Small business insurance for common marine coverage's includes property that is mobile, transitory, and not fixed to any location. Some of the more common types of marine coverage's would be for Fine Arts, Valuable Papers, Laptops, Sales-persons Samples, and Contractors Equipment to name a few. Mobility contents exposure to more perils than other contents that are located in a building because of their transitory nature.
If you have a claim, most property insurance policies will only pay for the cost of the material, such as the canvas for a painting, but not the intrinsic value that goes with a typical piece of fine art. Since most small businesses do not have much in the way of fine art, the built-in coverage's usually suffice and are typically limited in value but you can purchase higher limits if desired. The most common limits for fine art are usually in the $5,000 to $50,000 range. Property that is at exhibitions, trade shows, and on display can also have coverage under the supplemental marine coverage's on a property policy. This is usually on a temporary basis so if you leave your property permanently on display at a museum, airport or some trade show that typically would be protected on the exhibition coverage.
The business personal property in transit is probably a supplemental coverage that can be useful for the typical small business. Since each business varies greatly as to their procedures and practices, property in transit coverage may or may not be necessary. The supplemental Marine coverage usually has limits between the $5,000-$50,000 ranges. You can purchase higher limits if you need to do so. Usually the insurance carriers separate out property in transit versus sales-persons samples of business personal property. This coverage typically does not cover property of others. You would need specific motor truck cargo coverage to cover property of others. Salesperson samples typically have limits of the $5,000 and $50,000 range.
Valuable papers and records tend to have in the package policies low limits. This is different from valuable papers and records having to deal with Accounts Receivables. This coverage is separate coverage that is unique and specific. A valuable paper and record in your business may not be a valuable paper and record to another business. This coverage typically pays to repair and restore the damage of the papers or records and the cost of recreating the papers. Many times you cannot recreate valuable records if they are paper only records but can usually be done if they are of a digital media type records. If the records are of a digital media type, the reproducing and restoring and/or replacing of these records can be substantial in the cost that is involved. The inputting and re-loading up databases can be an enormous undertaking. So having valuable papers and records coverage can help your business from suffering a financial loss because of damages to these records.
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