When you move property from one area to another, you’ve got to make sure it’s protected throughout its journey. Property in transit is at risk of theft and numerous other disasters, and without a critical piece, a job might not be able to be completed. That’s why it’s so important to get equipped with the right inland marine insurance.

Fortunately an Illinois independent insurance agent can help you get set up with all the inland marine insurance your business needs to ensure continued smooth operations. They’ll also get you set up with coverage long before you have to file a claim. But first, here’s a deep dive into this important coverage.

What Is Inland Marine Insurance?

Basically a specific type of Illinois business insurance, inland marine insurance is designed to protect commercial property in transit from various perils. It also protects property that’s stored away from the business premises. 

Inland marine insurance can even be used to protect your business’s property that may be excluded under your regular business insurance policy. An Illinois independent insurance agent can help you find the right coverage.

What Does Inland Marine Insurance Cover in Illinois?

According to insurance expert Paul Martin, inland marine insurance is sought out by businesses that frequently require the transport of property or inventory between locations. Coverage applies to:

• Property stored in other locations: Like a storage facility or warehouse, coverage applies to business property stored off-premises.
• Property in transit: As long as it’s being transported over land, business property transported from a warehouse or other location is protected.
• Property stored in vehicles: Like equipment used for mobile services, like parts of a mobile veterinary or salon business.

Your Illinois independent insurance agent can further explain the coverages offered by inland marine insurance, and how they can benefit your business.

Why Do I Need Inland Marine Insurance?

Unfortunately, commercial property transported over long distances, and the business vehicles used to do so, often get damaged. The stats below may help convince you of the importance of having enough inland marine coverage for your business.

With the rate of commercial fleet accidents as high as it is, you want to be extra certain that your business’s property in transit is completely covered against various potential disasters.

What’s Not Covered by Inland Marine Insurance in Illinois?

Inland marine insurance, like any other coverage out there, comes with its own set of coverage exclusions. According to Martin, these are a few of the most common exclusions under inland marine insurance:

• Commercial property that’s transported by sea or air
• Commercial property that’s stored on the business premises
• Company vehicle fleets
• Commercial property damage that happens before transit
• Accidental damage, such as dropping a product
• Earthquake or flood damage

Your Illinois independent insurance agent can help you find the right coverage for your business, including its vehicle fleet. To protect company vehicles, you’ll want to get set up with an Illinois commercial auto insurance policy.

How Much Does Inland Marine Insurance Cost in Illinois?

The average cost of inland marine insurance for small businesses ranges from $300 to $1,000 per year. However, the cost of your specific business’s policy will vary depending on a number of factors, including:

• Your business’s risk level
• The type of property being transported
• How often property is being transported
• The value of the property transported

An Illinois independent insurance agent can provide exact rates for coverage in your area, and scout out any discounts your business may qualify for.

Does Inland Marine Insurance Cover Theft in Illinois?

Perhaps one of the most obvious threats to business property in transit is theft. Fortunately inland marine insurance was created to cover this hazard, as well as the following threats:

• Wind and hail damage
• Fire and water damage
• Mysterious disappearance*
• Accidental drop damage*

*Certain perils may not be covered, depending on your policy. Be sure to review your specific inland marine insurance policy with your Illinois independent insurance agent to find out exactly what’s covered and what’s not.

Here’s How an Illinois Independent Insurance Agent Can Help

When it comes to protecting businesses against lost property in transit and all other disasters, no one’s better equipped to help than an independent insurance agent. Illinois independent insurance agents search through multiple carriers to find providers who specialize in inland marine insurance, deliver quotes from several sources, and help you walk through them all to find the best blend of coverage and cost.