Whether Your Business Is Near The Gulf Coast Or Inland
Inland Marine Insurance
People are often surprised to hear inland marine insurance has nothing to do with the ocean, Gulf of Mexico, or boats. Instead, this special type of coverage protects products, materials, and equipment transported on land by truck or train–or while in temporary storage by a third party. According to the Insurance Information Institute, collisions and cargo theft are two of the most frequent causes of inland marine losses.
Let’s say for example, a contractor normally installs a $5,000 HVAC system, but has an RFP to install a $50,000 commercial chiller. Just after the equipment arrives at the job site, an uninsured motorist collides into the chiller and damages the unit beyond repair. While the contractor had a commercial auto policy and a commercial general liability policy, neither policy would cover damage to equipment about to be installed. Instead, an inland marine insurance policy is needed to provide coverage for the $50,000 chiller. If the contractor purchased an annual policy with a $1,000 deductible, other equipment in transit or at the job site could also be covered. Premiums are generally based on annual receipts.
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Do You Ever Store A Client’s Property?
When deciding whether inland marine insurance is right for you, consider the nature of your business and operations. Inland marine insurance isn’t just for companies that specialize in transporting products, materials, or equipment. For example, if you own an expensive trade show booth and frequently ship it around the country for various company events or store it offsite with a vendor, you may want inland marine coverage. Or if you temporarily store someone else’s property, inland marine insurance can provide coverage against loss or damage.
Inland Marine insurance has a wide variety of uses and it can fill many potential gaps in your insurance plan. Since every business and situation is unique, it’s best to speak with an independent insurance agent. Give us a call today and we’ll be happy to answer your questions and help secure appropriate coverage to protect your business.
Purchasing as a Floater or Seperate Policy?
Inland marine insurance may be purchased as an add-on to an existing business insurance policy, or may be available as a separate policy. For many small businesses, it’s a wise move to add inland marine coverage to an existing policy rather than purchase a standalone policy because it’s less expensive and coverage is easy and fast to secure. Most inland marine endorsements cover the losses incurred in the normal course of business.
However, if your business is handling a special job, then a separate policy may be a better fit. For example, a contractor that normally installs roofing on 1 – 2 story commercial buildings, received a job to install roofing on a 20-story building in a busy downtown. A crane is needed to get the materials to the roof, which carries a unique and high risk. In this scenario, a separate policy would be the best option for coverage.
What Else is Covered?
Inland marine insurance can also be secured to repair or replace portable business property damaged by a covered peril. Covered perils generally include: wind, hail, water damage, theft, and fire. Sometimes flood is covered as well. A policy may even help cover things like a “mysterious disappearance” or accidentally dropping and damaging property. Most policies are also written to cover mobile equipment such as forklifts, bulldozers, scissor lifts, and expensive tools. However, as in all insurance policies, it’s important to understand any potential exclusions.
One of the most unusual exclusions we’ve seen is one that actually excluded fire! Yes, fire is the most basic of mother nature’s perils, yet some policies exclude damage to the covered equipment if being used to fight a fire. Given the number of wildfires sweeping across the country every summer, this exclusion could be problematic. If owners understood exclusions, it would have stopped many from using their bulldozers to set up fire breaks.
Testimonial from Owner of KJ Works
Company: KJ Works
Policies with HIA: General Liability, Contractors Policy, Inland Marine, Commmercial Auto and Worker’s Comp.
Industry: Residential and Commercial Construction
Working with Hettler Insurance Agency has made my life less stressful in various ways. I was switching over from a previous insurance company and they made sure to find me the best prices that would benefit me in the long run. If I ever have any questions about anything regarding my policies, HIA is very easy to get in contact with.
Vehicle Insurance
Insurance protection for the vehicles that matter most to you.
– Auto Insurance – We insure thousands of cars, trucks, vans, and commercial vehicles used in all types of businesses.
– Motorcycle Insurance – Start your Motorcycle riding experience with insurance through Hettler.
– ATV and Motorsport Insurance – Does it have a key? Is it a dirt bike? We have a program to cover it.
– Classic Car Insurance – Classics and antique vehicles require special coverages. We represent a couple of different carriers to cover them.
– RV and Mobile Home Insurance – Big values traveling down the road? No problem. We handle the big risks all the time.
– Boat and Watercraft Insurance – We cover boats of all sizes.
Property Insurance
Insurance protection for the property that matters most to you.
– Homeowners Insurance – Your home is your castle. Protect your most valuable asset with quality coverage.
– Condo Insurance – Condos are a little different. Call us to get your specialized coverage!
– Renters Insurance – Fires in apartments and rental homes are way too common. Renter’s coverage is really reasonably priced.
– Landlord Protection ™ – Renting your home? Protect yourself with landlord insurance.
– Flood Insurance – You have to have a separate policy to cover flood… It can happen even here in the desert.
– Storm & Hail Insurance – Texas has had thirty-six $100,000,000 or larger disasters from severe storms in the past 25 years and more than 80% of the time, hail was to blame for the damage.
– Earthquake Insurance – Earthquakes have occurred in 39 states since 1900, and about 90% of Americans live in areas considered seismically active. Most home insurance policies do not cover earthquake damage. Good news, earthquake insurance can be inexpensive.
Commercial & Business Insurance
Coverage that helps protect your business
– Business Owners Policy (BOP) – Lubbock County is in the top 10 for commercial property damage due to wind, hail and dust storms; and the top 10 for commercial auto comprehensive claims due to weather; and the top 10 for lightning storm damage.
– General Liability Insurance (GL) – Insurance coverage for when you or your products hurt someone or damage property.
– Commercial Property Insurance – Coverage against Fire, Wind, Hail, and many other perils.
– Business Auto Insurance – Cover your business with insurance for commercial and business vehicles.
– Commercial Liability Insurance – also known as “general liability insurance” is a broad policy that covers a number of liability exposures of a business. Business liability insurance is often the first line of defense against lawsuits from customers, allowing an owner to protect both personal and business assets.
– Commercial Umbrella Insurance – Insurance coverage that gives an extra layer of liability protection from the rising costs of lawsuits.
– Workers’ Compensation Insurance (workers comp) – Medical bills and lost income Insurance coverage that helps you take care of injured employees.
– Cyber Security Insurance – In an era of leaked embarrassing online photos, confidential emails and digitally internet connected employees and customers, it’s no wonder businesses (of all sizes) are rushing to cover themselves with cyber liability insurance.
– Surety Bonds – Get your notary bond, your contractor’s bond, your bid bond, or your performance bond from Hettler Insurance Agency.
– Contractor’s Insurance – Many contractors operate out of the home and may not require commercial property insurance. Instead, contractors typically perform work at the customer’s location. This can be a residential home, a construction site or a commercial property.
– Builder’s Insurance – With a good Builder’s Risk policy, the structure, materials and equipment are protected from theft, vandalism and weather damage during the construction phase.
Life/Health Insurance
Insurance protection for your family’s health.
– Health Insurance – Insurance for you, your family, and your pocketbook. Uncovered medical costs can bankrupt you.
– Personal Umbrella Insurance – An umbrella policy provides additional layers of liability protection. If the liability limits are exhausted on your home, auto, or other underlying insurance policy, your umbrella insurance policy takes over and provides you with additional protection. You may need this in case of a car wreck involving a fatality, etc. For a minimal cost, you can protect your assets, and your future earnings.
– Whole Life Insurance – Life insurance coverage designed to be there for your whole life.
– Term Life Insurance – Insurance protection to help keep your family secure for a specific period of time.