Business.com - "Inland Marine? What The Heck is That? "

Описание: http://www.business.com/insurance/

How to protect your property outside of your business location

BIO:

Tim Gaspar is the owner of Gaspar Insurance Services.

TRANSCRIPT:

Hello. My name is Tim Gaspar with Gaspar Insurance. We are an insurance agency specializing in insurance for small and medium-size businesses.

Now, the one type of insurance that you may have heard about in the past, but don't necessarily know what it's for might be inland marine insurance. Essentially inland marine insurance is coverage that protects your property while it is outside of your business location.

If you have what is called a business package policy, you might be familiar with an insurance called business personal property. Which essentially covers all of your business equipment. That could be the inventory, furniture, whatever it is, but generally speaking, it covers the equipment primarily when it is in the business location.

For somebody that travels outside a lot, or going to customer locations is a part of your business, you want to make sure that you have inland marine insurance. The type of business that might want to get this kind of coverage might be a photographer, a contractor, a plumber, a traveling salesperson; anybody who is outside of the office on a regular basis for business and has equipment with them.

On any policy you want to make sure that you have coverage not only for the tangible items you have themselves that have to be replaced, but also for data and data recovery.

For that wedding photographer, not only would that camera be stolen, but also pictures from many events that the photographer has done. So you want to make sure that you have coverage in the policy for the data. Most inland marine policies will include this.

When you get an inland marine policy, you want to make sure that you take a look at a couple of things. The first one obviously is going to be, how much coverage do you have? You want to take a look at your total coverage limit, but equally as important, you want to take a look at how much the insurance company will pay you for any one particular item that's stolen.

For instance, a policy may have $10,000 in coverage total, but maybe it is only $500 per item, and if you are trying to cover items that have a value considerably higher than that, you want to make sure that you address that with your insurance agent.

Secondly, you want to make sure that you go over your exclusions in the policy with your agent. This is very important because even a policy that was set up for you as a photographer, and it's a policy for photographers, maybe it excludes film, maybe it excludes cameras if they are destroyed by a certain means. It is definitely worth looking into.

You want to know what the exclusions are before you actually purchase the policy. You don't want to find out at the time of a claim. One other key component of inland marine insurance is you can actually set the policy up so that it covers your customer's items while they are in your control or while you are doing work for them.

So the key component of inland marine insurance is just knowing that your property and your customer's property is going to be totally covered regardless of where it is. Whether it is outside of your location or not. It is definitely a key component in having a sound business insurance plan.

I'm Tim Gaspar with Gaspar Insurance for Business.com making sure that you have the right business insurance coverage for the right price.

Inland marine:
• Protects your property outside your business
• Photographers, salespeople + contractors need it
• Consider the equipment's value