If your business involves transporting items such as commercial equipment, you can protect the value of those items while in transit with inland marine insurance. A variety of mishaps can occur between point A and point B, from a truck breakdown in cold weather to an accident.
Here’s a look at how inland marine insurance helps protect your assets.
Contractors Towing Equipment to Work Sites
It’s common for commercial auto insurance policies to exclude coverage for equipment towed outside of the policyholder’s property to a work site. Even for policies that provide this coverage, it may be limited and not enough to cover the full value of the equipment. That’s where inland marine insurance can fill gaps in protection. Companies in the business of transporting equipment between terminals typically buy this insurance to protect clients’ interests.
Inland marine insurance protects property inside a commercial truck or stored in certain other locations. It’s useful when one organization provides temporary care of the property for another. The coverage also protects the movable property in a fixed location.
Stage Equipment, Costumes, or Instruments Owned by Tour Groups
Musicians and other entertainers who use stage equipment must protect their instruments, sound system, and other assets that make touring profitable. Inland marine insurance ensures that touring acts with be able to continue touring if equipment suddenly needs to be replaced due to damage during transport. Some acts use large props that are so expensive it only makes sense to cover them with an insurance policy.
Visiting Exhibits Sent by Museums
Another industry that buys inland marine insurance is tourism, which includes touring museums with valuable exhibits. In a sense, historical artifacts, original paintings, and other collectibles are irreplaceable, but having the right insurance policy in place at least mitigates some of the financial loss. This same concept can be applied to companies participating in trade shows.
Businesses Offering Mobile Services
One of the best ways to bring attention to a startup business is to offer mobile services, such as equipment deliveries. Although mobile services don’t have significant upfront costs, they add risk to your business. Whenever you are confronted with business risks, consider insurance as a way to deal with them.
A food truck is the perfect example of a business that needs inland marine insurance. The business relies on the truck’s kitchen, which is covered by the policy.
Regardless of the type of equipment your service delivers, whether it’s for shampooing rugs or drilling holes, the assets should be protected during the journey. The types of accidents that inland marine insurance covers vary among policies, so it helps to discuss policy details with your insurance agent.
Without the right insurance policy in place, you run the risk of financial loss in the event of an accident that damages transported equipment. If you are unable to replace it right away, it can diminish company revenue. Instead of letting this problem persists, carrying inland marine insurance lets you replace the damaged equipment immediately.
Protect Your Equipment with Pittman Insurnace Group, LLC
Any business that relies on specific equipment that must be routinely transported should consider inland marine insurance. It pays for losses to equipment in transit so that you can sustain your business. Contact our agents at Pittman Insurance Group, LLC, for more information on protecting your valuable commercial assets.