Moving Insurance

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:

• Your moving truck is in an accident and your business is proven at fault. The property that you are hauling for your clients got damaged as well. You are responsible for all expenses.
• While moving big furniture, your employee drops the furniture on his foot, causing him injuries. As the employer, you are responsible for employee medical and rehabilitation expenses until he is able to work again.
• A customer enters your office, and trips and falls. This caused your customer to suffer injuries. You're responsible for medical payments and also for any defense costs if the customer decides to sue your business.

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:

• General Liability insurance costs $500 in annual premiums.
• Workers' Compensation costs $1200 in annual premiums.
• Commercial Auto insurance costs $700 in annual premiums.