There are 418,000 small businesses in South Carolina. Last year, nearly $6 billion in South Carolina business insurance claims were paid. The vast majority of these claims were property-related losses. Property losses can be devastating, and many small business owners may not be aware of the vulnerabilities of certain physical assets when they are in transit or are being stored away from the primary business premises.

Many small business owners need some form of inland marine insurance. It protects physical assets that are in transit or that are stored away from the primary business premises. If you need inland marine insurance for your South Carolina business, contact a local South Carolina insurance agent. 

What Is Inland Marine Insurance?

Inland marine insurance in South Carolina is a specialty insurance product that covers commercial property that moves over land or that is stored on land that is away from the business premises. It can also cover certain specialized items that basic commercial property insurance won’t cover. 

Many small business owners have all of their commercial property within the four walls of their primary business premises or one of many insured properties. In these cases, both your buildings and everything inside them is covered by your commercial property insurance. 

But in many cases, certain items are in transit, traveling to and from job sites, at trade shows, or stored off-site for a variety of reasons. These items are typically not covered by a basic commercial property policy. Inland marine insurance is necessary to eliminate this gap in coverage.

If you regularly transport property or store it away from your business, it’s time to speak to an independent insurance agent about making sure you have inland marine insurance.

Inland marine insurance in South Carolina is typically recommended for certain types of businesses, including:

• Contractors and freelancers who travel from job site to job site or who work in varying locations
• Construction firms
• Food trucks and catering companies
• Any business that participates in trade shows, exhibitions, and conventions
• Any business that ships raw materials or finished goods over land
• Any business that transports specialized property, such as art dealers or collectors

Inland marine insurance can be purchased as a stand-alone policy, or as an endorsement to your commercial property policy or your business owners policy (BOP).

What Does Inland Marine Insurance Cover in South Carolina?

Inland marine insurance coverage varies depending on the type of property you need to cover, the property’s value, where it is located, and the type of business you have.  

Typical inland marine insurance in South Carolina may cover the following types of scenarios:

• Property in transit: Property that is transported over land  
• Property stored offsite: Property stored at a warehouse, storage facility, or some other location
• Property on vehicles: Property like cooking equipment, ingredients, grooming equipment, and other non-permanent items stored or used on a food truck, a mobile pet grooming vehicle, or other similar vehicles

South Carolina Inland marine insurance can cover many different types of commercial property, including tools, equipment, materials, and more. Some typical items that might need inland marine coverage include:

Inland marine insurance can also cover any specialized items like art or collectibles that belong to others but are stored on your premises.

Inland marine insurance in South Carolina typically covers the same types of losses as are covered under standard commercial property insurance, including fire, weather damage (wind and hail damage, for example), theft, and vandalism.

What Doesn't Inland Marine Insurance Cover in South Carolina?

Like any South Carolina business insurance policy, your inland marine policy will have a variety of specific coverage exclusions. Some typical items that are not covered by inland marine insurance in South Carolina include:

• Vehicles are not covered by inland marine insurance. These are covered by commercial auto insurance. Your inland marine insurance policy, however, can cover the items inside your commercial vehicles, such as tools and equipment being transported from job site to job site.
• Property that is permanently located at your business premises is not covered by inland marine insurance in South Carolina.
• Property damage that occurs before transit is not covered by inland marine insurance in South Carolina. Inland marine insurance only covers damage that occurs in transit, unless it is otherwise specified in your policy.
• Property that is being transported by sea or air is not covered by inland marine insurance. Ocean marine coverage or air cargo insurance can help you in these situations.
• Earthquake and flood damage is not covered by inland marine insurance in South Carolina. South Carolina earthquake insurance and flood insurance policies can be purchased separately.

You can purchase either “all risk” inland marine insurance, or “named peril” inland marine insurance. Under an all risk policy, all types of losses are covered unless they are specifically excluded by the policy language. Under a named peril policy, only the specific types of losses named in the policy language are covered. The type of policy you purchase depends on your needs and the types of situations in which your inland marine insurance comes into play.

Does Inland Marine Insurance Cover Theft in South Carolina?

Theft is one of the main concerns and a very common cause of loss for commercial property or cargo that is in transit. Inland marine insurance fortunately reimburses you for theft of your covered items.

Inland marine insurance in South Carolina also covers loss or damage due to fire, wind, hail, and water damage. Some policies also provide coverage for mysterious disappearance (i.e., an item disappears for no known cause) and accidental drop and damage (i.e., an item is dropped or damaged in transit or during loading or unloading).

Your independent insurance agent can help you get the coverage you need, and can make sure you understand the types of perils your policy protects against.

How Much Does Inland Marine Insurance Cost in South Carolina?

The cost of inland marine insurance in South Carolina is unpredictable. That’s because the cost of your policy depends on your unique operations, the type of property that is being insured, and its value.

Some other factors that influence your inland marine insurance cost include your business size, the coverage limits that you need, and whether you choose an all-risk policy or a named-peril policy.

The frequency, distance, and conditions under which your property is transported are also important factors in the cost of inland marine insurance in South Carolina.

How an Independent Insurance Agent Can Help

An independent insurance agent in South Carolina can help you get inland marine insurance quotes from multiple insurance companies. Your agent will get to know your business, and can make recommendations based on your unique business needs.

Get started by finding a South Carolina insurance agent near you.