Your customers put a lot of trust into your moving company. They expect their property to arrive safely. Fulfilling that expectation is up to you.
That’s a lot of pressure, on you as a company and on them as a consumer. How do they know which business to trust? Can they expect you to cover any losses that accidentally occur?
If your moving company has business insurance, then yes. A good insurance policy puts their worries at ease and protects you from costly lawsuits.
Learn the four specific reasons your moving company needs business insurance below.
A business is nothing without some semblance of protection from the unknown as well. That’s where business insurance comes in.
You can choose your business insurance a la carte, but it’s smarter to get a combination coverage plan.
Instead of getting general liability insurance only, find a package that offers liability and property.
The more coverage you have, the better you can sleep at night. Yes, you’ll pay more a month for a complex insurance plan, but not as much as one nasty lawsuit.
It’s the difference between the lawsuit that puts you under and an annoying headache of paperwork.
Reasons Your Moving Company Needs Insurance
With an idea of what you’re looking for under your belt, here are some realistic situations where insurance would come in handy.
1. A Client Trips and Falls
When you hired your employees, hopefully, you went over safety and risk reduction.
Even if it’s fresh on their minds, everyone makes mistakes. Maybe they went to lunch, leaving a box somewhere they expected to come back to.
The homeowner came home unexpectedly and tripped over that box. Now, without insurance, your company’s on the hook for their medical bills.
If it’s a small injury and they’re overall healthy, the bills might not seem like much. If they’re elderly, it’s a major injury, or they have a feisty lawyer, you could be looking at thousands of dollars.
In this situation, your company would be covered by general liability insurance. With a liability insurance plan, you have access to resources to help pay any accident related claims that arise.
2. Property Damage
Let’s say that your movers are doing their best, being careful and following all safety instructions. Things can still happen!
Even if everything gets into the truck with no problems, what if something falls and breaks during the drive? You’re in charge of your clients’ belongings temporarily and now one is broken.
If you’re lucky, this is a small and non-costly item. If you’re not so lucky, you could have to replace a big ticket item or something with emotional value.
General liability insurance helps you cover any resulting damage claims.
3. Your Moving Truck
When your business operates machinery, like moving trucks, you open the door to a new world of risks.
Now it’s not only your employees who can damage your client’s property, it’s anyone on the road.
You’ll need to get auto insurance specific to your moving trucks. Hiring employees with good and clean driving records is only part of it.
Even someone with the best record can get into an accident. Don’t make your company and your client’s property pay the price for truck-related damages.
4. Negligence or Contractual Issues
A few years ago a museum hired a team of movers to transport a precious artifact. The item in question was a heavy marble piece and the museum specifically requested six movers to transport it.
The company signed a contract, agreeing that they would send six people.
On the day of the move, somehow only three movers showed up. We don’t know the details.
The three movers tried to move the artifact and it ended up breaking. There was video evidence of this breach in contract and the moving company had to pay over $200,000.
This situation falls under professional liability insurance. The moving company agreed and signed to one thing, then breached their agreement.
Professional liability insurance covers legal fees and replacements from a breach in contract.
5. Employee Injury
Let’s say that an employee lifted something with their back and not their legs. Maybe they were new or it was a rushed mistake.
Either way, they pull their back out and need medical care. Thanks to McKnightins insurance, you have workers compensation coverage.
You can connect them with your workers comp. program who funds their medical bills. They pay them for lost time and, in the worst cases, provide benefits to their family.
Insurance for Moving Companies
No company and no employee is perfect. Especially since moving companies provide manual labor. When you have humans lifting and moving, more things can go wrong than when someone sits at a desk.
Getting the right kind of business insurance coverage not only helps you sleep better at night, but it can save your business.
It shows your clients that you take their experience seriously. It can be the difference between them hiring you vs your competitor.
Did this article make you realize you need help deciding what business insurance is right for you? Our moving company insurance policies are some of the best in the nation.
We provide comprehensive coverage, a friendly and educated support team, and reasonable rates.
Our moving company insurance includes general health, contract review and negotiation, preventive safety programs, and more. You won’t find any other company willing to give you the range of coverage as we are.
By contacting us via our website, we’ll connect you with a trusted advisor who will help put together the perfect personalized plan.
Click now and let us help you move smoothly into your business’s future.