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Should I purchase moving business insurance?

moving business insuranceOwners of moving companies know that the purchase of moving business insurance is mandatory for a reputable operation.

Clients trust their moving company to protect their belongings and carry sufficient insurance against loss that can occur in storage or in transit. Commercial and residential moves are commonplace, and customers are not patient when goods arrive in less than perfect condition at the new location.

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Benefits Realized Through Insurance

Moving companies have similar insurance needs to their peers in other industries because the basic structure of the business is the same. Valuable property and employees are the lifeblood of any business, and insurance coverage provides the following benefits for all aspects of the business:

  • Risk mitigation – Costs of doing business are raised because of the risk of loss that is spread across a large pool of policyholders through the purchase of business insurance. The best insurance coverage offer sufficient protection above the level of risk that can be afforded directly by the company.
  • Legal compliance – Every state requires businesses to maintain coverage for certain aspects of their operations, including: automobile, employee and liability.
  • Improved practices – Insurers have requirements for business processes that will reduce the risk of loss and injury. Businesses that comply with these recommendations will suffer fewer accidents, which reduces business expenses.

Major Categories of Coverage

moving insurance

Businesses of all types have common characteristics that form the basis for business insurance. A business owner’s policy, or BOP, is sufficient for small companies in certain disciplines, but companies that have certain types of operations, like moving companies, must have additional coverage in the following categories.

  • Property – Buildings and the supporting structures on the property are essential to the business operation. Significant losses must be covered by insurance to provide funds for recovery from a natural disaster or fire.
  • Automobile – All company-owned vehicles must be covered under the appropriate “symbol” of insurance coverage. Personal auto policies will not cover incidents that happen while conducting business activities.
  • Garage – Moving companies have a repair garage on the property that must be insured against the risk of accidents that can occur in the garage. This type of coverage is essential to cover the risks that will not fall under standard property insurance policies.
  • Cargo and marine – Whether a moving company offers cross-town or global moving services, the goods must be covered when in transit. Without this coverage, incidents that damage goods would be lost without compensation from the insurance company. Goods in transit are not covered under any other part of the business coverage.
  • Liability – Most types of insurance policies have a liability component that pays for losses incurred by third parties. Each state requires a minimum level of business liability insurance to cover these losses. Lowering the liability limits can be a very costly approach to saving money on annual insurance premiums.
  • Umbrella and excess liability – Many business insurers offer umbrella liability insurance policies that are designed to provide large limits that will cover the cost of litigation and the associated legal costs. Businesses are encouraged to carry an umbrella policy to raise the liability coverage through a more affordable approach.
  • Executive risk – Decision makers can make mistakes that result in litigation. Policies to mitigate this type of risk can save the life of the company, which is important to every employee.
  • Employee practices liability – Moving companies work directly with clients and their belongings. When employees cause damage to the property of others, this liability category will compensate the client for their losses.
  • Employee-related – All states require moving companies to carry worker’s compensation and unemployment insurance. Job duties will determine the costs of the premiums paid to the state for the coverage.

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Ways to Reduce Premiums

reduce premiums moving business insuranceInsurance companies offer various discounts that are designed to encourage policyholders to implement risk-lowering processes in their businesses. Certain approaches to lowering an annual premium can be very costly when a major loss occurs. Instead of lowering coverage amounts, these approaches are more effective without compromising insurance protection against loss.

  • Train employees – People who know how to avoid injury and accidents are more effective at their jobs. Since the workplace is free from excessive risks, work is completed in a timely manner at lower cost. Even office practices can be improved through training to reduce repetitive strain injuries.
  • Hire reliable people – Auto insurance premiums will be raised for drivers with poor driving records. Business owners are wise to require that all drivers have clean records.
  • Measure deductibles – Every policy will carry a deductible, and all of the deductibles must be evaluated to ensure than concurrent losses do not cause a financial hardship. While carrying high deductibles will reduce premiums, multiple losses can cripple the business.
  • Annual coverage reviews – Every business evolves over time, and the insurance needs will change, too. Whenever a significant purchase is made, the asset must be added to the applicable insurance policies. Annual business insurance reviews will maintain the appropriate coverage and prevent wasted premium dollars.

Final Evaluation

The most effective way to find insurance coverage for a moving company is to conduct a detailed comparison. Online quotes provide valuable information about reputable insurance companies that provide business insurance. Information must be provided through the online form, and then multiple quotes will be returned by the insurance companies that have an appropriate insurance product. Each of the quotes must be evaluated to determine which coverage limits and deductible amounts have been included. Very low quotes must be examined carefully.

Business owners know that insuring against loss is required to afford the risk of conducting business. Since each person has a different level of risk tolerance, the decision makers must determine how much risk the company will carry and where insurance coverage must take over. Insuring against expense is not affordable, which is why this decision must be made ahead of time to guide the setting of deductible amounts for all the policies.

Find the right policy for your moving business today by entering your zip code below!

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