Guide to insurance coverage for moving businesses

A moving business can be a great startup for any entrepreneur. Business is booming because people are always moving. Plus, you can work part-time on the weekends as a side hustle. Although it might not be the most glamorous job, a moving business is pretty easy to start up and gives you a lot of freedom to set your own hours and such.

While you can start off a moving business pretty easily — by just taking side jobs on the weekend using your pickup truck – you absolutely need the right commercial truck insurance. Not having the right insurance can leave you wide open for lawsuits and liability. Successful moving companies have the right moving truck insurance — even if they only operate part-time or seasonally.

Types of Insurance Coverage For Moving Businesses

Your moving truck insurance plan depends on the types of coverages you need and the size of your moving company. Here are some typical moving company insurance coverages:

  • Liability – Protects against claims arising from bodily injury or property damage to others caused by your truck.
    • Bodily injury liability – Can cover the medical bills, lost wages, and pain and suffering of someone that you injure in a car accident. It can also help you cover legal expenses if they decide to sue.
    • Property damage liability – Can cover the costs that you’re legally obligated to pay if you damage or destroy someone else’s property in an accident.

  • Physical Damage – This insurance can cover your truck if it is damaged. Say an employee decides to drive through a McDonald’s drive-through for lunch but doesn’t realize that the truck won’t fit and damages the top. Liability insurance could cover damage caused to the McDonald’s property while physical damage insurance could cover the damage to your truck.
    • Collision coverage – Can repair or replace your truck if it’s damaged in an accident or another collision.
    • Comprehensive coverage – Can cover losses not caused by an accident, such as theft, fire, or vandalism.
  • Cargo Legal Liability – Covers damage to your customer’s belongings during loading, transporting and unloading. Imagine that an employee drops a box that contains a customer’s expensive and rare China dishes. Cargo legal liability would protect you in this scenario.
  • Storage or Warehouse Legal Liability– This covers damage to your customer’s things while they are in storage. This insurance typically pertains to larger moving companies that operate warehouses. However, it is good to know about it because you may need it as your business grows.

How Much Does Moving Truck Insurance Cost?

The cost of moving truck insurance varies widely based on many factors. It is wise to compare insurance quotes to get the best deal. Here are some things that might affect the cost of insurance:

  • Your location
  • Claims history
  • Moving experience
  • Your driving record
  • Financial stability or credit history
  • Type and age of your moving vehicles
  • Sales volume
  • The distance that your moving trucks travel

Before you hit the road, make sure your moving truck and its contents are properly insured. Compare moving truck quotes today by filling out our online quote form or giving us a call today. When you receive multiple quotes from us, you don’t have to worry about comparing the many insurance companies rates or coverages. We do everything for you to help you find the right business insurance for your moving company.

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