Purchasing moving insurance is just the tip of the iceberg when it comes to protecting companies from risk during big moves.
Moving Insurance for Businesses
There are so many types of business insurance available in the marketplace. Some of the most popular products include:
- Professional liability insurance
- Product liability insurance
- Business interruption insurance
- Commercial property insurance
- Vehicle insurance
- Workers’ compensation insurance
For companies that already have seven plus types of business insurance, it’s easy to see how the idea of buying moving insurance would seem unnecessary.
Nothing could be further from the truth!
When planning a big move, you not only need to purchase moving insurance, you also need to review your existing policies to ensure your moving plans align with your coverage.
Why Companies Need To Review All Insurance Policies When Planning a Move
Let’s assume your company wants to save money on this big move. You have big strong staff. You have big trucks. You have commercial auto insurance. You have workers’ compensation insurance. You got this. Right?
Don’t be so certain.
Your worker’s compensation insurance likely covers workers based on their scope of work. That means if moving isn’t part of their job, should they injure themselves helping you move, you are liable!
Similarly, that commercial auto policy may cover your vehicles, but it probably doesn’t cover your property in transit.
If the vehicle is involved in an accident, damaging your property, you are out of luck. More on why, in just a moment.
Why Companies Should Hire Professional Movers
Companies lower the risk they are exposed to on move day if they hire professional moving companies.
In addition to the enormous benefits of hiring experts to get the job done right.
Professional movers are covered by the workers’ compensation policy of the moving company itself.
Hiring a professional moving company means your employees are safe, and you aren’t liable for any potential move day related injuries.
Why Companies Must Purchase Moving Insurance
As for moving insurance…
Your commercial property insurance is tied to your address. That means the second your property leaves the front door of your office, it is no longer covered.
And of course, it’s not that simple. Just like business insurance, there are numerous types of moving insurance.
Moving companies can’t sell insurance, but are required by law to provide valuation options.
Companies can also get insurance from third-party insurance providers.
Josh Coia at Wiser Insurance Agency explains that “The product policies will also vary based on the insurance provider.” To find the best product at the best price, speak to an insurance broker.