A New Year’s Resolution – Check Your Insurance Coverage

This is a bit different than the other blog posts on this site, but I thought I’d pass along some information that you might want to consider as you head into the New Year.

Most of us now do quite a bit of traveling on pictures or shows away from where we live and most people spend more and more each year on the personal equipment that makes up the ‘tool kits’ that our jobs depend on. If you’re smart you’ve invested in a business insurance policy to cover that equipment since a normal homeowner or renters’ policy does not normally cover items used for business outside the home. What you may not know is that a typical business policy will not cover your equipment while you are out of town or in transit to a distant location.

Inland Marine Policies

There is a type of policy called an Inland Marine policy which you should look into getting if you do spend a great deal of time working out of town. These policies were originally created during the Industrial Revolution when there was an increase in transport by ship as a type of “all risk” insurance. Most insurance companies describe it as ‘insurance which generally covers property that is movable or transportable in nature’.

Check with your insurance company to see if your current business policy includes a ‘inland marine’ clause, you may have to add this to your policy or purchase this as a new type of insurance. It may save you from getting a very nasty surprise when your equipment is damaged and you find out you’re underinsured.

Have a happy and productive 2014.