Equipment taken off premises requires special insurance coverage.
Your equipment, while at your location, is covered under the business personal property of a commercial property insurance policy. However, if you regularly take equipment off premises the coverage does not apply while in transit, and you should consider purchasing Inland Marine Coverage, also referred to as an “equipment floater’. Coverage extends to tools, construction equipment, computer data, building plans, and other business property you and your employees transport. Coverage applies while the valuable property is in transit, sitting in a company vehicle, or at a job site. Even property of others that you clean, service or repair can be covered by an inland marine policy. If your business is mobile or involves unique or valuable property in your custody, then you should consider adding Inland Marine Coverage to your business insurance plan.
IM Coverage Defined
If your business property is moved from one place to another on a regular basis, then this coverage is crucial to your business. Inland Marine Coverage was first created to cover the transport of goods over water. The term has expanded to refer to goods in transit on land and to property of others that is at your premises or being transported to and from your premises. Coverage is not only available for a business. It can be purchased personally to protect valuable personal property.
Inland marine coverage is an effective way to protect your property while in transit. While most commonly used to insure construction and artisan contractors’ equipment, it can also be used in the transport of musical instruments, precious gems, art work, and other valuable property. Inland marine coverage can never replace the sentimental value of some property. It can reimburse you financially if something goes wrong.
We understand that you may have questions about the options available. We invite you to speak with one of our commercial insurance specialists. They can walk you through the insurance shopping process so you can make an informed decision about inland marine coverage for your Vermont company. Request a free insurance cost review today!
