Do I need Inland Marine Insurance if I have a standard business property insurance policy?

Whether you need an Inland Marine Floater policy in addition to your standard business property insurance policy depends on the nature of your business, the types of equipment you own, and the coverage provided by the underlying insurance policy.

Here are some considerations to help you determine if Inland Marine Insurance is necessary:

Nature of Your Equipment: Standard business property insurance typically covers the buildings and permanent fixtures at a specific location, as well as some of the personal property, such as office furniture, equipment and any inventory. However, it may not adequately cover valuable, movable equipment that is frequently transported or used at off-site locations. If your business relies on such equipment, Equipment Floater Insurance may be necessary to fill the coverage gaps.

Equipment Value: Consider the value of your equipment. If you have high-value equipment that is essential for your business operations, it may not be fully protected under a standard property insurance policy. Inland Marine Insurance allows you to set higher coverage limits to match the value of your equipment.

Equipment Mobility: If your equipment is frequently moved between locations, used at temporary job sites or transported for business purposes, Inland Marine Insurance can provide the necessary coverage for these scenarios.

Customization: Inland Marine Insurance policies are often more flexible and can be customized to match your specific needs. You can select coverage limits, deductibles and valuation methods that align with the equipment you own.