Do Small Contractors Need Inland Marine Insurance?

April 2019
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Small artisan contractors run a different type of business than large construction companies. Which means your insurance coverage is going to be quite different, as well.

Some insurance policies are a must-have, no matter what size your contractor business is. Policies such as general liability insurance and commercial auto, for example. But what about other policies?

Do you need inland marine insurance?

What Does Inland Marine Insurance Cover?

Inland marine insurance is designed to cover your contractor tools and equipment that’s on the move.

Think of your favorite coffee shop. The owner of that business has invested in a variety of equipment - industrial coffee machines, refrigerators, blenders, microwaves, tables, and chairs - that never leave the building. All of that property is typically covered by the coffee shop’s commercial property insurance.

As an artisan contractor, your equipment investments don’t stay in one place.

Transporting your tools from one project site to the next, you may even leave your equipment secured in a temporary location for the duration of a job and then move it when the job is complete.

Which means your always-on-the-move tools and equipment aren’t likely covered by your commercial property policy.

Inland marine can help you cover the costs of tools and equipment that are lost or stolen, when they’re not kept in one, consistent location.

How Small is TOO Small for Inland Marine?

Sure, some construction equipment and tools of the trade are more costly than others.

There’s a big difference between a $20 drill bit, a $200 power drill, and a $2,000 magnetic hydraulic drill.

But every single one of your tools and every piece of equipment is an investment that you’ve made in your contractor business.

Imagine if your toolbox was stolen from your work truck with every tool inside suddenly gone. You wouldn’t be able to complete one job until you’d replaced each and every tool.

The cost of which could add up fast.

Which goes to say - you can’t be too small for inland marine coverage.

Protect Your Tools and Equipment

If you’ve invested in specialty tools and equipment for your small, artisan contractor business, inland marine coverage can protect that investment.

Tools and equipment that’s always on the go is at a greater risk for theft, damage, and loss compared to property that remains fixed in place.

Inland marine insurance is a must-have for contractors – big and small. Because if you don’t have your tools… you don’t have a business. Talk to your insurance professional today to find out how affordable inland marine insurance can be for your business.


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