Let’s talk about one of those not-so-obvious types of insurance that can save your business a ton of headaches: Inland Marine Insurance. Despite the name, it’s not about boats or water (confusing, right?). Instead, it’s all about protecting your valuable tools, equipment, and materials while they’re on the move or temporarily stored offsite. If you’re a contractor who’s constantly on the go, this policy might just be your best friend.
Why Contractors Need Inland Marine Insurance
Think about it. Your tools and equipment are the backbone of your business. A missing or damaged piece of gear isn’t just an inconvenience; it’s a serious hit to your productivity—and your wallet. Inland Marine Insurance steps in to cover those items when they’re away from your main business location.
Here’s an example:
Say you’re hauling expensive construction equipment to a job site, and it gets stolen from your truck overnight. Without Inland Marine Insurance, you’re likely footing the bill for replacement out of pocket. But with it? You’re covered.
What Does Inland Marine Insurance Cover?
This policy is as flexible as your busy schedule. It can cover:
- Tools and Equipment: Everything from power drills to heavy machinery.
- Materials in Transit: Lumber, pipes, or any materials you need to get the job done.
- Temporary Storage: Items stored at a site, like scaffolding or generators.
It’s designed for the things you own, lease, or borrow. So even if you’re renting a high-end piece of equipment, Inland Marine Insurance has your back.
How Common Are Losses?
You might think, “Eh, what are the odds of something happening?” Unfortunately, theft and damage are more common than you’d expect. The National Equipment Register reports that up to $1 billion worth of construction equipment is stolen annually in the U.S., and only 25% of it is ever recovered.
And it’s not just theft—natural disasters, accidents during transit, or even vandalism can leave you in a bind. Inland Marine Insurance cushions the blow.
Who Needs Inland Marine Insurance?
If you’re a contractor working in industries like:
- Construction
- Electrical or Plumbing
- Landscaping
- Roofing
- HVAC Installation
…then this insurance is practically tailored for you.
It’s especially crucial if your job involves traveling between sites or working on customer property. Regular business property insurance likely won’t cover these scenarios because it’s focused on your main business location—not where the action happens.
How Much Does It Cost?
The cost varies depending on what you’re insuring and its total value, but most contractors can expect to pay somewhere between $300 and $1,000 annually. A small investment, considering the potential loss from theft or damage could easily run into the tens of thousands.
Protect Your Tools, Protect Your Business
Your equipment is more than just “stuff”—it’s how you make your living. Don’t leave it up to chance. Inland Marine Insurance gives you peace of mind so you can focus on what you do best: delivering top-notch work to your clients.
At USA Business Insurance, we get it. Tools go missing. Accidents happen. That’s why we make the process simple and affordable.
Get a free Inland Marine Insurance quote today and stay covered wherever your work takes you.