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As a professional moving company, your clients put their trust in you and their personal belongings in your care. And while the things you move from place to place might be different every time, the risks remain the same. That’s why you need a specialized moving company insurance policy to protect your business while you move items from point A to point B.
The main insurance solutions your moving company needs.
There are some coverages that are either required or highly beneficial to have for those in the moving industry. General liability insurance covers your business for things like property damage or personal injury. Things break and accidents happen all the time with moving companies, so having those incidents covered is essential. Inland marine insurance provides essential protection for moving companies. It offers coverage for the cost of items damaged while in transit. Workers’ compensation insurance provides coverage that is integral due to the physical nature of the work moving professionals perform because it covers medical bills for employees who are injured while on the job.
What are the risks of operating a moving company?
There are risks associated with both the items you move and your workforce. For example, an employee could trip and fall down a flight of steps, injuring themselves and damaging the items they were carrying. Without the right coverage, your company could be held liable for medical bills and replacement costs. Another instance involves an employee who steals from a customer. Your company could be exposed to lawsuits based on the actions of one person, and without insurance you would need to pay for legal expenses and damages awarded. In addition, your employees could scuff up the walls of a customer’s brand new home while carrying furniture or cause even more severe damage, and your insurance would cover the costs to repair such damage. Also, if you store anyone’s possessions on your property for any period of time, you’ll need specialized coverage for that as well.
The type of coverage you need depends on your moving company’s operations.
Every moving company is different, so the insurance solutions you need might not apply to another moving company. It’s important to identify the areas of risk for your business so you can find insurance coverage that fills in the gaps that leave your business exposed. If your company simply packages and moves goods from a customer’s property to their vehicles, your risks would be different from a moving company that moves, transports, and delivers personal belongings. Moving companies can also range from traditional household goods all the way up to heavy machinery. The type of things you move can change the amount of coverage you may need. Also, your moving company could have an entire fleet of trucks or just have one vehicle. These vehicles would need to have proper coverage.
The business side of owning a moving company.
While your moving company may offer unique services, it’s still a business and needs to have insurance that most businesses need. For example, a commercial property insurance policy offers protection for covered events should your office or warehouse become damaged. Business interruption insurance is helpful to have should your company unexpectedly become unable to provide your normal services. Also, if you move things like hazardous materials, environmental insurance is essential to cover the cost of cleanup and property damage. Cyber liability insurance offers coverage for things like data breaches and hacks, so if you take payments online or store customer’s personal data on your computer systems, this is another must-have.
Are you ready to protect your moving company with an insurance policy that fits your needs? Contact us to discuss your coverage options.
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