Protecting Tools, Equipment, and Projects
Contractors face risks beyond the job site. From transporting materials to storing expensive equipment, their business assets are constantly on the move—exposing them to potential losses. While General Liability insurance covers third-party injuries and property damage, it doesn’t protect a contractor’s own tools, equipment, or materials in transit. That’s where Inland Marine insurance comes in.
As an essential add-on to Slice’s A++ Contractors General Liability coverage, Inland Marine insurance helps ensure contractors are fully protected against financial setbacks due to lost, stolen, or damaged equipment. Here’s why it matters.
What is Inland Marine Insurance?
Despite its name, Inland Marine insurance has nothing to do with boats. Originally created to cover goods transported over waterways, the coverage has evolved to protect property that moves from place to place—making it an ideal solution for contractors who frequently transport tools, equipment, and materials.
This coverage typically applies to:
- Contractors' tools and equipment (e.g., power tools, generators, compressors)
- Heavy machinery (e.g., excavators, bulldozers, backhoes)
- Building materials (e.g., lumber, steel, piping)
- Temporary structures (e.g., scaffolding, forms, fencing)
Inland Marine is Critical for Contractors
While policies vary, here are five reasons why Inland Marine coverage is critical for contractors.
1. Protection Against Theft and Loss
Construction sites and vehicles are prime targets for theft. Whether tools are stolen from a job site overnight or equipment goes missing during transport, Inland Marine coverage ensures contractors don’t have to bear the financial burden of replacing stolen property.
2. Coverage for Equipment in Transit
Standard property insurance only covers assets at a fixed location. But contractors constantly move equipment between job sites. Inland Marine insurance provides coverage while tools and machinery are in transit, reducing financial exposure from accidents, theft, or damage during transport.
3. Protection from Fire, Accidents, and Weather
Fires, accidents, and weather can cause significant damage to stored materials and expensive equipment. Inland Marine insurance covers these losses, ensuring contractors can replace what’s lost without disrupting business operations (please refer to policy forms and endorsements for full coverage terms and any exclusions).
4. Meeting Contractual and Lender Requirements
Many project owners and lenders require contractors to carry Inland Marine coverage to ensure business continuity in case of losses. Having the right coverage can help contractors secure jobs and financing with confidence.
5. Keeping Projects on Schedule
When equipment or materials are lost or damaged, projects can face costly delays. Inland Marine insurance allows contractors to replace assets quickly, keeping work on track and avoiding penalties for missed deadlines.
Why Add Inland Marine to Slice’s Contractors General Liability Insurance?
With Slice’s fully digital, A++-rated General Liability coverage, contractors already benefit from best-in-class protection against third-party claims. By adding Inland Marine, they can extend that protection to their valuable tools and equipment—offering a more comprehensive risk management solution.
Protecting contractors is about more than just liability—it’s about keeping their business running smoothly. Get a quote today and ensure your clients have the coverage they need.