How To Get Inland Marine Insurance For Business Construction Equipment

There are several key steps to get inland marine insurance for business construction equipment. Inland marine coverage protects heavy-duty machinery, equipment, and materials when transported over land. It is most commonly used for physical construction hardware that is transported via train or truck. However, this form of coverage can also be applied while machinery is being temporary housed at warehouses or storage facilities. It is the direct opposite to traditional marine insurance, which indemnifies construction equipment during water transportation. Certainly, there is a complex, multi-step process for construction companies to secure binding equipment coverage on their own. To get started now, read on to learn how to get inland marine insurance for business construction equipment.

Know What Will Be Covered

First and foremost, you must know what inland marine insurance will cover. These packages often cover moveable forms of machinery, which may be excluded under commercial property coverage. It is most commonly used for equipment-in-transport or machinery that is regularly moved between different locations. This can be construction tools, vehicles, electronics, and other forms of equipment. Coverage has even been applied to critical infrastructure assets – such as radio towers, bridges, and architectural components. Absolutely, determine what will be covered by your construction business inland marine insurance package.

Choose A Type Of Insurance

Next, choose a specific type of inland marine insurance coverage to purchase. There’s a few notable types of inland marine coverage. If your construction machinery is worth less than $15,000, a simple contractor’s equipment and tools policy should suffice. Installation floater insurance is another great protection option. This will protect construction machinery during transportation, storage, and installation. Or, you can opt for a bailee policy instead. This indemnifies property that belongs to an alternate party – while it is being managed by you. Once you have chosen a type of inland marine coverage, you can start getting some small business insurance quotes.

Calculate Insurance Costs

At this point, it is time to calculate the costs associated with inland marine insurance. There’s no universal average cost for inland marine protection. Costs vary significantly based on the type of equipment, machinery, or property you are looking to protect. In addition, expenses could differ based on your business’s size and coverage limits. There are also specific cost-impacting factors. For example, prices may be higher for property that is being transported long distances, or in rough conditions. Indeed, calculate approximate costs to get inland marine insurance for your heavy-duty construction equipment.

Hire An Insurance Agent

Now, you are ready to hire a business insurance broker that specializes in inland marine coverage. Start off by asking around in your personal network. Oftentimes, you’ll find a friend, family member, coworker, or former colleague that is a qualified agent. You can also search online for local insurance services in your area. Be sure to add any solid candidates you find to a shortlist. This will make it easier when it comes time to vet and interview all your prospective brokers. Before finalizing your decision, be sure to carefully inspect their previous background and professional experience. Certainly, hire an agent to purchase inland marine insurance for construction machinery.

Determine If You Need Coverage

You now have all the information to determine whether or not you need inland marine insurance coverage. In short, you need inland marine coverage if you own expensive, moveable property. Before purchasing coverage, guarantee that all your heavy-duty machinery and equipment will be protected. In addition, verify that these assets are not already protected through existing commercial insurance coverage. If everything looks good, speak with your insurance broker about signing up and approving your policy. Surely, take time to determine if you need inland marine insurance protection for your construction firm.

There are several key steps to acquire inland marine insurance for construction business heavy machinery. First and foremost, you need to know what your insurance protection will cover. You may already have an idea from when you started a construction company. Once you know what you need, determine a specific type of inland marine insurance. Next, determine the costs associated with acquiring commercial insurance coverage. At this point, it is time to hire an insurance broker. With everything you’ve now learned, you can accurately determine if your company needs coverage or not. Follow the points highlighted above to learn how to get inland marine insurance for business construction equipment.