Moving companies provide a service many find extremely difficult or frustrating. Taking possessions from one house to another, or even one room to another, may not be practical. More and more often, despite the cost, people decide to avoid the hassle and simply hire a moving company to handle everything.
Filling this niche means hiring employees, handling property, driving trucks; or, in other words, additional risk. Having proper coverage is essential. Every company, no matter the size, must purchase moving company insurance. Accidents happen, and any job, no matter how small, could result in significant damage to property or an injury to a client, employee, or third-party. The potential liabilities could destroy your business or your personal finances.

After reading this, you'll have more than enough information about moving company insurance cost and can obtain a policy with all the coverage your business needs.

We Cover in This Guide

• How much does moving company insurance cost?
• What is moving company insurance?
• What does moving company insurance cover?
• What does moving company insurance not cover?
• Benefits and risks
• Tips for buying
• FAQ
• Summary
• All types of insurance you may need

How Much Does Moving Company Insurance Cost?

Moving company insurance cost ranges from $39 to $279 per month depending on your provider, the size of your company, number of employees, coverage, and risks. Premium prices for common policies are as follows:

Most insurers allow you to customize a policy with whatever insurance you need to meet your needs.

What is Moving Company Insurance?

The primary service provided by moving companies is transporting a client’s possessions from their old property or residence to the new one, but what distinguishes a good service from bad is doing so in accordance with the promised deadline and in a safe manner. Despite you and your employees’ best efforts, accidents will occur; and when it comes to someone’s stuff with real or sentimental value, that can be costly and potentially harmful to your business reputation. That’s where moving company insurance comes into play. It covers the cost to replace or repair damage, and many other potential claims and liabilities. Whether you are a large company with multiple crews, trucks, and clients, or a couple guys doing jobs here and there, you need moving company insurance.

What Does Moving Company Insurance Cover?

Moving companies face a number of potentially risky scenarios during each job. An accident could occur while en route to the new location, damaging your vehicle, another vehicle, and the property inside. An employee could drop a dresser, breaking a piece of furniture, and their foot. A client could trip on a furniture dolly while you are preparing to load something into the truck. Standard moving company insurance covers you for these situations and other that fall into the following categories:

• Third-party bodily injury
• Third-party property damage
• Personal injury
• Product/completed operations
• Physical damage and collision to business-owned vehicles
• Damage to property in transit
• Bailee’s customers
• Motor truck margo
• Installation floater

What Does Moving Company Insurance Not Cover?

Certain risks may not be covered under typical policies and require additional insurance. They can include:

• Medical expenses for employees’ injuries and illness
• Breakdown and theft of equipment
• Money to offset interrupted business
• Paying back customers for unsatisfactory service

Often you are able to add additional coverage to protect yourself from such scenarios.

Benefits and Risks

Moving company insurance provides various benefits to cover the risks of your business, including:

• Increased business: Customers will seek moving companies with a good reputation and that means having comprehensive coverage. Knowing their possessions are covered in case of an accident is a great way to reassure potential clients and promote your company.
• Cover legal expenses: If a client, employee, or third-party files a lawsuit against you, moving company insurance will cover the expenses, including attorney fees and damages.
• Peace of mind: ​Knowing that you and your business is covered in case something happens outside of your control gives peace of mind to you and your employees.

Tips for Buying

When considering plumbing insurance cost, keep the following in mind before making your decision:

• Work with an independent agent: An independent insurance agent will help direct you toward providers with the best rates and the most experience covering moving companies.
• Identify your risks: Be sure to thoroughly analyze your business and identify potential risks. For example, if you specialize in wealthy clients, or companies with expensive equipment, make sure your limits are high enough.
• Compare quotes: Policy costs vary between insurers. Do the research and consider several quotes to find the best rates and coverage.

FAQ

How do I protect myself if a client claims I didn’t fulfill my contract?
Professional liability is a way to protect your company from lawsuits stemming from allegations of a breach of contract.

Do I need workers’ compensation insurance?
Workers’ compensation insurance is mandatory in most states. Additionally, movers put their bodies at risk on the job and injuries are common. Getting this coverage is far less expensive than fighting a lawsuit if an employee sues after hurting their back.

How can I mitigate risk?
You need to know exactly what the job entails. Communicate with your client and get a list and estimated weight for everything involved. After that, send out a crew with enough people and filled with those who have enough experience and physical ability to handle it. Additionally, make sure they have the proper equipment to do the job safely. Tell employees to reach out to their supervisor if they ever feel like they are being asked to do something risky or unsafe.

Summary

Moving company insurance protects your company against the potential of financial ruin from lawsuits if you damage priceless property or cause an injury.

By understanding moving company insurance cost and determining your needs, you can know that your policy covers potential risks and feel secure that your business is safe.

All Types of Insurance You May Need