Starting your own moving company may not be a glamorous job. But, if all aspects of this business are all taken care of very well it could be a profitable business. Although starting a business may seem risky these days, but then if you don’t take the leap of faith you’ll never be able to start any business on your own.
Now that you have a strong determination to start your own moving business, several things have to be taken into consideration before you can begin accepting customers. One of the most crucial things that your business must have is the insurance policy. However, with a moving business like what you wanted to establish, you have to prepare yourself to be paying for several types of insurance coverage.
The following is a list of the different types of insurance coverage your moving company should have:
Commercial vehicle insurance
State law dictates that commercial vehicles must have a commercial auto insurance policy. If your moving company uses a truck for its operations, it has to have commercial truck insurance which can be purchased through a package policy. An insurance coverage will help protect not just your vehicles, but as well as your cargo and your company’s financial interests.
Commercial property insurance
Even if your moving company is just in your garage, a commercial property insurance is still needed. This type of insurance will also help protect any other equipment you use for your moving business. You can purchase this type of insurance through a BOP or business owner’s policy.
Workers’ Compensation Insurance
Even if you are starting with only a few workers for your moving business, you need to sign up for a worker’s compensation insurance. This helps protect your company and your worker’s from spending a huge amount of money for liability costs when an untoward incident occurs. Note that moving-related tasks can be risky. Your workers may get injured during the process of loading and unloading your customers’ heavy items. When an insurance like this is in place, your workers will be covered when they get injured at work. A worker’s insurance is important not just for full-time employees. Those who work part-time and those who are hired to do specific jobs, but only for a short period of time should also be included in this insurance coverage. Otherwise, when something happens to them while they’re performing their duties your company may face severe legal penalties.
Commercial umbrella insurance
This type of insurance provides supplemental liability protection in the event that your company becomes liable for large claims. Commercial umbrella insurance is helpful when a liability lawsuit was found to exceed the limits of what the primary policy offers. This will serve as your go-to insurance for additional protection for settlements and other legal costs.
Those who own a moving company would protect themselves and their business from harm. Purchasing more than one insurance policy may seem costly at first. But, when an accident occurs, its benefits will certainly outweigh the stress that you may have upon purchasing these policies.
