Insurance Limitations in New York
Most NY businesses have commercial property insurance coverage, to help pay for damages and losses that occur to your building and its contents. While most property policies do offer some coverage for items that you take off your site, most cap this limit at a fraction of the value of your policy, making it inadequate for businesses that regularly transport valuable items. Auto policies are similarly limited on how much they will cover if business equipment is damaged inside your car.
Most insurance policies also will not insure your items if they are stored elsewhere, such as on a job site or warehouse. This creates a gap in coverage for many companies, such as contractors, for whom it is impractical to move their equipment each day. If your equipment is damaged on the job site, you could be out thousands of dollars with no coverage.
Shipping items comes with risks as well. While most shipping companies offer insurance coverage, it is often expensive and does not offer comprehensive protections. If your business regularly ships items, an inland marine policy can help reduce your costs while improving your coverage.