These policies provide coverage for the most frequent risks faced by moving companies:
Commercial Auto insurance is very important for movers because the vans, trucks and other vehicles you use for your business won't be covered under a personal auto insurance policy. Commercial Auto can cover the physical damage for greater amounts compared to your private auto policy.
General Liability insurance will provide protection to your moving business against physical damage, advertising injury, and other related risks. If your moving business is sued, GL insurance will pay for the defense and court costs.
Workers' Compensation is a state-mandated insurance that covers that follow an employee's work-related injuries or illnesses. Workers Comp can provide immediate medical costs and cover their lost wages. In exchange, employees relinquish their right to sue for employer for negligence.
Movers carry their clients' personal property. When your business is in an accident, you will face a lot of liability claims and possible medical payments. If you don't have insurance, you'll pay these expenses out of your business pocket. But when you have insurance, the insurance will cover the costs for these risks up to your set limits.
Moving companies face plenty of unique risks. Below are some examples:
The cost of movers' insurance depends mostly on the size of your moving business, the number of employees and the coverage needed. Without taking these into account, below is an average cost of insurance policies for your business:
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