Protecting Business Assets with Fire & Burglary Insurance and Inland Marine Insurance

Dynamic enterprises today have gains to protect, just like any other commodity. From factories and warehouses to retail shops and mobile equipment, businesses face risks of all sorts that may hinder day-to-day operations and, at times, cause huge financial losses. The two major ones that protect business assets are Fire and Burglary Insurance and Inland Marine Insurance.

What is Fire & Burglary Insurance?

Fire and Burglary Insurance is a specialized protection plan to take care of losses caused by fire outbreaks or burglaries and unauthorized break-ins. Minimizing the magnitude of loss and quickening recovery is equally essential whether one has a small retail outlet or a large warehouse facility. 

Generally, this insurance covers:

• Buildings and infrastructure damaged by accidental fires
• Stocks, equipment, and furniture lost or damaged
• Theft of goods or valuables by burglary or forcible entry

The other major benefit of Fire & Burglary Insurance is that it facilitates continuity of businesses. An unprotected event may cost brick-and-mortar businesses hundreds of thousands of dollars in direct expenditure and possibly cause them to be closed down temporarily or even permanently.

Why Inland Marine Insurance Is Important

While the name would be presumed by anyone to give coverage only for marine or water-based transport, Inland Marine Insurance actually has coverage for movable or transportable property over land. Businesses for whom goods, equipment, or tools are regularly transported from one location to another are therefore in dire need of this coverage: construction, logistics, and service businesses, among others.

The insurance covers:

• Moving of equipment
• Goods in transfer from one warehouse to another or to a job site
• Tools kept in mobile units or vehicles
• Property at temporary locations

It is an exceptionally important type of inland marine insurance because, generally, the standard property insurance covers property at a fixed location. The moment property is in motion or placed temporarily off-site, it is no longer covered by vacant land-type insurance policy—and that's where inland marine insurance carries weight.

Comprehensive Protection For Your Business

Combining Fire & Burglary Insurance together with Inland Marine Insurance provides a pretty solid protection for assets, both stationary and mobile. For instance, a construction company can, first of all, protect its tools on-site or in a trailer (inland marine), and, secondly, protect its office and warehouse from fire and theft (fire & burglary).

Other businesses that could benefit from this dual coverage approach would be manufacturing, retail, healthcare, and even IT services. This way, you are protected financially irrespective of whether your assets are on your premises or on the move.