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Best Inland Marine Insurance Plans for May 2024

Cover your tools & equipment starting from $23.92 per month*

*Monthly payment calculations may vary by state, insurance provider, and the nature of your business. Averages based on $5,000 coverage limit, no additional coverages and a 25% downpayment.

Quotes available through: Simply Business
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  • Inland marine insurance covers physical items and assets if they are damaged, lost, or stolen while on the job – like tools, commercial equipment, inventory stock, supplies, materials, and more.
  • Inland marine coverage only applies to things in transit or that are stored or used off-site or away from their business’ primary location.
  • Inland marine policies are especially useful for builders, contractors, field workers, sales teams, or companies that move merchandise like shops or e-commerce stores.
  • Although it has the word “marine” in the name, inland marine insurance only covers items when they are on land.
  • To cut down on the research process, we recommend using an online quote tool that can match your business to the right insurance plan for your needs.

Inland marine insurance is a highly flexible insurance that covers a wide range of risks towards your business’ capital including theft and transportation damage to mysterious disappearances and even war. This means you can save yourself from having to pay out of pocket in the event of a mishap.

Other policies like a business owner’s policy typically exclude coverage on high-dollar items when shipping is involved. Since inland marine can protect goods while they are in transit, stored away, or used away from your business’s primary location, it makes this type of insurance ideal for builders, contractors, logistics companies, and more.

Our top pick of inland marine insurance companies

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Harborway Insurance

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AMB Financial Strength
A+ Superior)
Specialized for:
Small Businesses

Why We Like It

Harborway is a lesser-known provider that offers specialized coverage for:

  • General liability insurance
  • Business personal property insurance
  • Inland marine insurance

This provider offers great coverage for equipment and items you transport or store off-premises makng is great for companies that send employees to work off-site or occaisionally do field work.

While Harborway isn’t an AM Best rated company, it is reinsured by Munich Re which has an AM Best financial strength rating of A+.

Coverage Highlights

General Liability Coverage through Harborway offers access to:

  • $1 million occurrence limit & $2 million aggregate limit

Other coverage highlights for General Liability include:

  • $100k in coverage for damage to rented premises;
  • $5k in coverage for medical payments;
  • Waiver of Subrogation (optional)
  • Blanket Additional Insured endorsement (automatically included)
  • Contractors’ Errors & Omissions endorsements (optional)

Business Personal Property Coverage through Harborway offers access to: *Property limits of $5k, $10k, $15k, $20k, $25k, and $50k *Blanket Additional Insured endorsement (automatically included)

Inland Marine Coverage through Harborway offers access to:

  • $5k or $10k coverage limits on inland marine property
  • Blanket Additional Insured endorsement (automatically included)
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What is inland marine insurance?

Inland marine insurance is a specialized type of business insurance that covers goods, tools, supplies, and other assets while they’re being transported over land, are on vehicles, or are in off-site storage.

Getting inland marine coverage is like taking out an insurance policy on electronics or another valuable item being shipped. In the event of loss or damage, this type of policy provides financial compensation so you can replace or repair your item without paying out of pocket.

Because inland marine insurance typically covers items while in transit over land, be aware that there may be coverage gaps or restrictions outside certain geographical areas, or when products are transported over water. For that reason, it’s always best to read the terms and conditions of any policy before taking it out.

Inland marine insurance vs. marine insurance

The name “inland marine” can be deceiving, as this insurance does not cover items transported over water. It’s called “inland marine” because this insurance falls under the broader umbrella of marine insurance which is typically used to insure goods that are transported over water. Inland marine insurance, however, only covers goods transported over land by trucks, trains, automobiles, and other movable vehicles.

In contrast, marine insurance typically covers risks associated with shipping goods to international ports. Inland marine policies can include specific coverage for high-value tools, communication equipment, and high-value merchandise, which standard marine policies don’t usually cover.

Inland marine vs. commercial property insurance

Commercial property insurance can protect property being stored at your main business location, whereas inland marine insurance can only protect property stored off-site, or in transit between job sites. This is a major difference between commercial property and inland marine insurance.

For this reason, it may make sense for your company to have both a commercial property insurance plan, like business personal?property insurance, as well as an inland marine insurance plan.

How can inland marine insurance protect my business?

If you own or operate a business—especially one that is service-based or involves traveling with expensive tools or equipment to job sites—inland marine insurance can help provide the protection you need in the case of property damage.

Inland marine insurance covers items like laptops, machinery, merchandise, and other forms of mobile property during transport. This added layer of protection can save your business from unexpected costs due to damaged equipment.

What does inland marine insurance cover?

Inland marine insurance offers property coverage for unique business situations beyond traditional fire or theft policies. It can protect goods or equipment on the move or in between locations, stored off-site or on movable vehicles, or used in providing transportation services. This type of coverage is beneficial when your business’s physical property is especially mobile and at risk of being lost, stolen, or damaged while in transit.

With inland marine coverage, you can protect your valuable items while being moved or stored remotely.

Some typical use cases for inland marine coverage include:

What does inland marine insurance not cover?

While inland marine insurance can cover a wide range of property in transit or at a fixed location, there are some exclusions and limitations that may vary by insurer and policy.

Here are some common items that may not be covered by inland marine insurance:

Each plan will have specific coverage inclusions and exclusions. Therefore it may be helpful to speak to an insurance professional to discuss coverage options as well as what is needed for your business.

(855) 843-2963

Consult an insurance professional for free.

What type of businesses need inland marine insurance?

While inland marine insurance is an important type of coverage, not all businesses need it.

Here is a list of the types of companies that could benefit from inland marine insurance:

Ultimately, any business that is mobile or ships items should look into getting inland marine coverage. This is especially true if you regularly transport expensive equipment, especially to job sites, as well as those that regularly transport or deliver valuable goods that could get lost, damaged, or stolen while in their care.

Some examples of businesses that can benefit from inland marine insurance include:

See more details in our comprehensive guides to insurance for the following types of businesses:

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Even solo workers need protection. There are special policies suited for sole proprietors who work alone. These can include workers comp, as well as other liability coverage to protect the business owner or customers whether at home or while on the job.
Get coverage for the things your homeowner policy won’t cover such as property, equipment, and theft of sensitive client information. It can also pay medical and legal fees if a third party is injured as a result of business activities, and more.
Contractor-specific insurance plans can help cover theft, damage, or loss of movable equipment needed for construction. It can also cover claims relating to personal & physical injury or illness to employees or third parties, and more.
Insurance for photographers can cover your equipment on and off-premises. Get coverage for payouts resulting from bodily & personal injury, negligence, photo/video leaks, and more.
Esthetician Insurance can cover you as a sole proprietor or with employees. Ensure your supplies are covered in case of damage, theft, or loss. Get general & professional liability protection regardless of if you work in a fixed location or visit clients’ homes, and more.
Get coverage for you and your employees in case of injury or illness. Protect your equipment, supplies, and furniture from theft & damage. Ensure visitors and clients are covered in case of personal or bodily injury as a result of business operations.
Get protection from liability and injury to clients regardless of your working location. Insurance for personal trainers can also cover damage or theft of equipment, as well as pay for medical bills or lost wages, and more.
Handyman insurance provides coverage for a range of risks faced by handyman businesses. It typically includes protection for bodily injury and property damage liabilities, personal and advertising injury claims, products liability, and completed operations.
Electrician’s insurance protects your equipment while on the job or moving about. You can also get coverage in case you, an employee, or a client gets injured. Protections can also cover claims of negligence or errors in your work, and much more.
Protect your merchandise and goods while in transport or storage. E-commerce business insurance can also protect you from cyber-related risks, such as hacking and data breaches. Blanket coverage is available for general & professional liability, and more.
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How much does inland marine insurance cost?

Inland marine insurance policies can be a critical part of any business’s financial planning, but it can be challenging to determine its cost as many factors go into calculating your premium.

To help you get an idea of how much an Inland Marine insurance policy can cost, we got an online quote using our business insurance quote tool powered by Simply Business. We simulated a quote for a pressure washing company based in Florida. Based on these simple parameters, we were quoted $325 per year for a plan that included $5k in coverage for the contractors’ small tools and equipment.

This exercise serves only for example purposes as the real cost of Inland Marine insurance will be different for your business based on a range of factors that go into calculating the cost. However, it’s helpful to get a ballpark figure of what a small company could expect to pay for an Inland Marine plan with $5,000 in coverage.

That said, let’s take a look at what factors can influence how much an Inland Marine plan will cost you.

Cover your tools & equipment from $23.92 per month*

*Monthly payment calculations may vary by state, insurance provider, and the nature of your business.
Averages based on $5,000 coverage limit, no additional coverages and a 25% downpayment.

What factors affect the cost of Inland Marine insurance?

Here is a list of factors that can affect the cost of inland marine insurance:

The main factor that affects the cost of business insurance is the size of your business. Both annual revenue and employee count can play an enormous role when it comes to what kind of premiums you’ll pay, as larger businesses often incur higher rates.

The type of business is equally important, as well as the property being insured. For example, a company should anticipate paying more for coverage if it stores or transports property that is particularly valuable or vulnerable to loss or damage.

Coverage limits also impact cost, with higher limits and lower deductibles leading to higher rates. Additionally, companies can sometimes control their cost if they only need coverage periodically. If they can control how frequently they transport goods or equipment, for instance, they can reduce the times when they need coverage.

All things considered, most businesses that need just basic inland marine coverage can often find coverage for just a few hundred dollars per year. Businesses that often transport expensive equipment between multiple job sites, such as construction companies or engineering firms, can expect to pay thousands or even tens of thousands of dollars per year to protect their equipment.

(855) 843-2963

Get a customized quote and discuss price points with an insurance professional for free!

How much coverage do I need?

Here are three simple steps to help determine the right amount of inland marine coverage for your business:

1

Evaluate your business model and property:

Start by evaluating what kind of property your business owns or regularly transports. Inland marine insurance is unique in that it covers any property of value that does not remain in one location, such as furniture, electronics, and certain types of equipment. Taking an inventory of all these items will help you decide how much protection you need, as some policies provide limited coverage for each item in specific situations.

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2

Consider the area of your business operations:

Next, consider the geographic scope of your business operations to determine if it requires national or international coverage.

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3

Evaluate the cost of potential financial losses:

Lastly, weigh the potential financial exposure to your business from an unforeseen event and use this information to select an appropriate limit. With all these factors taken into account, finding the perfect amount of inland marine coverage for your business should be a breeze.

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Determining the amount of coverage you need for your business can be daunting, but thankfully, help is available. The LA Times Business Insurance Comparison Tool can help you figure out what type and how much insurance coverage you should get for your business. All you have to do is answer a few simple questions about your business and its needs, then the tool quickly assesses your information and generates different packages outlining the types and amounts of coverage applicable to your business.

Best plans to combine with inland marine insurance

To get the most comprehensive coverage for your business we recommend combining inland marine insurance with other policy types.

These are some of the most popular options that may be a good fit for your business:

Tips for buying inland marine insurance

Buying the right inland marine insurance for your business can be confusing, but if you consider yourself an informed consumer, then using a comparison tool like the one offered by LA Times is a great starting point.

Here are some additional tips to consider before buying coverage:

(855) 843-2963

Speak to an insurance professional for free.

Need inland marine coverage? Get a free quote in minutes! Suitcase and Shield With Checkmark GET A QUOTE

Inland marine insurance FAQ

Is inland marine insurance tax deductible?

According to Deductible Premiums from the IRS, business liability insurance can be deducted from your income tax returns. This means that inland marine insurance is tax deductible for business owners.

While this is generally true for other forms of business liability insurance as well, we always recommend double-checking with a tax lawyer before making any decisions based on this information.

What is considered inland marine?

Inland marine insurance, also known as transportation insurance, covers the transportation of property by land. It protects businesses from damage to property in transit, off-site storage, and movable vehicles. This includes motor truck cargo, goods that are shipped via train, and other ground transportation methods. Inland marine coverage can also be used for specialized items such as fine art and musical instruments that would not normally be covered by traditional business policies.

Additionally, inland marine insurance may cover risks associated with electronic equipment during transport or for use outside of premises. As a result, it is one of the most versatile types of commercial insurance available today.

Is inland marine insurance the same as marine insurance?

Inland marine insurance and marine insurance are not the same. Inland marine insurance covers the transportation of property by land, while marine insurance covers property transported by sea or air, including internationally. Inland marine coverage can also provide specialized coverage for unique items and is generally more versatile than standard business policies.

Is inland marine the same as property insurance?

Inland marine insurance covers property in transit, while property insurance protects your business premises and their contents. Property insurance also may not cover unique or specialty goods like art or instruments, while inland marine does. Additionally, inland marine may include risks associated with electronic equipment during transport or for use outside of premises that would not be covered in a standard policy’s definition of property.

In short, while both types of policies provide essential coverage to businesses, they differ significantly in terms of what they protect.

Is inland marine insurance required by law?

Inland marine insurance is not required by law but is common in many industries. Inland marine insurance is an optional form of coverage designed to protect goods in transit and specialized items from loss or damage. While it offers protection that may not be found in standard property insurance policies, inland marine coverage may not always be necessary for a business, depending on its specific needs.

Ultimately, the decision is up to the business owner to decide if obtaining a separate policy for inland marine insurance makes sense for them financially and in terms of protecting their assets.

Kiah Treece
Kiah Treece Business Finance

Kiah Treece is a business finance expert with more than five years of editorial experience. Through her experience as?a small business owner, real estate investor, and lawyer, she’s knowledgeable in the areas of banking, loans, financing, and insurance for small businesses. Her first-hand experience has enabled her to?break down complex?financial topics to help?consumers make informed decisions so they can spend their money wisely.

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