Moving company insurance requirements comes from state regulation where the law ensures that the moving company has responsibility on the financial issue to transport consumers’ goods. There are several requirements that the moving company should accomplish depend on the state regulation. Thus, the explanation about the requirement is need so that your moving company won’t break the rule.
Moving Company Insurance Requirements
Moving company is always link to two categories of risk such as assets property damage by the company and also property damage of other’s asset. Therefore the insurance is needed to save moving company from financial strain once they pay for some claims.
To get the appropriate insurance, moving company must obey the state laws that concern in maintaining moving industry such as The Federal Motor Carrier Safety Administration.
Moving companies must also obey federal requirements when they need to offer their customers with an insurance policy such as released value coverage.
What is mean by released value coverage is when property is destroyed; the moving company should do one of three things; replace the property in the same type, repair the good or make cash settlement.
Maybe I should give a real example of moving company insurance requirement. In California, moving company should provide a proof that they have at least $20,000 of cargo insurance per ship.
Moreover, the company must also provide liability insurance coverage and they have to purchase for $15,000 if the company hire subcontractors.
Choosing Insurance Policy
Your potential customer will have a good review with your moving company if you choose the right insurance coverage. They will probably feel protected with adequate policy that your company has bought. Therefore, you need to find the lowest possible rate for your insurance policy and try to shop around to get the best offer.
To get the best policy for your insurance, you need to check state regulators to know about the requirement. Your customer is usually aware with the liability insurance so that you have to obtain one.
Usually moving company insurance policies includes property insurance that will cover your premises and the equipment used for your business. Or, you can also opt to have vehicle collision insurance.
The motor vehicle collision policy that you opt to purchase has responsibility to provide payment once your own vehicle crushed in an accident. This kind of policy will also provide cash assessment when you injured someone or one’s vehicle in the accident. You must also purchase worker compensation insurance in order to protect their safety on the job.
Finding Lowest Rate
Of course you want to save a bunch of dollars in order to run your business for the next future. Therefore, you need to find a moving insurance that provide lowest rate. You can find all what you want to have in insurance by visiting website such as NetQuote.com.
NetQuote.com will require you to fill out the form and you will be ready to shop around.
NetQuote will process your request and they will show top insurers in your area. After you have chosen the quote or policy that meets your requirement, you need to call the agent. Make sure that you only need to shop for insurance that essential to your business.
Don’t be moved with the insurance agent’s offer if you don’t really need the policy. Finally you can get your moving company insurance.