How to take out public liability insurance for your moving company

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    Professional moving companies face risks that are unique to their industry. A delicate work of art could be damaged in transit, an employee could be injured when lifting a heavy piece of furniture, or a moving van could be involved in an accident en route.

    Moving companies can benefit from specialized insurance coverage that goes beyond the standard Business Owner Policy. Here’s what you should know about the types of moving company liability insurance and how to get them.

    However, in addition to the usual small business concerns, moving companies face additional industry-specific risks including, but not limited to:

    • Employee injuries at work.

    • Customer property damaged in transit.

    • Traffic accidents with your moving van.

    • Schedule changes that lead to business losses.

    There are many robust business insurances out there that can minimize the financial impact on your moving company if a damaging event occurs.

    Many insurance companies allow you to bundle multiple policies into a single package, which simplifies your claims process and can even score you points a discounted price.

    2. Determine which guidelines you need

    Business insurance is not a one-size-fits-all. The size of your business, the number of locations, the number of employees and / or contractors, and the size of the moving truck fleet are all factors to consider when evaluating your insurance options and coverage levels.

    Here are some of the best types of business insurance for moving companies.

    Personal injury and / or property damage to third parties caused by you or your employees.

    Damage to your business premises, equipment, and other assets from natural disaster, fire, smoke, or vandalism.

    Loss of income, payrolls, and more when your business ceases to function as a result of a disaster.

    Employees who are injured or sick while on the job. Every state except Texas requires employers to hold workers ‘compensation for their employees, and some states also require workers’ compensation for contractors.

    Accident-related expenses such as property damage and personal injury to vehicles used for business operations.

    Claims arising from negligence or damage due to your professional performance.

    Pays additional costs for insurance claims that exceed the liability limits of your regular policy.

    Insurance doesn’t cover everything. For example, some natural disasters, such as floods, often fall outside of normal insurance coverage. If your business is in an area that is flooded frequently, buying something special might be a good idea Flood insurance in addition to liability insurance.

    4. Decide how to get insurance

    Business insurance for moving companies can be taken out through various channels:

    • Directly from the health insurance companies.

    • Through an insurance broker.

    • Via an online insurance marketplace.

    Buy business insurance directly from an insurance provider

    If you have a specific insurance provider in mind, you can contact the company directly for a quote. With some insurance companies, you can request your estimate by phone or through their website, as you wish.

    This method can work if you …

    This method may not work if you …

    You have an existing relationship with the insurance company.

    You want to compare several offers and policies from different insurance companies.

    The provider you choose offers all the types of coverage you need.

    Select a provider that does not offer all of the policy types you need.

    You need a policy quickly.

    You don’t want an outside broker to contact the insurers on your behalf.

    Get business insurance through a broker

    Insurance broker do the detailed work for you by finding and evaluating individual offers from several insurers. In return for their services, brokers receive a commission from the insurance company you choose.

    Note that brokers are not required to present you with the absolute lowest prices, and some insurance brokers may charge you a fee for their services in addition to what they earn from your insurance provider.

    This method can work if you …

    This method may not work if you …

    You don’t want to go to the hassle of getting multiple quotes and comparing coverage estimates.

    Be wary of additional costs on top of your insurance premiums.

    Prefer a more personal support and advice with a single contact person.

    Buy business insurance through an online marketplace

    This option is ideal for business owners who want to research their own options on their own terms. Online marketplaces group products from multiple insurance providers on a single website and then use a series of detailed questions to give you a near-instant estimate.

    This method can work if you …

    This method may not work if you …

    Appreciate quick information without having to speak to anyone directly.

    You want to develop a relationship with a single insurance agent throughout the life of your policy.

    Want quick access to price estimates from various providers.

    5. Research your chosen provider

    Once you’ve decided on an insurance provider, be sure to research reviews from other business owners. The National Association of Insurance Commissioners also records complaints against every insurance company.

    6. Determine the coverage required

    Each policy has a dollar limit that your insurance company pays in the event of an insured loss. In some cases, you can pay more to add to the amount your insurer pays 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 get into one Umbrella policy to ensure your financial security.

    7. Buy your insurance policies and keep them updated

    When you understand all of the previous steps, the last thing you need to take the plunge is.

    After purchasing your policies, make sure you know how to use your insurance coverage, e.g. B. How to make a claim, request an insurance certificate, and more.

    It is also good to make a note on your calendar to remind you of the upcoming renewal so that you can reassess whether your policy fits well all year round. You may need to adjust your policies or coverage limits each year, and it is always advisable to take out insurance during the renewal period to ensure you are still getting the best deal and option for your moving company.

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