Marine insurance is a type of coverage that protects ships, cargo, and other maritime interests against loss or damage. It is essential for businesses involved in shipping goods over water, as it helps mitigate financial risks associated with accidents, theft, or natural disasters. This insurance can cover various aspects, including hull insurance for the vessel itself and cargo insurance for the goods being transported. Additionally, it may include liability coverage for damages caused to third parties, ensuring that shipowners and cargo owners are financially protected in case of unforeseen events at sea.