Residential and Commercial Movers Insurance
There are many complexities in the household goods and office moving business. Whether you are a residential or commercial mover operations include trucking, packing, loading, transport, unloading and unpacking of furniture and household goods for customers who are moving or relocating. Many movers also have warehouses for both temporary and long-term storage of goods.
As a mover, there are several insurance policies and coverages to consider for your moving company.
Property Insurance provides building coverage as well as business personal property, including office furniture, computers, storage racks, equipment, cameras, etc… There are many factors that affect the cost of property insurance including, location, make of the building, alarms, sprinklers, and distance to fire departments.
Inland Marine Insurance includes cargo coverage and warehouse legal liability. By law, a mover is fiscally responsible for his/her customer’s goods. A mover’s bill of lading should clearly state the responsibility of the mover for the client. Records must be maintained to record inventory and the condition of items prior to each move or storage.
General Liability for a mover is relatively in expensive as most of the exposure lies with auto and cargo coverages. However, many apartment buildings, loading docks, and client’s require movers to carry general liability.
Auto Trucker’s Liability
Auto and Trucker’s Liability coverage includes bodily injury, property damage, physical damage on the trucks as well as loading and unloading exposures. If your employees damage a wall or scrape a floor while delivering furniture, that claim falls under the Auto Policy.
Worker’s Compensation is mandated by most States. Work Comp cover’s injuries to employees while on the job. Worker’s compensation policies tend to be expensive in the moving industry due to the heavy lifting exposure. Safety programs and training should be implemented to prevent injuries. Also, a Return to Work program can help reduce the cost of claims.
Crime Insurance comes in two forms. First party crime coverage would indemnify you if an employee were to steal. This is also known as fidelity insurance and would cover claims such as a bookkeeper stealing money. The other type of crime insurance a mover should consider is third party crime, or coverage in case your employees steal from one of your clients.
Other coverages for a Mover to consider include Employment Related Practices, Health, Disability, Umbrella, Excess
Learn more about our movers program here or contact us today