Most business owners realize the importance of insurance to protect their assets, but some do not understand the need for additional coverage. Both ocean and inland marine insurance policies can cover gaps in traditional commercial insurance.
Ocean Marine Insurance
The earliest marine insurance was developed centuries ago to cover sailing vessels and their contents as they traveled across the ocean. The major risk was stormed while at sea and loss of cargo. Modern coverage now helps to protect owners from loss due to negligence of the crew for the cost of the freight and even reimburse damage to the ship itself.
Inland Marine Insurance
As the transportation industry grew to include trains and trucks, the need for inland coverage of products was realized. Many types of businesses can benefit from inland marine insurance:
- Dry cleaners and repair shops: Any business that takes possession temporarily of someone else’s property needs additional protection in case of theft, fire, flood, or another disaster.
- Artists: While photographers are traveling for their next art show or hiking up a hillside for that perfect view, their equipment could be damaged or lost. A painter’s original pieces cannot be replaced, but their value can be compensated if they are harmed while being moved from one gallery to the next.
Successful companies can be lost through tragedies, especially if properties in their care are not protected. Ocean and inland marine insurance policies can make the difference for the future solvency of a business.