Closing the Gaps: Inland Marine Protection for Contractors

January 12, 2022

Hey Contractors, is your business protected if valuable papers like blueprints get lost on the way to meet a client? What about if you are renting expensive equipment and it gets damaged? Or your own tools get damaged while trying to get from one place to another? A basic business insurance policy is going to cover well … the basics, but you need a policy unique to contractors to ensure you’re protected in the gray area. Unfortunately, most people don’t know that there are gray areas until it’s too late.

IMPAC stands for Inland Marine Protection and Additional Coverages. We think the name speaks for itself because it does just that: provides protection and additional coverage enhancements for materials and equipment while being transported on land! This coverage is absolutely indispensable for you and your business as a contractor. It’s going to help you out where there may be gray areas and gaps in coverage in a basic business insurance policy.

What are the key coverages and enhancements included in IMPAC?

Like we said before, IMPAC is a coverage that helps close many gaps in coverage for contractors. So, what are those gaps and what does this enhancement include that helps close them?

Your basic General Liability Insurance policy is intended to protect you and your business financially when you’re found responsible to cover damages to people or property. This coverage is usually a requirement, but did you notice anything missing from that explanation?

What about protection for you, your tools, your blueprints, expensive equipment you’re renting, your work, and so many other valuable parts of your business? These are the gaps and gray areas that we’re talking about!

Here’s a quick rundown of some of the protections you get with IMPAC:

  • Tools and equipment owned or long-term leased on an unscheduled basis
  • Tools and equipment leased or rented on a short-term basis
  • Rental reimbursement
  • Installation coverage
  • Electronic data and media
  • Electronic data processing
  • Valuable papers and records coverage
  • Accounts receivable coverage

What are the other benefits?

Discounts are a huge key benefit to choosing to include the IMPAC coverage enhancement in your policy. This coverage provides the multi-line discount on your General Liability policy.