Inland Marine Insurance
Insurance to protect your tools and equipment against theft and damages
Despite the odd-sounding name, this coverage can pave the way through unknown risks and unexpected accidents—bringing you peace of mind and keeping your business moving forward.
JoAnne Hammer | Insurance Canopy Program Manager, Certified Insurance Counselor
JoAnne’s 29 years of industry experience make her unmatched in the small business insurance space. She reviewed this page and gave it her stamp of approval so you can know it’s certified by a pro.
What Is Inland Marine Insurance?
Inland marine insurance is a first-party coverage used to protect moveable goods, tools, and inventory related to your business against theft or accidental damages. That means equipment you use to make products, gear to help you run your business, and inventory of supplies or products. Despite the word “marine,” this coverage only protects items stored or moved on land.
Are Inland Marine and Tools and Equipment the Same Thing?
Yes, tools and equipment insurance is another name for inland marine. Because “inland marine” sounds confusing, insurance companies sometimes change the name so it’s easier to understand what it is.
Other names for inland marine insurance you may see are:
- Tools and Equipment Coverage
- Stolen Gear Insurance
- Equipment and Inventory Insurance
- Business Personal Property Insurance
- Floater Policies
- Bailee’s Customer Insurance
- Supplies and Inventory Coverage
There are many variations, but they generally all refer to inland marine coverage. It’s always good to check through your Certificate of Insurance (COI) and look for “inland marine insurance,” since this is how it will likely be referred to on official documents.
You may also see the term “inland marine” on rental agreements, partnership forms, or employment contracts if someone is requiring you to carry insurance with certain coverages.
Who Needs Inland Marine Insurance?
Inland marine insurance is used by businesses, entrepreneurs, and professionals who use special tools or equipment, travel to and from locations with business property, keep inventory in one location, or store items away from their primary business location.
You need this coverage if you are a business sending products all across the country or an artist who is taking their handmade goods to a special event in another state. You also need it if you operate a mobile service like a mobile food, beauty, pet grooming, or cleaning business.
Here are a few examples of different businesses that may need inland marine insurance:
- Caterers
- Contractors
- Distributors
- Entertainers and DJs
- Event vendors
- Fitness instructors
- Food trucks
- Freelancers
- Importers
- Landscape services
- Manufacturers
- Mobile service providers
- Photographers
- Retailers
- Videographers
- Wholesalers
Do I Need Inland Marine Insurance?
If you’re thinking about getting inland marine insurance, but aren’t sure if you need it, try asking yourself the following questions. If you can answer yes to any of them, then inland marine coverage may be a good investment for you!
- Do you use specialized equipment or tools to create a product or provide services?
- Do you frequently ship products or property by land?
- Do you use contractors or freelancers who travel to job sites?
- Do you operate a mobile business?
- Do you transport equipment to different locations?
- Do you keep a large inventory of products?
- Do you store property someplace not at your primary location?
- Do you attend trade shows, conventions, or other events?
What Does Inland Marine Insurance Cover?
Inland marine insurance protects a variety of items related to your business activities. This ranges from tools you use to make a product to the inventory you ship cross country for sale or even the equipment used to process orders and payments.
Examples of insurable items may include:
- Booth, vendor, and exhibition supplies
- Electronics (computer, tablet, TV, radio, video, and sound equipment)
- Finished goods or products
- Gear used while training clients
- In-store or mobile payment systems
- Inventory of products or shipping supplies
- Medical and exercise equipment
- Miscellaneous business gear
- Mobile equipment and tools
- Property in transit over land
- Photo and video equipment
- Products stores at off-site locations
- Raw materials and ingredients
- Special event equipment and supplies
- Tables, tools, and products used to deliver a service
- Tools and equipment used to make a product
Does Inland Marine Cover Theft?
Yes, inland marine insurance covers theft in most cases. Theft is considered a “covered cause of loss,” with some requirements on your part, the main two being:
- Proof the theft occurred with a police report
- Proof that you owned the items stolen
When filing a claim for stolen property, you will need to provide a copy of a police report and proof that you were the owner of the property (like a receipt or pictures of the items in your possession or at your business, mobile setup, or work station).
However, inland marine would not cover theft if the stolen items were left unattended or not secured in a locked vehicle, trailer, or building.
What Does Inland Marine Insurance Not Cover?
- Business vehicles
- Damages caused by you or your employees/volunteers
- Damages caused by natural disasters
- Product damages and defects before shipping
- Property shipped by sea or by air
- Structures or commercial property
What Coverage Do I Need in Addition to Inland Marine?
Inland marine can only cover moveable types of property you use for your business. This type of coverage excludes immovable property, like commercial buildings, and vehicles you use for your business.
You might need some additional commercial coverages to ensure your business has the comprehensive protection it needs:
Property Insurance
Property Insurance is designed to cover commercial buildings you own or rent for your business operations, and the contents inside.
This may be a:
- Warehouse
- Retail store
- Industrial building
- Distribution center
Hired/Non-Owned Auto Coverage
Hired/Non-Owned Auto Coverage is designed to cover vehicles you use for your business operations.
- “Hired” Auto Coverage may insure rented, leased, or borrowed vehicles you or your employees use for business purposes.
- “Non-Owned” Auto Coverage may insure vehicles you or your employees personally own and use for business purposes.
How Much Does Inland Marine Insurance Cost?
Inland marine insurance costs range from as low as $16/year up to $155/year with Insurance Canopy depending on the industry you work in.
We offer inland marine as an optional endorsement to most of our policies. The rates for our most popular policies are listed below:
| Industry | Endorsement | Price |
|---|---|---|
| Fitness Instructors | Gear & Equipment Coverage | $16/year |
| Beauty Professionals | Tools & Equipment Coverage | $16/year |
| Mentors, Tutors, and Consultants | Equipment & Gear Coverage | $26.04/year |
| Entertainers and DJs | Equipment & Gear Coverage | $39.96/year |
| Lawn Care Businesses | Equipment Coverage | $39.96/year |
| Cleaning Businesses | Tools & Equipment Coverage | $39.96/year |
| Pet Care Professionals | Equipment & Inventory Coverage | $48.96/year |
| Artists and Crafters | Tools, Supplies, & Inventory Coverage | $54/year |
| Photographers and Videographers | Camera Equipment Coverage | $55/year |
| Food Vendors and Businesses | Tools and Equipment Coverage | $99/year |
| Lawn Care Professionals | Equipment & Supplies Coverage | $155/year |
If you don’t see your industry listed here, that doesn’t mean we can’t help you! Call us at 888.600.0894 to speak with a licensed agent who can answer your questions.
Your cost will depend on several things, the most prominent being:
- Included vs. optional coverage: Inland marine insurance is not usually sold on its own as a standalone policy. It’s usually included in a policy or offered as optional coverage for an additional price.
- Inland marine insurance may be automatically included on a policy’s coverage, such as a Business Owners Policy (BOP) or a property insurance policy.
- It’s more common to see inland marine insurance as something called an endorsement. This means it’s an additional coverage you can add onto another policy, like liability insurance.
- Industry: Some businesses, like manufacturers or medical equipment retailers, use gear and equipment that is more expensive to insure.
- Claims history: If you have a history of filing multiple claims, you may have higher premiums.
- Your limits: How much coverage you need varies based on the type of equipment you need to insure (e.g., the cost to repair or replace it) or how many items you need to insure. You can usually increase your coverage limits for an additional price.
Why Insurance Canopy Is a Top Provider of Inland Marine Insurance
We know how important your gear and equipment are to do the work you do. That’s why we partner with some of the most trusted carriers, like Great American and Lloyds of London, to offer inland marine insurance at such low rates.
Since 2010, we have been making specialty insurance plans tailored to thousands of business owners, entrepreneurs, independent contractors, and industry professionals. You can customize your insurance online to include coverages like inland marine insurance.
Insurance Canopy makes it easy to access the affordable, quality coverage you need to help lower and manage your risks. Our online applications and in-house team of agents make it easy to find the right plan for you.
Frequently Asked Questions
Why Do I Need Inland Marine Insurance?
If an item is stolen or damaged, it could halt your ability to keep working or put a dent in your finances trying to repair or replace something on your own dime. Inland marine insurance protects items vital to your business operations or services, making it an important coverage for you to have.
Most liability insurance policies offer “third-party coverage” for accidents you, your business, your products, or your service cause to other parties.
Inland marine is considered a first-party coverage. It’s one of the few you can get to cover accidents that happen to your business. This is important because property, renters, or homeowners’ insurance plans often won’t cover theft or damage to your business items, especially if they happen away from the insured property.
Inland Marine Claims Examples
Property Damaged In Transit
A wholesaler based in Indiana is shipping an order of products to a boutique in California. While on the road, the semi-truck is in an accident that damages the items beyond repair. Inland marine insurance may help the wholesaler recoup the cost of the broken products.
Theft At An Event
Third-Party Accidents
How To Buy Inland Marine Insurance
1. Instantly Add to Your Policy
Add inland marine to your policy during checkout or from your online dashboard.
2. Get a Quote
Apply online in 10 minutes or less and an agent will be in touch with a free quote.
3. Unsure? Ask an Agent!
Inland marine may be included in some commercial insurance policies or as an optional policy you have to add to a plan. Check your policy documents to see if inland marine insurance is listed as an optional or included coverage.
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