Inland Marine Insurance Montana Policy Information
Inland Marine Insurance Montana. Most people have never heard the term "inland marine insurance," so if you're unsure what it is, you're not on your own. Although its name might suggest otherwise, inland marine insurance is not insurance for a boat. It is insurance that protects the inventory you transport from place to place over land. It covers personal property and valuables stored in your business. In some instances, it may also fill in any gaps that your homeowner's policy leaves behind.
In addition, inland marine coverage Montana also protects your valuables if you ship them and they become lost or if the value of your shipment exceeds the declared limit value that is provided by your shipper. This is usually a very small amount, sometimes as little as $50. Anytime you have valuables being shipped or in transit, this coverage can save you thousands of dollars if a loss occurs.
Inland marine insurance Montana protects your property from theft, damage or loss with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
What is the Difference in Inland Marine and Ocean Marine?
If you have goods shipped or transported via a vessel on the open water, then ocean marine insurance is the coverage you need. For protection of your items and inventory when they are offloaded from a sea-faring vessel, inland marine coverage Montana is the protection to buy.
This type of insurance gets its name from its origin; it was originally meant to provide protection for goods that moved through inland waterways from a shipper to a receiver. However, the definition was later expanded to encompass other types of inland transportation, including the use of planes, trains, and autos to haul goods or for goods being housed in warehouses or docked in bays.
Some examples of materials that require inland marine coverage Montana coverage include property in transit, contractor's equipment, mobile medical equipment, and property that is held by a bailee.
Why Choose Inland Marine Coverage?
The most typical method of hauling goods from one point to another within the United States is via truck, followed by surface mail and rail. In most cases, a typical business policy never covers the shipping process for goods, and it's not in a shipper's best interest to trust the protection affording by the shipping carrier. This is particularly true of goods that are valuable or even irreplaceable.
Major shippers usually have many exclusions when shipping valuables. For instance, UPS does not provide protection for coins, precious stones, or cash. Fedex limits the declared value of packages to $1K. This can leave a wide gap in coverage; for example, if you sell a 4K TV that retails for $2,500, and the TV becomes subsequently damaged by Fedex in transit, then you're on the hook for $1,500.
Inland Marine for Insuring Personal Property
Inland marine coverage Montana coverage doesn't just protect business property; it also protects personal property while it is in transit. This can be a valuable addition to your homeowner's policy. This protection is available whether your goods are being transported or not. Some of the items that it can cover include jewelry, furs, silverware, cameras, golf clubs, computers and electronics, stamp collections, fine art, musical instruments, and other valuable merchandise.
Inland marine coverage Montana coverage usually features a low deductible or even no deductible, which makes it possible for you to easily replace lost, damaged, or stolen items.
Commercial Uses for Inland Marine Coverage
For both small and larger businesses, inland marine coverage Montana can be a valuable asset. It protects your goods in a variety of scenarios, such as when you send a shipment as a supplier that's going to an end user, when you ship a private shipment to another party, when a shipment moves from your warehouse to a retail store, or when you ship samples to your sales force. It covers the shipment of all sorts of off-site equipment and your customer's or client's property while you are in charge of it or in possession of it.
With inland marine coverage Montana coverage, protection is afforded on all movable property and business equipment as it moves between locations. Protection is usually afforded at a full level regardless of where the damage or loss occurs. This might include tools and equipment, lift trucks, pet grooming supplies, vending machines, carnival-type rides, and more.
Choosing Inland Marine Insurance
When you're ready to purchase your inland marine coverage Montana coverage, be sure to speak with an commercial agent to get the best possible rates. Your agent can compare rates with top companies and help you find the right level of protection for your needs. Your agent can also review your business' particular situation to find a policy that meets your requirements and your budget.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Montana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Commercial Property Insurance
Read up on small business commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.
- Apartment Building
- Business Interruption
- Commercial Flood Insurance
- Commercial Property
- Condo Association
- Contractors Equipment
- Duplex Rental Property
- Electronic Data Processing Equipment
- Equipment Breakdown Protection Insurance
- Homeowners Association Insurance
- Inland Marine
- Jewelers Block
- Manufacturing And Mercantile Rental Property
- Mobile Home Park
- Non-Residential Building Operators
- Office Buildings
- Safeco Landlord Insurance
- Shopping Center & Strip Mall
- Vacant Land
- Vacant Property
Rental property owners, real estate developers and property managers should keep an accurate survey of each property they own or that is in their care. This survey should include inventories of furnishings and equipment at those properties. These documents establish the extent of their insurable interest, facilitate the arrangement and placement of insurance and minimize controversy and confusion if a loss occurs.
Insurance coverage on property, general liability and professional or errors and omissions liability should be arranged and placed for every real estate and rental property risk.
The main goal of any commercial property insurance program is to protect the insured's real and business personal property. Buildings and their contents property usually represents a significant portion of its total assets, regardless of the size of the business. A commercial property program can provide the coverage you need if a loss should occur.
The ISO Commercial Property Building and Personal Property Coverage Form is an insurance industry standard that provides this needed coverage. As a result, it should always be reviewed and used as a benchmark for comparison when evaluating any commercial property coverage form.
This policy treats business personal property as more than just the contents of a building. When there is a limit of insurance on the declarations, property can be covered if inside the building or structure or within 100 feet of the building or premises and either in the open, or even in or on a vehicle.
There are many endorsements available to tailor the ISO Commercial Property Coverage Forms. Some are mandatory for all policies while others are mandatory for specific classifications and types of business. Others are optional and permit a standard form to be customized to meet a specific risk's coverage needs. Endorsements broaden, restrict, delete, modify, or add coverage.
These policies can provide the following additional coverages for small specific limits of insurance: debris removal, preservation of property, fire department service charge, pollutant clean up and removal, increased cost of construction and electronic data.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Signs, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Contractors' Equipment, Fine Arts, Cyber Liability, Employment-related Practices, Automobile Liability and Physical Damage, and Stop Gap Liability.
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Also find Montana insurance agents & brokers and learn about Montana small business insurance requirements for general liability, business property, commercial auto & workers compensation including MT business insurance costs. Call us (406) 637-8400.