When people move, their belongings don’t magically teleport from point A to point B. Moving is hard work, and many people prefer to leave the process up to professionals. That’s where your moving company comes in. You have the equipment, the staff and the expertise to help people and businesses transition from one space to the next. It’s a risky—and sometimes downright dangerous—line of work. Are you doing everything that you can to protect your moving company from potential lawsuits relating to property damage or injury?
Business insurance for moving companies involves multi-faceted commercial coverage that can protect companies just like yours from litigation that threatens their livelihood.
A passerby sustains an injury from tripping over a box
When you’re in an apartment building helping a client move, other residents are still moving around in the hallways, entryway and outside the building. What if a neighbor trips on the corner of a poorly placed box and falls hard? Your company is suddenly on the hook for medical bills and a potential lawsuit! General liability insurance protects your business when it’s faced with claims of bodily injury or property damage to others.
In case a customer’s property gets damaged
People trust you with their belongings when you’re a mover. If your employee drops a box containing the family china set, general liability insurance can kick in to cover the resulting damages claim. The same goes for furniture falling down the stairs, holes in the drywall and scratches on freshly restored hardwood floors. Accidents happen, and that’s precisely why liability insurance exists.
A customer may claim you didn’t fulfill your contract
Consider the case of an art gallery in New York City that sued a moving company for negligence, breach of contract and fraudulent concealment. The gallery alleges that they told the moving company they would need six movers to handle a marble piece worth $280,000. The moving company apparently sent three people who ended up breaking the artifact. The moving company then tried to conceal their mistake. Much of this was caught on security footage. The gallery is suing the moving company for $250,000, the New York Post reports.
Professional liability insurance covers advice and professional services that your company renders for clients. Any allegations of you breaching your contract or causing the client losses can escalate to a lawsuit, and proper liability insurance helps handle damages and legal fees so you can stay in business.
Moving is an injury-prone line of work
One wrong lift can hurt a mover’s back and force them to take time off work. As a business owner, you need workers compensation coverage to take care of medical bills and missed work due to an employee injury or illness on the job. It’s both a legal requirement and a safeguard for your team. It also protects your company if a worker sues alleging that workplace conditions led to their accident.
Your commercial vehicles face risk on the road
One of the main reasons that people choose to work with a moving company is so they don’t have to haul multiple car-loads of belongings. Without an adequate commercial vehicle, your moving company simply can’t operate. You’ll need commercial auto insurance to cover your truck or fleet of trucks. Liability coverage can cover injuries or damage to other vehicles if your company is deemed at fault for an accident, and most states require a minimum amount. Your company will likely want to surpass this bare minimum to protect your commercial vehicles and your finances on the road.
You can’t predict every incident that your moving company will face, but you make sure your business has the right protections in place. Compare quotes with CoverHound and find the right business insurance for your moving company today! If your company works with customers online, you may also want to consider adding cyber insurance for businesses to your plan.