Inland Marine insurance helps protect business property that moves from place to place or is regularly used away from your primary business location. Despite its name, Inland Marine insurance has nothing to do with boats or ocean shipping. Instead, it helps cover valuable tools, equipment, machinery, building materials, inventory and other business property while it is in transit, stored at temporary locations or being used on a job site where a standard commercial property policy may provide limited coverage.
This coverage is designed for Colorado businesses that rely on mobile equipment, tools or materials to operate. Inland Marine insurance is commonly purchased by contractors, electricians, plumbers, HVAC companies, landscapers, roofers, excavation companies, photographers, technology firms, medical providers, retailers, wholesalers, event companies, installers and many other businesses that transport or use valuable property away from a fixed business location.
How Much Does Inland Marine Insurance Cost in Colorado?
Inland Marine insurance is usually priced based on the type of property being insured, total equipment value, business operations, theft exposure, transportation frequency, job-site exposure, claims history and total coverage limit selected. Many small Colorado businesses may pay around $300 to $2,500 per year for Inland Marine insurance. Businesses with high-value equipment, specialized machinery, frequent transportation, multiple job sites or larger scheduled property values may pay several thousand dollars more.
The final cost depends on your industry, equipment values, where your property is stored, how often it is transported, whether tools remain at job sites overnight, prior claims and desired coverage limits. Pricing can also change based on whether the policy includes contractor’s equipment, installation floaters, leased equipment, rented equipment, builder’s risk, motor truck cargo, valuable papers or other specialized Inland Marine coverages.
Which Carriers Offer Inland Marine Insurance?
Castle Rock Insurance and its partners work with a broad network of commercial insurance carriers that offer Inland Marine insurance for Colorado businesses. Depending on your business type, equipment values, transportation exposure and underwriting eligibility, coverage may be available through carriers and programs such as Travelers, The Hartford, CNA, Chubb, Liberty Mutual, Nationwide, Berkshire Hathaway GUARD, Philadelphia Insurance Companies, Markel, Great American, USLI, Progressive, Farmers, biBERK, NEXT Insurance, Coterie, Kinsale, Nautilus, Westchester and other admitted and specialty commercial insurance markets.
Because every business has different equipment, tools, inventory and transportation exposures, there is no single carrier that is best for every situation. Castle Rock Insurance and its partners review multiple insurance companies to help Colorado businesses find competitive pricing and the right combination of Inland Marine insurance, Commercial Property, General Liability, Commercial Auto, Builders Risk, Business Income, Commercial Umbrella and other commercial insurance coverages based on their operations.
Get an Inland Marine Insurance Quote Today
Losing expensive tools, equipment or materials to theft, fire or accidental damage can quickly interrupt your business and delay projects. Castle Rock Insurance and its partners make it easy to review Inland Marine insurance options from multiple commercial insurance carriers. Contact us today for a personalized quote and let us help protect the equipment and property that keeps your Colorado business moving.
