How Much Does Inland Marine Insurance Cost?
Simply Business customers pay a median price of $26 per month** for Inland Marine insurance. Your actual Inland Marine insurance cost will depend on the type of work you do, your location, equipment value, policy limits, and claims history, among other factors.
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What is Inland Marine Insurance?
Despite the confusing name, inland marine insurance has nothing to do with ocean waterways or boats. Instead, it protects your business gear from physical loss, damage, or theft while on the move, stored at a temporary job site, or out in the field.
Commercial property insurance typically only covers your equipment at one fixed office or shop address. But once you load up your tools and take them on the road, that coverage ends at the property line. Commonly known as contractor’s tools & equipment coverage, inland marine steps in to fill that gap.
Whether you’re a carpenter hauling saws, a landscaper transporting mowers, or a plumber leaving gear in a temporary storage container, inland marine insurance can help ensure your livelihood is protected when you’re on the go.
In this guide, we’ll break down what inland marine insurance typically costs, what drives the price, and how to get a quote through Simply Business.
Which Factors Affect Your Inland Marine Insurance Cost?
There’s no one-size-fits-all price tag for inland marine insurance. But here are the common factors that may drive your premium up or down.
Your Profession and Industry
The exact kind of work you do is one of the biggest drivers of your inland marine insurance cost. When setting your rate, insurance providers look at the market value of your gear and how easy it is for someone to steal or damage it on a typical workday. The more expensive, specialized, or portable your equipment is, the higher the risk baseline — and usually the premium.
For example, a specialty commercial electrician or HVAC installer often drives around with expensive diagnostic meters, heavy-duty power tools, and valuable specialized parts. If a truck gets broken into at a job site or in transit, replacing that gear can easily cost tens of thousands of dollars. And because the financial stakes and theft risks in these trades are high, their premiums typically sit higher on the scale.
On the other hand, businesses like a residential cleaning service or a mobile dog groomer usually travel with basic vacuums, floor buffers, and specialized brushes. While these tools are essential, they carry a much lower street value and are rarely targeted by thieves. Because these professions carry lower financial exposure, they often enjoy some of the lowest monthly premiums.
Median Monthly1 Inland Marine Premiums by Trade and Industry
| Profession | Coverage Focus | Median Monthly Cost1 |
|---|---|---|
| General Contractors / Carpentry | Heavy power tools, generators, mobile scaffolding | $37 |
| Electrical & HVAC Specialists | Diagnostic sensors, custom wiring gear, hand tools | $27 |
| Landscaping & Excavation | Mowers, trimmers, specialty trailers, small diggers | $43 |
| Plumbing Contractors | Pipe threaders, drain cameras, specialty rooter machines | $27 |
| Janitorial & Housekeeping | Commercial vacuums, carpet extractors, utility carts | $27 |
1Median Monthly Premium calculated from Simply Business customers in the identified trades who purchased an Inland Marine policy from July 1, 2025 to December 31, 2025.
Your Location
Where you operate and store your equipment often plays a major role in your inland marine insurance cost because local tool theft, commercial vehicle break-ins, and severe weather risks vary wildly across the country.
For example, a contractor parking a truck packed with gear in a dense metro area typically faces a much higher day-to-day risk of theft. Similarly, a business operating in storm-prone regions, like parts of Texas or Florida, faces a greater chance of losing equipment to severe weather. And because the odds of losing gear in these high-exposure environments are elevated, premiums can be too.
In comparison, states with lower property crime rates and fewer extreme weather threats typically see lower standard premiums.
Median Monthly1 Inland Marine Premiums by State
| Profession | Theft and Weather Risk Profile | Median Monthly Premium1 |
|---|---|---|
| Texas | High Risk Elevated tool theft and severe storm risks | $30 |
| Florida | High Risk High property crime and hurricane exposure | $26 |
| California | Moderate to High Risk Metropolitan Theft | $27 |
| Ohio | Standard Risk | $26 |
| North Carolina | Standard Risk | $26 |
1Median Monthly Premium calculated from Simply Business customers in the identified trades who purchased an Inland Marine policy from July 1, 2025 to December 31, 2025.
Total Value of Tools & Equipment
Insurance providers look at the actual cash value of your tools and machinery to gauge their overall financial exposure — the more expensive your equipment, the larger the potential payout after a loss.
A construction firm transporting valuable mobile generators, compact excavators, and heavy-duty machinery has a massive amount of capital on the line. And a single major theft or accident can result in an expensive claim, potentially pushing your premiums higher.
But if you’re a handyman carrying less than $5,000 worth of hand tools in your truck, your overall exposure is much lower, which can help keep your monthly premiums affordable.
Coverage Limits and Deductibles
Adjusting your policy’s coverage limits and deductible acts like a pair of dials, each moving your premium up and down.
This is the maximum amount your insurer will pay out for a covered loss during a coverage period. Opting for lower limits, such as $10,000 total coverage with a $1,000 cap per individual tool, reduces the insurance company’s financial responsibility and keeps premiums affordable.
This is the out-of-pocket amount you pay before your insurance kicks in. Choosing a higher deductible shifts more of the initial risk away from the insurance company, often allowing them to lower your monthly premium.
Claims History and Experience
Your claims history can show carriers that you are serious about mitigating risk and maintaining a clean, claim-free history demonstrates that you follow smart risk management practices. Small businesses with consecutive claim-free years are viewed as low risk and often receive the most competitive rates.
If your business has experienced frequent equipment losses within the past three to five years, especially for preventable issues like tool theft from unsecured worksites, insurance companies may increase your premium to offset that risk. Showing long-term stability and consistent security is one of the best ways to keep your contractor’s tools & equipment coverage costs low over time.
How to Save on Inland Marine Insurance
Fewer claims typically lead to lower rates. That’s why tool and equipment security should be a top priority:
- Invest in high-security lockboxes for your job sites.
- Park transport vehicles in well-lit or locked structures overnight.
- Install GPS tracking tags on high-value machinery.
- Keep a detailed inventory with photos and serial numbers of all gear.
Pairing your Inland Marine policy with a business owner’s policy (BOP) policy — which already combines general liability and commercial property protection — may allow you to expand insurance coverage for your business and can unlock valuable multi-policy discounts.
Voluntarily raising your policy deductible from $500 to $1,000 or $2,500 is one of the fastest ways to lower your premium. Just ensure your business retains enough cash on hand to comfortably cover that higher out-of-pocket amount if you need to file a claim.
Conduct annual audits of your tool list to remove old, broken, or sold items from your policy. Keeping your coverage limits closely matched to the actual value of your current gear can help you from overpaying for unnecessary protection.
Some insurance carriers offer a discount if you pay your annual premium in one lump sum. If offered by your carrier, choosing this option eliminates the administrative fees that often come with breaking your premium down into monthly installments.
You don’t have to spend hours searching for the right policy. Simply Business pulls customized coverage options from top-rated small business insurers in just 10 minutes. We do all the legwork so you can easily compare quotes and save.
What Some Customers are Paying for Inland Marine2
Florida
Carpenter
- Sole proprietorship
- Limit: $20,000 (large equipment)
- Extra Limits: $2,500 (small equipment)
- Deductible: $500
- Quoted May 2026
$40
/month
Georgia
Lawn Care
- S-Corp
- Limit: $15,000 (large equipment)
- Extra Limits: $2,500 (small equipment)
- Deductible: $250
- Quoted May 2026
$37
/month
Colorado
Handyperson
- Sole proprietorship
- Limit: $5,000 (large equipment)
- Extra Limits: $5,000 (small equipment)
- Deductible: $500
- Quoted May 2026
$29
/month
2These examples are real insurance quotes generated on the dates above. They are for illustration purposes only. Your coverage options and pricing may differ based on the information you provide us about your particular business, the state you operate in, the number of employees, and other factors.
Inland Marine Insurance Cost FAQs
Inland marine insurance, also known as contractor’s tools and equipment coverage, protects your mobile tools and specialized commercial gear. This policy covers physical loss, damage, or theft while items are in transit, stored off-site, or used on a job site, including:
- Tools and machinery: Smaller everyday gear like drills, saws, and diagnostic meters used away from your main office or shop.
- Specialized commercial equipment: Large, high-value assets such as compressors, generators, and welding rigs that move between work sites.
- Theft: Coverage when tools are stolen from locked vehicles, trailers, or job site storage boxes with clear signs of forced entry.
- Transport accidents: Damage caused to equipment during vehicular accidents while traveling between jobs.
- Weather and fire damage: Financial recovery from unexpected equipment damage caused by fire or other covered storms while your gear is out in the field.
Inland marine insurance is strictly designed to protect your business gear while on the move. It typically won’t cover:
- Tools and gear stored at your shop: Equipment, tools, or stock kept permanently at your main business location or workshop may require commercial property insurance.
- Wear and tear or mechanical breakdown: Routine tool maintenance, gradual rust, and mechanical failures are typically excluded.
- Commercial vehicles: While this policy can protect the tools and gear inside a truck, your physical van or truck must be insured under a commercial auto policy.
- Bodily injury or property damage to others: If your equipment accidentally injures a client or damages their building, that typically requires general liability coverage.
- Employee injuries on the job: If a worker gets hurt while operating a tool, medical expenses and lost wages may be covered by workers’ compensation insurance.
Yes. COIs for most policies are available as soon as you purchase your coverage. With Simply Business, you can download and share your COI instantly through your online account or right from your phone. If a client needs proof of inland marine coverage before letting you onto a job site, you can pull your COI and send it over in minutes.
Unscheduled coverage can protect lower-value tools grouped under one payout limit, while scheduled coverage is designed to protect individual, high-value pieces of equipment.
- Unscheduled tools coverage: Smaller gear, such as hand tools, drills, and meters, can be covered together under one combined limit. If your locked van is broken into, this coverage can pay out for a group of tools up to that total limit.
- Scheduled equipment coverage: Expensive assets, such as a heavy-duty compressor, a welding rig, or a diagnostic scanner, must be listed individually. Each scheduled item is then insured for its specific stated value to ensure it’s fully protected against theft or damage.
It depends. Many inland marine policies can offer coverage for tools stolen from a locked vehicle cabin or locked cargo area overnight, provided there are clear signs of forced entry. However, some policies strictly exclude overnight theft from unattended vehicles, so it is highly recommended to review your specific policy terms.
Most inland marine policies do not cover rented or leased gear automatically, but you can usually add a rented equipment endorsement to obtain protection. This coverage kicks in when you use short-term rental tools or leased machinery for a specific project, and helps you meet a rental agency’s proof-of-insurance requirements.
Yes, typically. Premiums for your inland marine policy are generally considered a tax-deductible business expense. Keep records of your payments throughout the year so they are easy to claim at tax time, and always check with your accountant or tax professional to confirm what applies to your specific business.
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**Median cost figure is based on the costs of policies purchased by Simply Business customers (e.g., General Liability data is used for General Liability estimates) from July 1, 2025 – December 31, 2025.
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