Staffing businesses or agencies that transport or store tools, materials, and equipment need staffing property & inland marine insurance. Commercial property coverage may not provide sufficient protection against theft, fire, vandalism, and other concerns.
Staffing Businesses: The Insurance They Need
Although the word “marine” may confuse clients, it is essential to relay that this coverage has nothing to do with boats or oceans. It covers potential problems that may affect office property in transit or items that are temporarily in the company’s possession.
Understanding Staffing Property & Inland Marine Insurance
In the 19th century, the development of more trucks gave businesses a faster way to carry goods and equipment over land. Marine insurers began extending their all-risk waterway coverage to items transported on land. They named this transportation coverage “inland marine” insurance because it was a derivative of their original policies.
Getting Coverage for Owned Office Property
Any company that moves their property or a client’s property may want to consider broader coverage than property insurance. When items travel with employees, loss of or damage to those things could significantly affect a business. Staffing property & inland marine insurance explicitly protects property that travels to another location or requires storage. It safeguards against risks that happen away from the company itself.
Types of Property
Inland marine insurance typically covers the following:
- Computers or laptops
- Communication equipment
- Electronic data
- Valuable documents
- Equipment and tools
Types of Risks
This coverage type usually protects portable business property and property temporarily in their care from hazards, such as:
- Fire or smoke damage
- Hail or water damage
- Transportation losses
- Wind or lightning
- Theft
Difference Between Business Personal Property and Inland Marine
Clients may believe that their business personal property policies provide adequate protection. However, these coverages only protect the company’s building and items on site, such as furniture, inventory, and stationary equipment. They do not offer security for items in transit, at a storage facility, or otherwise removed from the physical business location.
Business Personal Property Coverage
Commercial property insurance also does not cover the following:
- Damages to a client’s property
- Employee theft
- Ruined payment records
- Issues with equipment function
- Costs related to business interruptions
Inland Marine Coverage
This policy type offers coverage for owned office property when it is away from the company’s premises. It can cover materials, cargo, equipment, accounts receivable records, and other valuable paperwork. Additionally, it safeguards other businesses’ property when items are in an employee’s possession. It is crucial to explain the difference between business personal property and inland marine to your clients.
Filling the Gap With Staffing Property & Inland Marine Insurance
For businesses like staffing agencies and contractors that perform work off-site, possess others’ property, and move goods or equipment, it is essential to discuss staffing property & inland marine insurance. These policies offer safeguards to fill in gaps left by commercial property protection. They help protect movable property or items temporarily in a policyholder’s possession.
About World Wide Specialty Programs
For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (877) 256-0468 to speak with one of our representatives.