Many people ask, what is inland marine insurance?
In simple terms, inland marine insurance insures items for your business that are on the move. It was established when goods were frequently shipped by river to do business. Shipping methods have changed, so the definition of inland marine insurance has expanded.
Inland marine insurance means that you have insurance to get products securely from one place to another. This can include items like shipped goods, but it can even mean items that aren’t physical.
In today’s world, shipping might mean shipping information over the web or through a computer network system. Data, and the computers it is on are products and product movers.
Let’s say you run an IT company that does service for major clients. Computers and networks are an important part of your business. Commercial computer coverage is a special type of inland marine insurance that can cover software and hardware usage.
Suppose that there is damage to a company computer or network while an employee is on assignment. You will want to repair damages with as little cost as possible so that you can have the goods back on the road again soon. Repairs can be expensive and unprofitable for your business.
But wait, don’t you already have property insurance for your business? Won’t that cover your property? The answer is tricky.
Sometimes, property insurance covers only goods and business-related items at your business address. Data, software and hardware can leave your address rather easily. Employees can work off-site. Your business can send data over networks that extend far beyond your location.
Your business insurance policy may not cover this piece of equipment or network.
In this case, looking into inland marine insurance may be a good option for you. Many insurance companies offer inland marine insurance for commercial computers. Computer coverage can usually cover items that employees use at your business address and remotely.
If you own a business that has goods on the move, then inland marine insurance may be a safe investment for you. Call us today at (318) 251-1212 to see if this is a type of insurance that your hardware needs.