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What is moving company insurance?

Moving company insurance provides tailored coverage to protect businesses that transport assets for both individual and commercial clients. These policies are built by combining several key coverages to create a plan that fits your specific business needs.

Given that moving companies are responsible for handling all manner of objects – from furniture to electronics – there is always a risk that they could get damaged while under your care. Moving companies also sometimes provide advice to their clients on how to pack their good or even assist with packing. That may also inadvertently lead to damage in certain situations. Replacing those goods could get expensive. You might also face legal ramifications, which can cost money as well.

That's why insurance is crucial for all moving companies. Should the worst happen, your insurance would cover the necessary replacement costs and legal fees.

What moving company insurance includes

A moving company insurance policy can be built to include several key coverages that protect your business. Here are some of the most common options to consider:

• Commercial general liability (CGL): Also known as ‘slip-and-fall’ coverage, general liability insurance is the foundation of your protection. It covers you if your business operations cause third-party bodily injury or property damage. For example, if your movers accidentally damage a client's hardwood floors or a visitor trips over equipment at your facility.
• Motor cargo: This is essential for any moving company. It protects your clients' belongings while they are in your care, custody, and control – that is, from the moment you pick them up until you safely deliver them.
• Commercial auto: This covers your fleet of moving trucks and vehicles. If one of your trucks is involved in an accident, commercial auto insurance helps pay for vehicle repairs and third-party liability costs.

Recommended add-ons for moving company insurance coverage

While the basic coverage may seem comprehensive enough, there are numerous other protections that you may want to consider for your insurance policy, including these:

• Professional liability: Also called errors and omissions (E&O) insurance, this will protect you from claims pertaining to professional errors or negligence, during or after you’re done moving your client’s goods. For instance, if your movers accidentally drop off your client’s goods at the wrong location, there might be costly consequences to that, both legal and logistical. Professional liability insurance will help pay for any covered losses. 
• Commercial property: This covers your physical business assets, such as your office building, warehouse, and storage facilities, from risks like fire, theft and vandalism.
• Inland marine: This coverage is necessary if you agree to transport expensive, high-end equipment or goods by land. It will protect them in the event of damage or loss from theft, vandalism or collisions. It works as an addendum to the motor cargo coverage.
• Cyber liability: If you store customer data electronically, such as names, addresses or credit card information, this coverage protects you in the event of a data breach or a cyberattack.

Common types of moving company insurance claims

Here are some examples of the types of claims moving companies tend to file:

• Damaged goods: If while moving a piece of furniture, a part of it gets broken off, you’d be responsible for reimbursing the client for the damage. Motor cargo insurance is designed to handle these situations.
• Vehicle accidents: If one of your moving trucks is involved in a collision, causing damage to your vehicle, other vehicles and potentially injuring people, you might face costly legal ramification. Your regular auto insurance may not cut here. That’s why commercial auto insurance is critical.
• Equipment malfunction: A critical piece of distillation equipment breaks down, halting production. Equipment breakdown insurance would cover repair costs, and business interruption insurance could cover the lost income during the downtime.
• Customer property damage: If your company’s dolly scrapes your client’s wall, you’d be responsible for fixing the damage. Commercial general liability would respond to this type of claim.

How much does moving company insurance cost?

There’s no flat rate that we can quote when it comes to moving company insurance, given that your coverage can be as customizable as you’d like. However, you’re likely looking at paying around $3,000, or more, per year.

Some of the factors that may impact your insurance premium include:

• Type of coverage: Basic policies with standard coverage will cost less than comprehensive policies with multiple add-ons.
• Coverage amount: The higher the coverage limits, the more expensive the policy.
• Fleet size: The more trucks you have in your fleet, the more of them you’ll have to insure.
• Number of employees: The more employees you have, the more insurance companies have to account for.
• Location: Insurance costs can vary based on where your business is based and conducted. If the area where you do businesses has a lot of crime, for example, then there is a higher chance that some of your assets could get stolen.
• Claims history: If you have recently filed a claim, then there is a high chance that you’ll file another one in the future. Insurers take this into account and adjust their premiums accordingly. As you might expect, more claims in the past equal to higher premiums in the future.

How to get the cheapest moving company insurance rates

Finding affordable company moving insurance doesn’t mean you have to compromise on coverage. Here are some tips to get the best rates:

• Bundle policies: Purchasing multiple policies from the same insurer can often lead to a discount.
• Increase your deductible: A higher deductible can lower your premium, but make sure you can afford to pay it in the event of a claim.
• Maintain a good record: A track record of safe work practices and few-to-no claims can lead to lower rates over time.
• Implement a risk management program: Formal safety training for employees, regular vehicle maintenance schedules and proper lifting techniques can reduce claims.
• Hire experienced drivers: Ensure all your drivers have clean driving records.