Contents—A Mobile Perspective
Article provided by Auto-Owners Insurance
As a business owner, you have furniture, stock or specialized equipment unique to your operation. These “contents” are assets traditionally covered by a commercial property insurance policy.
However, there may be times that these are transported and used off-premises. When this situation occurs, coverage for your assets may be better secured under an inland marine insurance policy.
Let’s say your business contents include scientific instruments that you use at various locations around town. Your commercial property policy limits coverage within 1,000 feet of your location. However, it does offer an additional coverage extension of $5,000 for contents in transit. (Some limitations will apply, such as loss or damage must be caused by or resulting from fire, lightning, explosion, windstorm, hail, riot or civil commotion, vandalism, and vehicle collision upset or overturn. Loss from theft can be covered from a securely locked vehicle only.)
An inland marine policy, such as a Miscellaneous Property Floater, would serve as a better protection option for your instruments used away from your main business location. It is designed to insure contents of a “mobile nature.”
When compared with your commercial property insurance policy, there are minimal policy exclusions (when coverage would not apply). Best of all, the price for this mobile protection is very competitive.
Please contact us if you need to review your mobile business asset insurance needs.