Insurance for B.C. Moving Companies
Your customers trust you to protect their furniture, clothes, and valuables from the time they leave their former dwelling until they get to their new home. Do you have enough business liability insurance for your B.C. moving company?
Accidents and mishaps can happen during a move, despite care being taken. Business liability insurance should be the foundation of your commercial insurance package to help protect you from legal claims.
Did you know that a mover may be legally liable for damage to homes or buildings that occurs during the moving process and for damage caused during packing or accidents during transportation?
How movers’ insurance protects your British Columbia moving company
Insurance for movers has specific coverages to protect your B.C. moving company. For example, an insurance package for a moving company can help protect you against claims of property damage to a customer’s furniture during a move.
How to protect yourself if you are the homeowner who’s moving
Before hiring a mover, ask for proof of insurance. This will give you a good idea whether the moving company is reputable and how your belongings will be covered in the event of an accident or mishap.
If you’re moving, take the steps to know what is covered during your move.
As a professional mover, B.C. movers’ insurance helps protect you from these 3 claims:
Employee theft
One of your movers steals a painting and an antique cigar box from a client who is moving. Crime insurance, also known as fidelity insurance, protects your B.C. moving company against property, money, stocks, or securities being stolen by either employees or third parties.
Slips and falls
A client comes to your B.C. moving company’s head office for more information about their move and slips and falls on the I icy sidewalk entrance, breaking an ankle. Your commercial general liability (CGL) insurance can help cover the cost of the client’s medical expenses and help cover legal advice if you are being sued.
Commercial property insurance
Your B.C. moving company’s office was vandalized and your computers were stolen. This type of insurance can help keep you protected from property losses, such as theft and vandalism. It also helps protect you in the event of a fir and covers damage to tools or equipment that you need to operate your British Columbia moving business. You can also add earthquake insurance, sewer backup or flood coverage extensions.
What do I need in my mover’s insurance package?
Commercial general liability (CGL) insurance
Without commercial general liability insurance, you would be responsible for paying any liability costs out of your own pocket if a customer were to get injured or her property damaged during a move. CGL insurance is also known as “slip-and-fall” insurance.
This type of coverage can also help protect your moving business against allegations of false advertising, libel, or slander.
It would not be unusual to have a minimum of at least $2 million in CGL coverage, depending on the size of your B.C. moving business.
Warehouse insurance
This type of insurance covers physical loss or damage to customers’ property when caused by the moving company at specified locations, such as a storage warehouse. Warehouse insurance is subject to designated limits.
Cargo insurance
It covers damages, loss, or theft of your client’s property in your care, custody, and control while in transit or temporarily housed at a third-party storage facility.
Inland marine insurance
Inland marine coverage protects your B.C. moving crew’s transportable tools and heavy-duty vehicles from damage caused by fire, water, a natural disaster, theft, and vandalism.
Crime insurance
This coverage helps protect your moving business when a customer’s property is stolen by either employees or third parties.
Commercial property insurance
Commercial property insurance keeps your moving company protected from property losses, such as theft or vandalism. You can also add earthquake insurance, sewer backup or flood coverage extensions to protect your moving company headquarters.
Property your moving company may need to insure:
- Buildings and other structures
- Furniture, equipment, supplies
- Computers
- Documents such as payroll, accounts receivable
Business interruption insurance
If there is an insured loss at your B.C. moving company that’s severe enough to prevent it from being open, the expenses associated with getting your business running again will be covered.
This type of policy usually covers vandalism, fire, wind, flooding, and other risks (make sure to understand what your policy covers). Your policy will help compensate you for lost income and expenses that you will need to continue paying even while you are unable to work.
It can mean the difference between closing and not reopening.
Cyber insurance
Do you keep client information online and take online payments? If so, your computer system could be hacked by cyberthieves.
Without cyber insurance, you will have to pay out of your pocket for the cost of restoring your system. You may also be liable for damages to third parties whose information has been stolen and you may have to pay for notification expenses to inform customers affected by a breach.
Commercial auto
Your British Columbia moving business needs commercial auto coverage as part of your insurance package. You’ll need a fleet policy if your moving company has 5 or more vehicles. Personal car policies will not cover your drivers or your moving business.
Tools and equipment insurance
Tools and equipment insurance replaces and repairs damaged, stolen, or lost equipment and tools, accessories, or other property that you use in your moving business.
Anything valued at less than $1,500 is considered a tool and anything above that limit is considered equipment.
How much insurance do I need as a moving professional?
It will depend on the size of your moving business, moving destinations, and any past claims.
Final thoughts
Moving insurance that protects you from lawsuits and accidents will protect your B.C. moving company financially and give you peace of mind.
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Western Coast Insurance Services Ltd. is a wholly owned division of Western Financial Group Ltd. Insurance products are underwritten by certain licensed insurance companies and are only available throughout British Columbia, Canada.