Many businesses rely on the transport of various types of property, often over long distances. But while this property is in transit, it’s vulnerable to numerous risks that aren’t protected by a regular Florida business insurance policy. That’s why it’s so important to have the right inland marine insurance.

Fortunately, a Florida independent insurance agent can help you get set up with all the inland marine insurance your business needs to operate safely. Even better, they’ll get you equipped with this coverage long before you need to use it. But before we get too far ahead of ourselves, here’s a deep dive into this critical coverage.

What Is Inland Marine Insurance?

Inland marine insurance is a special type of Florida business insurance designed to protect commercial property while it’s in transit, or stored away from the business. Coverage can also extend to certain kinds of property excluded from your regular business insurance. Businesses that rely on transporting items to different job sites really need this coverage.

Having an inland marine insurance policy in place can help your business stay afloat after theft or other disasters that damage or destroy your company’s property. Be sure to ask your Florida independent insurance agent about getting set up with inland marine insurance.

What Does Inland Marine Insurance Cover in Florida?

Inland marine insurance provides a lot of critical protection for businesses in Florida that have moving property and inventory. According to insurance expert Paul Martin, inland marine insurance often covers the following:

• Property that’s in transit: Including business products or equipment that are transported over land for any reason.
• Property that’s in vehicles: Including business property considered equipment for mobile use, such as parts of a food truck or mobile spa vehicle.
• Property that’s stored away from the business: Including business property that’s stored at a storage facility or warehouse.

Your Florida independent insurance agent can further explain the core coverages provided by inland marine insurance and how they could benefit your business.

What Isn’t Covered by Inland Marine Insurance in Florida?

While inland marine insurance provides a lot of important coverage for business property, it also comes with a set of exclusions. Martin explains that a few of the most common inland marine coverage exclusions are:

• Business property transported by sea or air
• Business vehicles
• Business property stored within the business
• Earthquake or flood damage to business property in transit
• Business property damage that happens before transit

To cover your business’s vehicles, you’ll want to get a Florida commercial auto insurance policy to protect your fleet from disasters like theft and storm damage. Your Florida independent insurance agent can help you find the right coverage for your business.

Commercial Vehicle Fleet Stats

Commercial vehicles and business property get damaged more often than you might think. Check out some stats below to better understand the importance of inland marine insurance for your business.

With about a one-in-five chance that your business fleet will be involved in an accident, potentially leading to loss of or damage to your commercial property, having inland marine coverage is crucial.

Does Inland Marine Insurance Cover Theft in Florida?

When your business’s inventory or other property is in transit, one of the biggest threats to it is theft. Fortunately, inland marine insurance in Florida covers this important peril, along with many others. Inland marine insurance protects your business property in transit from theft as well as:

• Fire and water damage
• Wind and hail damage
• Mysterious disappearance (depending on the policy)
• Accidental drop damage (depending on the policy)

Make sure to review your specific policy with your Florida independent insurance agent to be certain of what exactly is covered.

How Much Does Inland Marine Insurance Cost in Florida?

Your inland marine insurance’s cost will vary depending on several factors about your business, including its risk level and property values. The amount of time your fleet spends on the road is also likely to influence your premium costs. However, the average cost of inland marine insurance for small businesses is between $300 and $1,000 annually.

Your Florida independent insurance agent can provide more exact rates for coverage in your area. Even better, they can scout out any qualifying discounts your business may benefit from.

Here’s How a Florida 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. Florida 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.