When a business transports their property or goods on land, that property will need an additional type of commercial insurance, the cover that is commonly used for this purpose is known as Inland marine insurance, while the name is not that clear and may seem like it applies to a different type of insurance altogether what it actually covers is the property of your company while in transit on land.
This type of insurance cover is essential for any business that regularly transports goods but an additional benefit of the inland marine policy is that is also covers any property not belonging to you or your business while it is situated or contained on your business premises. Another benefit is that this type of insurance covers your property whilst it is contained on another premises that is not owned by you. This however is not a stand alone policy and is usually purchased as an addition to an existing policy.
Sometimes known as a floater insurance it is often used to cover the gaps in an existing policy and does give coverage for items that may not usually be covered under a typical plan, because of this Inland Marine Insurance is not limited to commercial users alone and can be beneficial to anyone who may need to cover their goods during transportation.
Inland Marine Insurance is sometimes known as goods in transit insurance and is an out growth of ocean marine insurance and the type of coverage offered by this policy has expanded over time to cover many different needs such as, contractors equipment, accounts receivable and many more.
Depending on the type of business you run you may need additional coverage such as inland marine, if you regularly transport equipment associated with your business by car or truck then it is an option you should consider, while auto insurance can cover some of your goods in transit, it does not necessarily cover all eventualities and inland marine is a good option to cover any gaps that may occur in your policy.
For more information on the different types of business insurance visit Commercial Insurance Guide
