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What Business Owners Need To Know About Inland Marine Insurance

Unless you are a seasoned entrepreneur or insurance expert, the phrase “inland marine insurance” may be unfamiliar to you. Contrary to what its name suggests, this type of insurance policy has nothing to do with the ocean. In fact, it is a common type of plan in which many companies invest. Consider a few key facts that may help you determine whether your business venture would benefit from inland marine insurance.

What Does Inland Marine Insurance Cover?

Inland marine insurance Maitland FL is meant to reimburse companies for equipment, supplies, or merchandise that are lost while being transported over land. This type of coverage is often deemed necessary because property insurance policies may not apply when goods leave the specified premises.

There are many scenarios in which inland marine insurance may come into effect. First, your company could file an insurance claim if its property is lost while being shipped between two locations. Second, you may be able to take advantage of this type of policy if your property is damaged in some way while on the road. Finally, these plans frequently cover incidences of theft. Bear in mind that, like many other insurance policies, inland marine insurance features a deductible and a coverage limit.

Who Needs This Coverage?

Businesses in many different industries may benefit from inland marine insurance. If your company offers delivery of your merchandise, for instance, you may wish to insure these goods. Additionally, professionals who must travel to complete their work would be wise to invest in insurance for the equipment they carry. Photographers, for example, could insure their cameras and lenses in case they are damaged while on a shoot.

Despite its nonintuitive name, inland marine insurance is a critical component of many companies’ insurance coverage. Consider whether investing in one of these policies is a prudent step for your business’s future.