Inland Marine Insurance – What is it?

In Virginia, business owners need to be prepared for anything that may happen to their equipment, whether it’s being transported to a job site or being used on a daily basis. This is where Inland Marine Insurance, also known as Business Equipment Protection, comes in handy.

At its core, Inland Marine Insurance is designed to protect equipment that is regularly taken to and from job sites. This can include equipment that you own, lease, rent, or borrow. It’s important to note that the term “Inland Marine Insurance” was originally coined for coverage of equipment transported over water. However, as time went on and businesses started transporting equipment over land, the term was repurposed to cover land transportation as well.

So, what exactly does Inland Marine Insurance cover? If you own equipment that is valuable and expensive, this coverage can help protect it from theft and work-related accidents. This means that if you or an employee accidentally drops, steps on, or damages your equipment in any other way, this coverage will help pay for the repairs or replacement costs, no matter where you are working.

But Inland Marine Insurance doesn’t just cover equipment you own. It also covers equipment that you lease, rent, or borrow. For example, if you rent equipment from a supplier, keep a customer’s appliance in your shop while you’re repairing it, or borrow a tool from a colleague, this coverage can help pay for the costs of replacing or repairing that equipment in the event of an accident.

As a business owner in Virginia, it’s important to understand the benefits of having Inland Marine Insurance for your equipment. Not only does it provide financial protection for your valuable equipment, but it also gives you peace of mind knowing that you’re covered in case of an accident or theft. Additionally, having this type of coverage can make your business more attractive to potential clients and partners who want to work with a company that is prepared for anything.

If you’re interested in getting a quote on Inland Marine Insurance, our website can provide you with an easy-to-understand and comprehensive solution. Protect your business and your equipment by investing in Business Equipment Protection today.