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 repair of the physical damage and liability damage for greater amounts than your private auto policy.
Inland Marine insurance will cover your customer's items when transported using your vans, trucks and other vehicles for your moving business. The insurance will cover the property in transit without any regard to its location, unlike Commercial Property insurance.
Workers' Compensation is a state-mandated insurance that covers the expenses that come with employee work-related injuries or illnesses. This could be immediate medical costs to long-term medical costs and lost wages. In exchange, employees relinquish their right to sue for employer negligence if either of these happens.
General Liability insurance will provide protection to your business against a variety of claims including physical damage, personal property, advertising injury, and other related risks. The insurance will pay for the defense costs, medical costs and court costs when your business is involved in a covered event.
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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