If you run a business, there are various moving parts that you're responsible for knowing. Your operation may use equipment, and with all commercial property, there can be several policies. Fortunately, Kentucky business coverage will have a place to add inland marine insurance and more. 

A Kentucky independent insurance agent will even help you find a policy that fits your budget for free. They work with a network of markets so that you have options. Connect with a local expert to get started at no cost to your business. 

What Is Inland Marine Insurance?

Property in transit is covered a bit differently under your Kentucky commercial policies. There are different coverages needed depending on the type and value of the property your business owns. 

• Inland marine insurance: Replaces or repairs your business property when a covered loss occurs. This could be from heavy machinery to tools in transit. The items insured will depend on the policy and the carrier. 

Combined ratios of property and casualty insurance in the US from 2009 to 2015, by product line

Inland marine coverage will help protect some of your most costly assets. It's key to know how your property is covered according to industry. 

What Does Inland Marine Insurance Cover in Kentucky?

Some common losses inland marine insurance covers are fire, theft, vandalism, and natural disasters. There is also special inland marine insurance that is based on your industry in Kentucky. Here are some examples:

• Bailee's insurance: Covers client property that is left in the care, custody, and control of your business.
• Builders risk insurance: Protects the property and materials used when building a structure.
• Installation insurance: Used when items are in transit up until they are installed. Also known as in transit coverage.

Optional Inland Marine Insurance Coverages in Kentucky

Every carrier for your Kentucky operation is different and has offerings that vary. Check out some items that may not be included but can usually be added to your inland marine policy:

• Mysterious disappearance: Pays for missing property when the cause of loss can't be discovered.
• Accidental damage: Pays for replacement or repair when an item is dropped. This can be in transit or when loading or unloading.

US equipment rental market size from 2000 to 2024 (in billion US dollars)

If you're in the business of renting out or leasing equipment to others, then you're not alone. Be sure to obtain proper coverage while your assets are out of your control. 

How Much Does Inland Marine Insurance Cost in Kentucky?

Your commercial insurance rates will be unique to your operation. Insurance companies use several risk factors when deciding your inland marine premiums. Take a look at what carriers use when calculating Kentucky insurance costs:

• Value of item
• Prior claims
• Coverage limits
• Risk mitigation measures
• State claims records

Does Inland Marine Insurance Cover Theft in Kentucky?

Inland marine insurance in Kentucky can help protect your most significant assets from catastrophe. Theft and vandalism are included losses that would be covered under your policy. When you're dealing with transporting or leasing equipment, you'll especially want these coverages. 

What Is Personal Inland Marine Insurance in Kentucky?

A personal inland marine policy will work the same as your business inland marine coverage, except that it covers your personal assets. A deductible typically does not apply, and an appraisal is usually necessary. See what's traditionally listed under this policy type:

• Furs
• Guns
• Artwork
• Jewelry
• Golf clubs
• Musical instruments

Work with a Kentucky Independent Insurance Agent Today

If you're trying to protect your Kentucky property, a few different policies could be necessary. Whether it's coverage for your personal property or business equipment, you'll want the best protection out there. Fortunately, a licensed professional can help review your policies for free. 

A Kentucky independent insurance agent will do the shopping at no cost with their network of carriers. That means you'll have options with some of the best markets around. Get connected with a local expert on trustedchoice.com at the click of a button.