How to Get Business Insurance for Moving Companies
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Professional movers face risks unique to their line of business. A delicate work of art could be damaged during transit, an employee could suffer an injury while lifting a heavy piece of furniture or a moving van can get involved in an accident on the road.
Moving companies can benefit from specialized small-business insurance coverage. Here’s what you should know about types of business insurance for moving companies and how to purchase them.
1. Understand your risks
Industry standards recommend that every small business should hold at least two basic forms of insurance: general liability insurance and business property insurance. Most insurers include these types of coverage under a business owner's policy, or BOP, and many include business interruption insurance as well.
But moving companies face additional industry-specific risks on top of the standard small-business concerns, including but not limited to:
Employee injuries on the job.
Client possessions damaged in transit.
Road accidents involving your moving trucks.
Schedule changes resulting in lost business.
There are many robust business insurance policies that can minimize the financial impact on your moving business if a damaging event takes place.
Many insurance companies allow you to bundle multiple policies together into a single package, which simplifies your claim process and may even score you a discounted rate.
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2. Determine what policies you need
Business insurance isn’t one size fits all. The size of your business, number of locations, number of employees and/or contractors, and moving truck fleet size are all factors to keep in mind as you evaluate your insurance options and coverage amounts.
Here are some of the best types of business insurance for moving companies.
Insurance type: | Pays for: |
|---|---|
Physical injury and/or property damage to third parties caused by you or your employees. | |
Damage to your business building, equipment and other assets as the result of natural disasters, fire, smoke or vandalism. | |
Loss of revenue, payroll and more when your business cannot operate as a result of a disaster. | |
Employees who are injured or get sick while on the job. Most states require employers to hold workers' comp for their employees, and some states require workers’ comp coverage for contractors as well. | |
Accident-related expenses such as property damage and bodily injury involving vehicles used for business operations. | |
Claims of negligence or harm as a result of your professional service. | |
Pays additional costs on insurance claims that exceed your regular policy’s limits of liability. |
3. Read the fine print
Insurance policies don’t cover everything. For example, some natural disasters such as floods often fall outside of standard insurance coverage. So if your business is located in an area that floods often, it may be a good idea to purchase dedicated flood insurance in addition to liability insurance policies.
4. Decide how to purchase insurance coverage
Business insurance for moving companies can be purchased through a few different channels:
Directly from insurance providers.
Through an insurance broker.
Through an online insurance marketplace.
Buy business insurance directly from an insurance provider
If you have a specific insurance provider in mind, you can reach out directly to the company for a quote. Some insurance companies allow you to request your estimate over the phone or through their website, depending on your preference.
This method may work if you... | This method may not work if you... |
|---|---|
Have an existing relationship with the insurance company. | Want to compare multiple quotes and policies across different insurance companies. |
The provider you select offers all of the coverage types you need. | Select a provider that does not offer every policy type that you need. |
You need a policy quickly. | |
You don’t want a third-party broker reaching out to insurers on your behalf. |
Buy business insurance through a broker
Insurance brokers do the legwork for you by finding and evaluating custom quotes from multiple insurers. In exchange for their services, brokers receive a commission from the insurance company you select.
Note that brokers are not obligated to present the absolute lowest prices available to you, and some insurance brokers may charge you a fee for their services in addition to what they earn from your insurance provider.
This method may work if you... | This method may not work if you... |
|---|---|
Don’t want to manage the hassle of collecting multiple quotes and comparing coverage estimates. | Are wary of additional costs on top of your insurance premiums. |
Prefer more personalized assistance and guidance with a single point of contact. |
Buy business insurance through an online marketplace
This option is great for business owners who want to research their own options on their own terms. Online marketplaces aggregate products from multiple insurance providers on a single website, then use a series of detailed questions to provide you with a near-instant estimate.
This method may work if you... | This method may not work if you... |
|---|---|
Value quick information without having to speak with anyone directly. | Want to build a relationship with a single insurance representative throughout the lifetime of your policy. |
Want quick access to pricing estimates from different providers. |
5. Research your chosen provider
Once you have chosen an insurance provider, be sure to research reviews from fellow business owners. The National Association of Insurance Commissioners also records complaints against each insurance company.
6. Establish the amount of coverage you need
Each policy has a dollar amount limit that your insurance company will pay in the event of a covered claim. In some cases, you can pay more to increase the amount your insurer will pay in the event of a claim.
If you want to purchase higher limits than are available through your type of policy, you may need to invest in an umbrella policy to ensure your financial peace of mind.
7. Purchase your insurance policies and keep them current
Once you’ve figured out all of the previous steps, the last thing left to do is to take the plunge.
Once you purchase your policies, make sure you understand how to use your insurance coverage, such as the process for filing a claim, requesting a certificate of insurance and more.
It’s also good to make a note on your calendar reminding you when your renewal is coming up so you can reevaluate whether your policy was a good fit throughout the year. You may need to adjust your policies or coverage limits each year, and it’s always smart to shop for insurance around renewal time to ensure you’re still getting the best deal and option for your moving company.
