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The moving business can be profitable work, but it’s work that comes with substantial risks. Damage to belongings, accidents and stolen goods are just a few of the perils that movers must protect against. Movers insurance won’t prevent these things from happening, but it may provide moving companies in Massachusetts with financial protection if there is a covered incident.
Movers insurance is specialized commercial insurance for moving companies. So that policies can meet these companies’ multiple protection needs, most policies are drafted as package policies that combine coverages together. Moving companies can often choose exactly what coverages get included in their policy.
In broad terms, any business that’s located in Massachusetts and offers moving services can likely benefit from having moving company insurance. Not having insurance can leave a business dangerously exposed to risk, and this tends to be the most appropriate type of commercial insurance for these businesses.
In particular, the following businesses may want to purchase this type of policy:
Moreover, companies normally need insurance regardless of whether they provide local, regional or long-distance moving services. Any company that accepts responsibility for transporting customers’ goods could potentially have something happen.
The coverages that any one moving company insurance policy provides can vary, but there are many protections that policies frequently make available. Some of the more common protections that many moving companies look for are:
There are still more coverages that policies sometimes offer. An insurance agent who specializes in moving company insurance can help sort through all of the coverage options.
Most Massachusetts businesses that have employees are required to carry workers compensation, and this is often an important protection even when it’s not legally mandated. The coverage normally insures against workplace injuries, which are certainly a real risk in the moving industry. Thus, the vast majority of moving companies need or should have workers compensation.
Whether workers compensation is included within a moving company policy depends on the particulars of that policy, however. The coverage might come as part of a policy, or it might be purchased separately as part of a standalone policy.
Insurers base moving company policies on a variety of details, and the following is only a glimpse of what can impact rates:
For help insuring a moving company that’s located in Massachusetts, contact us at The Feingold Companies. Our independent agents will help review your company’s particular coverage needs, and we’ll work hard to make sure you find a movers insurance policy that meets those needs. With our assistance, you can be confident that your moving company is well protected.