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business man holding are you covered signWhen shipping products or equipment, business owners expose these items to risks. These items could face damage or destruction during their shipping time. Such losses may pose a financial burden to the business. Transportable property needs insurance coverage. This often comes in the form of inland marine insurance.

How Does Inland Marine Insurance Work?

Inland marine insurance can protect business property during shipment and use offsite. Sometimes, business owners think that their regular business owners' policy (BOP) will cover their property. However, BOPs often have limits. They may not extend coverage to off-site work, and limit protection to certain places.

On the other hand, inland marine policies can often greatly expand the places that transportable items have coverage. They might protect the items both during shipment and use off-site. Indeed, many businesses use a lot of their equipment off-site. Such could be the case for a construction company. They likely won't use certain machinery in the place of business, but rather at a construction site. Inland marine coverage may be a benefit in these cases.

How to Better Protect Your Property

Even when you have inland marine insurance coverage, transporting items requires care. You can prevent damage, and may eliminate the inconvenience of having to file an inland marine claim. Doing so will help you better utilize your policy only for unpreventable and unavoidable accidents.
  • Prepare to transport your items using proper precautions. Doing so can help you protect these items during transport. You may need to pack these items in special cases, or using special security measures.
  • If you plan to use shippers, use only professionally-licensed shipping groups. If you work with delicate items, you may be able to hire shippers who specialize in transporting those items.
  • When using a shipper, inquire about their insurance coverage. Shipping operators may need to carry freight bonds or commercial auto insurance for additional coverage.
  • Keep an eye on the items during transport. Monitor their use carefully while offsite. Set up, use and break down the equipment according to procedure.
  • Rigorously enforce safety precautions and protective measures when using your items off-site. You should treat and use these items with sensitivity. At the end of the day, it is your responsibility to reduce damage risks as best you can.

At times, you can insure items with either replacement cost coverage or actual cash value (ACV) coverage. Replacement coverage may provide funds to help you buy a new item of equal value or make as the lost item. ACV coverage, on the other hand, will take the depreciated value of the item into account when determining the reward for your claim. It may not award as high of a payout as replacement cost coverage. Talk to your insurance agent about the best way to insure your items to your satisfaction.

We've got you covered. Contact Tanenbaum Harber Insurance Group for a fast, free inland marine insurance quote.

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