The most common and comprehensive type of insurance for moving companies is general liability insurance. We recommend general liability insurance as the first line of defense against a variety of the most general and frequent claims. General liability is a common and important coverage that every moving company should have. General liability protects your business against claims for bodily injury and property damage incurred by third parties and that may arise as a result of your business operations.
There are several general liability programs available to moving companies, many of which may include additional coverage specific to their operations. In addition to general liability, you can often include property coverage in your policy. This can include your company's personal assets, as well as cargo coverage for your customers' assets. This additional coverage is often affordable and can save your life if you file a major claim.
It's always a good idea to be insured during a move. A moving company offers asset valuation protection, which is not full coverage insurance. Under Total Value Protection, the moving company is responsible for the replacement value of lost or damaged goods throughout the shipment. This is the most comprehensive, but also the most expensive, option to protect your belongings.
Unless you choose the value released option, described below, the moving company will automatically move your belongings by virtue of this level of responsibility. Whatever you look at it, moving insurance can provide some protection during an extremely stressful time. Moving furniture and packing a house for a move can be frustrating and tiring, but packing wisely helps. Valuation refers to how much a moving company pays for belongings that are damaged or lost during a move.
As with any business, moving companies have business operations that should be covered by insurance. When selecting commercial car coverage, make sure the insurance covers the full value of your company's moving trucks. A home inventory is one way to help decisions about homeowners or renters insurance coverage accelerate the insurance claim process in the event of theft, damage, or loss. Valuation is regulated by the state government for local moves and the federal government for moves that cross state lines.
The main insurance coverages you want to take out for any moving company are liability for car accidents, cargo coverage and workers' compensation. There are several different types of insurance for moving companies, and finding meaning in all of them can be daunting for some. You can learn about the two types of liability below or in the brochure Your Rights and Responsibilities When You Move from State to State, in accordance with federal regulations, which moving companies must provide to moving companies.