WHY MOVING INSURANCE IS IMPORTANT
Written by: petera
Moving is a complicated process and many people opt to leave the process to the professionals. This is where moving companies come in. They have the expertise, equipment and the staff to assist individuals and businesses move from one space to another. This is a risky job and sometimes dangerous. This is where moving insurance comes in. Below find out why moving insurance is important:
#1 It Covers Damaged Property
People trust you with their property when you are a mover. In case an employee breaks something, general liability can cover for the damages claim. This applies for instances like scratches on the floor, furniture falling from the stairs, and other untoward incidents. Accidents are inevitable and this is why liability insurance is essential.
#2 A Client May Claim You Did Not Meet the Terms of Your Contract
Professional liability cover involves advice as well as professional services which your firm offers to customers. Any claims of you not honoring the contract or causing the customer losses can result in a lawsuit. A liability cover assists in handling damages and legal charges as you stay in business.
#3 Moving Comes with High Risks of Injury
One wrong move can injure the mover and force them to take some time off from work. As the owner of the moving firm, it is necessary to have workers’ compensation coverage to cover the medical bills and their days off due to the injuries sustained or illness while working. It is a legal requirement and a safety measure for your employees. Besides, it protects your firm if an employee sues by claiming that
workplace conditions caused their accident.
#4 It’s Risky for Your Moving Vehicle on the Road
The primary reason people opt to move via a moving company is for ease of carrying heavy loads. They do not have to haul truckloads of luggage all by themselves. Without a proper commercial vehicle, your moving company can’t operate. It is required that you get commercial auto insurance to cover your business vehicles. Liability insurance can cover damage to other cars if your firm is believed to be at fault for an accident and many states need a minimum amount. Your firm will most likely wish to exceed this bare minimum to shield your commercial vehicles as well as your investments while on the road.
Moving Insurance Options:
This is the most basic requirement by federal law. It is free and is based on weight. You can reimburse up to 60 cents per pound for each item damaged.
Full Value Protection
This is also required by federal law but it has to be bought. Experts recommend it since it pays for
the item’s repair or replacement with something similar or its current market value.
Separate Liability Insurance
This insurance pays for the amount bought minus the primary carrier liability funds of up to 60 cents per pound which will be paid by the mover.
What is not covered?
For valuation coverage, movers will not pay for items in boxes which they did not pack. Also, incidents from natural disasters like fires, windstorm, hurricane, hail and such are not covered. Also, if belongings are damaged when in storage, which is not managed by the moving firm, the mover is not liable.