When people hear the term “marine insurance,” they often think of ships, coastal operations, and oceanic risks. However, inland marine insurance is far from seaworthy concerns. Instead, this essential coverage focuses on protecting mobile equipment, goods in transit, and other property critical to businesses across Colorado. Here’s why inland marine insurance is a must-have for companies that rely on assets on the move.
What is Inland Marine Insurance?
Inland Marine Insurance is a specialized type of insurance that protects property and equipment while it’s being transported or used away from your main business location. Despite its name, it has nothing to do with oceans or marine activities. Instead, it covers movable assets like tools, machinery, inventory, and goods in transit. It’s essential for businesses that regularly transport items, operate at multiple locations, or have valuable equipment temporarily offsite. Whether you’re a contractor moving tools between job sites or a retailer shipping products across Colorado, inland marine insurance ensures your property is protected wherever it goes.
What Types of Colorado Businesses Need Inland Marine Insurance?
Many Colorado businesses benefit from inland marine insurance, especially those that frequently transport goods, operate at multiple locations, or rely on movable equipment. Here are some examples of industries where this coverage is essential:
- Construction and Contracting: Protect tools, machinery, and materials as they move between job sites across Colorado.
- E-Commerce and Retail: Cover inventory while it’s being shipped to customers or moved between warehouses.
- Arts and Entertainment: Safeguard valuable works of art or equipment during transport for exhibits, performances, or installations.
- Technology and Data Services: Protect portable devices and data stored offsite or while in transit.
- Agriculture and Landscaping: Ensure equipment and tools are covered as they travel between farms or client locations.
If your business depends on property that’s frequently on the move, inland marine insurance provides the protection you need to stay covered.
How Much Does Inland Marine Insurance Cost in Colorado?
The cost of inland marine insurance in Colorado typically ranges between $300 and $2,500 per year, depending on the value of the property insured, the level of risk, and the specific business operations. Factors such as the type of equipment, frequency of transport, and the distance traveled also influence the premium.
Here are ten localized hypothetical examples to give you an idea of what inland marine insurance might cost:
Small Landscaping Business in Lakewood
- Insured Property: $25,000 worth of tools and equipment
- Coverage: Theft, damage during transport
- Annual Premium: Approximately $400–$600
Independent Photographer in Boulder
- Insured Property: $15,000 in portable cameras and gear
- Coverage: Accidental damage and loss during travel
- Annual Premium: Approximately $300–$500
Construction Contractor in Colorado Springs
- Insured Property: $100,000 worth of heavy equipment and tools
- Coverage: Theft, natural disasters at job sites
- Annual Premium: Approximately $1,200–$1,800
Retail Business with Inventory in Transit in Denver
- Insured Property: $50,000 of goods shipped to customers
- Coverage: Damage and theft during transit
- Annual Premium: Approximately $700–$1,000
Art Gallery Owner in Aspen
- Insured Property: $200,000 worth of art in transit to exhibits
- Coverage: Loss or damage during shipping and display
- Annual Premium: Approximately $2,000–$2,500
Commercial Drone Operator in Greeley
- Insured Property: $150,000 worth of drones, cameras, and related equipment
- Coverage: Theft, accidental damage during transport, and liability for equipment used on-site
- Annual Premium: Approximately $1,500–$2,000
Mobile Food Truck Owner in Fort Collins
- Insured Property: $30,000 worth of kitchen equipment and inventory
- Coverage: Damage or theft during transit and events
- Annual Premium: Approximately $500–$800
Solar Panel Installer in Pueblo
- Insured Property: $75,000 worth of tools and solar equipment
- Coverage: Theft and weather damage while transporting to and from job sites
- Annual Premium: Approximately $1,000–$1,400
Antique Furniture Dealer in Durango
- Insured Property: $50,000 worth of furniture and collectibles in transit to shows
- Coverage: Loss or damage during transportation or temporary storage
- Annual Premium: Approximately $700–$1,100
Inland marine insurance policies can be tailored to fit the specific needs of your business, ensuring you only pay for the coverage that matters most. Working with a local Colorado-based insurance broker, like Castle Rock Insurance, can help you find the most competitive rates and comprehensive protection for your operations.
Make Sure Your Colorado Business Has Its Sea Legs: Get an Inland Marine Insurance Quote Today!
Protect your business with inland marine insurance and safeguard the property and equipment that keep your operations running smoothly. Whether you’re moving tools between job sites, shipping inventory to customers, or transporting high-value assets, this coverage ensures your business is prepared for unexpected risks. Castle Rock Insurance works with 50+ commercial insurance carriers to find the right policy for your needs at competitive rates. Get a quote today and ensure your Colorado business stays protected, no matter where the road takes you!
