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What is moving company insurance?

Moving companies are often handling the valuable or sentimental property of clients. Heavy lifting and maneuvering can sometimes lead to accidents. You could be held accountable if you accidentally damage customer property. The client may even pursue a lawsuit to reclaim costs, which could harm your business’ financial security.

Having moving company insurance is a way to protect your business and cover property damage and third-party injuries. There are certain levels of protection, but your policy can cover all types of client property, including appliances, household goods, and furniture.

Ways in which moving companies can be held liable for includes:

• Services to a customer that result in financial or physical damages.
• Damages or losses to client property which are in the care of your business. This includes when storing at a facility or in transit.
• Third-party damages during the course of your job.
• Third-party injuries during the course of your job.
• Damages to client property that was packaged by your employees.
• Damages or injury involving a vehicle registered with your moving company business.
• Cyberattacks or data breaches that expose confidential client information.

Who needs moving company insurance?

Only movers will need moving company insurance, but there could be two categories:

• Moving Companies: Both residential and commercial moving companies need insurance to protect their business from potential liabilities, damages, or losses during the moving process. This includes coverage for their vehicles, employees, and the goods being transported.
• Residential Movers: Individuals or families moving from one home to another may want insurance to ensure their personal belongings are covered during the move. While moving companies often offer basic coverage, additional insurance can provide more comprehensive protection.

What does moving company insurance cover for my business?

Moving company insurance protects your business from various risks. This includes general liability, which safeguards against third-party claims for injury and damage; cargo insurance, which protects the goods you transport while they are in transit; vehicle insurance, which provides auto insurance for your moving vans and trucks.

What insurance coverage add-ons are recommended for moving companies?

Alongside your general moving company insurance, there are other policies you can add for extended protection. A common add-on for moving companies is commercial property insurance.

If your business owns equipment, storage units, or office space, commercial property insurance is ideal. While optional, this policy protects your property from damage and loss.

How much does moving company insurance cost in Canada?

Like most forms of insurance, there is no fixed cost of premiums. How much you need to pay for moving company insurance depends on the individual circumstances of your business. With that in mind, your policy could range from several thousand to tens of thousands of dollars each year.

That is why it is essential to find a specialist insurance provider and always compare quotes across several companies. Be sure to carefully weigh up what coverage you need to ensure you have the level of protection your business requires.

What factors determine the cost of moving company insurance rates?

The premiums you pay to protect your moving company are determined by a variety of factors. Some of the most impactful variables are:

• Company size: The number of employees you have will impact your insurance rates. The number of vehicles you use will also have an impact.
• Cargo type: Moving exceptionally valuable items exposes your moving company to larger liability claims, which in turn requires you to have more coverage.
• Location: If your business operates in areas with higher than normal crimes rates, or in areas with inclement weather that may lead to vehicle damage, then you’ll likely wind up with higher premiums.
• Company assets: If you only own moving vehicles, that (and liability) is all you need to insure. But, if your company operates out of a building you own, you’ll need to insure the building as well, which will cause your premiums to rise.

How does moving company insurance work?

Moving company insurance can protect your business in a lot of ways. Some examples include:

• Vehicle accidents: If a moving truck gets into an accident while transporting a client's belongings, your commercial auto insurance protects your truck, while cargo insurance protects the goods inside.
• Damage to customer property: If furniture or other items are accidentally damaged during the moving process, insurance can compensate the customer for the loss.
• Employee injuries: If an employee is injured while lifting heavy furniture, workers' compensation insurance can cover medical expenses and lost wages.
• Theft or vandalism: If a company's storage facility is broken into and items are stolen, insurance can help recover the financial losses incurred.
• Liability claims: If a customer trips and falls during the moving process and files a lawsuit, general liability insurance can protect the company against legal claims and associated costs.

How to get the cheapest moving company insurance quote

There are steps you can take to give your business the level of protection it needs at the best possible price:

• Shop around: Connect with multiple insurance companies and compare coverage across them, including premiums, what is included, and detuctibles.
• Assess your needs: Carefully consider the risks you need to cover for your moving company.
• Bundle policies: Instead of taking multiple individual policies, consider bundling your moving company insurance with commercial auto insurance and other add-ons through the same insurer.
• Have a good claims history: A history of few or no claims will lead to more affordable rates.
• Risk management practices: Insurance companies like when businesses take risk management seriously. Implementing safety measures and training programs can help you get lower insurance costs.
• Increase deductibles: If you can afford to take a higher deductible, it is likely to lower the cost of you overall premium.
• Annual reviews: When it comes to policy renewal, review you insurance needs and coverage. Also shop around again for potentially better prices.