Insurance Coverage for a Moving Company: Understanding Your Options
If you’re thinking about starting a moving company, think about what kind of insurance you’ll need
You’ll need to contact an insurance agent who is familiar with your field of operation early on in the planning stages of your firm. Second, you’ll need to talk about the specifics of your company, its risks, and the many forms of insurance you may get to cover it. Your agent should be able to create customized coverage for your business.
Both federal and state rules impose insurance requirements for moving companies. These rules ensure that a business has enough insurance to cover the owner in the case of a disaster. Moving firms that move consumer products between states are subject to federal regulations.
You have two options for liability coverage as a moving company owner
- Full protection allows your clients to fully protect their belongings while also holding you fully responsible for the replacement value of any damaged or lost items for the entire shipment. Your customers pay a high premium for comprehensive protection coverage, but they can lower the cost by increasing their deductible.
- When property is damaged or destroyed, your organization has three options: repair the item, replace it with a similar item, or pay a monetary settlement for the product’s cost or present market worth.
The following are some types of insurance coverage that moving company owners should think about.
You may be able to save money by purchasing a packaged insurance coverage. Work with our agent to make sure you’re covered. For additional information, call +1 818-989-8999today!
CARGO INSURANCE FOR MOVERS
Furniture and household products are covered under a mover’s cargo policy while in transit.
GENERAL LIABILITY INSURANCE FOR COMMERCIAL OPPORTUNITIES
A commercial general liability (CGL) policy protects a company against bodily injury, personal injury, and property damage resulting from its activities, products, advertisements, or finished operations. A commercial general liability coverage protects your company from the costs of out-of-court settlements, litigation, or court judgements.
LIABILITY INSURANCE FOR COMMERCIAL AUTOMOBILES
Bodily harm and property damage are covered by auto liability insurance. Your firm will be protected if an employee mistakenly backs into a customer’s garage door with the corporate truck, for example.
INSURANCE FOR THE TIME ELEMENT
For businesses that rely on equipment, trucks, and machines, time element insurance is an alternative. It provides coverage in the event of property damage that results in lower earnings or higher costs.
INSURANCE FOR BUSINESS
In one insurance package, a company owner policy covers all of the key property and liability risks. Purchasing separate property and liability coverage is frequently more expensive.
INSURANCE FOR KEY PERSONS
If something occurs to a company’s main partners, workers, owners, or founders, key person insurance provides protection for the company. In the event that a key person dies or becomes disabled, key person coverage works similarly to life or disability insurance in that it pays a payout.
LIABILITY INSURANCE FOR THE UMBRELLA
Additional liability coverage is provided through umbrella liability insurance. It protects you from claims that may exceed the liability limitations of your insurance coverage. It may also cover claims made against you that aren’t covered by your standard insurance plans, such as slander and libel.
Insurance allows you to conduct your business with confidence, knowing that it is secured against accidents, theft, legal issues, and natural catastrophes.The correct policy, or combination of rules, can assist your company overcome a scenario that threatens to deplete your resources and divert your attention away from your core business. To discuss your company insurance needs, speak with a licensed insurance agent or a licensed insurer.
If you have questions about insurance, please call +1 818-989-8999