When you transport materials, equipment, or other items, you’re taking the risk that they could be damaged before reaching their destination. Accidents, water damage, theft, and vandalism all can jeopardize your precious cargo, as well as your bottom line. Whether in New York or across the country, inland marine insurance can offer important financial protections for items in transit.
Many New York businesses rely on transporting goods, either locally, regionally, or nationally. Whether you are a contractor taking your equipment to a job site, or a photographer transporting your expensive cameras and lenses, an accident could severely harm your business. Property insurance often does not offer enough coverage for this type of situation. An inland marine policy is necessary for full coverage of your valuable items when you take them off your business premises.
Most NY businesses have commercial property insurance coverage, to help pay for damages and losses that occur to your building and its contents. While most property policies do offer some coverage for items that you take off your site, most cap this limit at a fraction of the value of your policy, making it inadequate for businesses that regularly transport valuable items. Auto policies are similarly limited on how much they will cover if business equipment is damaged inside your car.
Most insurance policies also will not insure your items if they are stored elsewhere, such as on a job site or warehouse. This creates a gap in coverage for many companies, such as contractors, for whom it is impractical to move their equipment each day. If your equipment is damaged on the job site, you could be out thousands of dollars with no coverage.
Shipping items comes with risks as well. While most shipping companies offer insurance coverage, it is often expensive and does not offer comprehensive protections. If your business regularly ships items, an inland marine policy can help reduce your costs while improving your coverage.
With other policies offering inadequate coverage, NY businesses must find another way to protect their financial investments in equipment, materials, and other goods. Inland marine coverage offers a broad range of protections for items in transit or storage, including coverage for:
These items can be covered while in transit or temporary storage. Many policies can include coverage for customers’ property stored at your business, such as at a repair shop or dry cleaners.
Many New York businesses may be at risk for a devastating loss. If your business relies on transporting or storing goods, you need to make sure you have the right insurance for full protection. Inland marine policies are designed to be very flexible to meet the unique needs of various businesses. Your insurance professional should be able to negotiate the details to ensure your coverage is adequate if an unforseen accident does occur.