer claims can mean lower rates. Here are some ways you can reduce your risk factors:

Use heavy-duty padlocks to secure tools and equipment.
Install a security system for off-site storage locations.
For vehicles that contain equipment, park near well-lit, secure areas.
Store equipment away from water pipes, heaters, or other potential hazards.
Train employees to spot and prevent theft risks.

Get your property appraised

An accurate valuation of your tools and equipment can help you buy the right amount of inland marine insurance coverage. Insuring too little means you could end up paying out of pocket after a loss; insuring too much means you might overpay for insurance you don’t need. Knowing the true value of your business property can help you strike the right balance.

Pay monthly

Where available, take advantage of monthly payments to spread the amount over the year.

Shop around

Simply Business provides customized coverage options from top-rated small business insurers — all in just 10 minutes. We do all the legwork so you can sit back, compare quotes, and save.

Trusted by over 1 million small businesses worldwide.

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The Simply Business difference

Simply Business is a digital insurance brokerage. That means we’re not tied to one insurer. Instead, we partner with a range of top-rated carriers and use smart technology to match you with policies that fit your specific business, your risks, and your budget.  

Maybe you’re just starting out and want solid protection without overspending. Or maybe you’re growing fast and need coverage that can grow with you. Either way, we’re here to help –– with a choice of affordable policies and small business expertise to help you get the coverage you need.

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More Inland Marine Insurance FAQs

Why should I consider inland marine insurance coverage?

Because mistakes are inevitable and even a single lawsuit could cost your business thousands out of pocket in damages and legal fees.

What does it cover?

Typically covered:

An inland marine policy covers tools, equipment, and other business property you may transport over land, store in a warehouse, or use at a jobsite. This can include property you own, as well as tools and equipment you may rent or lease.

Typically not covered:

Generally, an inland marine policy doesn’t cover:

Property stored at your business’s main location.
Damage from natural disasters like earthquakes and floods.
Vans, trucks, and other vehicles used for your business.

Do I need inland marine insurance for leased or rented tools?

Yes, if you’re responsible for returning those tools in good condition, Inland Marine (also called Tools and Equipment) is a smart move. Standard property insurance often only covers items while they’re at your main business address, but Inland Marine follows your gear wherever the job takes you. This means you’re protected if those rented tools are stolen from your truck or damaged at a job site.

Does the distance I transport equipment affect my insurance cost?

Generally, the total distance you travel isn’t the main factor, but the frequency of travel and the value of what you’re carrying may impact the price of your policy. Insurers care most about the risk of theft or damage while your equipment is on the move or sitting at various job sites. Whether you’re driving ten miles or a hundred, the goal is to make sure your high-value tools stay protected outside your home base.

Do insurers look at how often I store or move my equipment?

Yes, insurers consider your daily operations because equipment is often most vulnerable when it’s being moved or stored in temporary locations like a van or a job box. If your tools are constantly in transit, there’s a greater chance of an accident or theft compared to gear that stays locked in a warehouse. Keeping your equipment securely stored and documenting your safety habits can sometimes help keep your rates in check.

Is inland marine insurance worth it for small businesses?

If your business lives out of a truck or moves from job to job, we recommend inland marine insurance. For a relatively small monthly cost, you’re protecting the tools you need to earn a living—items that usually aren’t covered by a standard policy once they leave your office or shop.

Do I need inland marine insurance if I already have property insurance?

Likely yes, if you ever take your tools or other business property off-site. Property insurance typically only protects items inside your four walls, while Inland Marine can protect your property on the road.

Is it required in my state?

Inland Marine insurance coverage is not legally required. However, we typically recommend having inland marine coverage if you own business property or equipment and want to protect it.