As a smart business leader, you’ve taken the steps to get insurance for your moving company. You know that you have enough coverage. But lately, you’ve been looking into other insurance carriers.
You’ve explored getting better insurance for moving company trucks. Still, you’re hesitant. Switching commercial auto insurance is a big move. You don’t want to get caught in a bad position.
Here’s what you need to know to protect your moving company during the transition to a new insurance company.
Tips to protect your moving company when switching insurance companies.
1. Know Where You’re Going
You wouldn’t schedule a move without knowing the destination. Not only does knowing where you’re going ensure that you give the right quote to a client, but it will also allow you to deliver the load on time and within the budget. It’ll help you earn repeat business, better reviews, and hopefully referrals.
It’s no different when switching moving company insurance. Check reviews. Compare companies. Be confident that this is the right move for your moving business.
You’ll be glad you did.
Did you know that 40% of small companies are uninsured? That’s a scary thought considering the fact that over 30% of these businesses will experience an event by the end of this year.
2. Review the Proposals
Don’t get caught in the position many businesses do. They switch to a new company because they think they’re saving money. Then they find out they have less coverage.
They’ll have to pay more to get what they need.
It’s much easier today with the Internet to compare your existing coverage with the proposal from a new company. You don’t have to worry about finding out later that you’re under-insured. If you have questions, speak with someone at the new company to be clear about the coverage they’re offering.
Do take those steps to review the policies. Make sure you’re comparing apples to apples to protect your business with moving company insurance.
3. Schedule the Transition
Now, you’re ready to make the switch. It’s not hard to switch companies. But it does take some planning and good, old-fashioned communication.
Speak with the new company about when coverage can start. Talk to your old company about potential coverage end dates. Get an end date in writing. Email is fine.
Keep in mind that most insurance companies are on a fixed coverage cycle. This protects their customers from unexpected lapses in coverage. In the best case scenario, the coverage cycles from the old and new companies with match up. You can end coverage one day and start it the next with that new company.
But if the cycles don’t match up, know that it’s always better to pay extra for a few days or weeks. Don’t risk having a loss during a gap in coverage. We’re usually talking about a couple hundred extra dollars in insurance expense compared to a loss that could cost you tens of thousands or more.
So, follow these 3 simple steps to protect your company when switching moving company insurance:
1) Know where you’re going. Compare and review companies to find that out.
2) Review the proposals. Make sure you’re comparing apples to apples.
3) Communicate with both companies to find the best transition date.
For more tips on getting the right coverage for your moving company, follow our blog. And if you’re looking for insurance for your moving trucks, we’d be happy to help with that, too. We can help you get great coverage at a great rate by shopping your rates. Get started with your moving truck insurance quotes by filling out our online form or giving us a call today. Our team is here to help you save money on your truck insurance.
Source:
https://archive.nytimes.com/www.nytimes.com/ref/open/finance/OPEN-INSURANCE-FAQ.html