Business insurance for a moving company typically covers its facilities, equipment, fleet and employees, including vehicle and liability insurance. By virtue of full value protection, the moving company is responsible for the replacement value of lost or damaged products throughout the shipment. This is the most complete, but also the most expensive, option to protect your belongings which is why choosing the right removals company is essential. Unless you choose the value-released option, the moving company will automatically move your belongings below this level of responsibility.
You can ask the moving companies you're receiving offers from if they offer other valuation options. If your moving company covers your belongings, it's not insurance. Moving companies can't sell insurance. Instead, you pay for the stated liability.
In other words, you set the limits of liability for your moving company if your belongings are damaged, lost, or destroyed. General liability insurance is another policy purchased by reputable moving companies. It is comprehensive coverage that manages several different situations for the agency. Appraisal coverage is the amount of liability that your moving company is willing to accept if your belongings are damaged or lost during the move.
It's easy to get the USDOT number when the company has a website, and all accredited moving companies must have an online presence. About 43.6 million Americans, or 16 percent of the country, move every year, and sadly, moving scams are a problem for many of them. The civil liability of moving companies works in a similar way to what you probably have for your personal driving needs. Full protection allows the moving company two options in the event of loss, destruction or damage to any item during the move.
The critical areas of insurance needed by moving companies anywhere in the United States include cargo coverage, auto liability, and workers' compensation. You can read about both types of liability in the brochure Your Rights and Responsibilities When You Move, under federal regulations that moving companies must provide when moving from one state to another. Cargo policies for moving companies provide coverage for your personal belongings while you're in transit between your old home or office and the new location. While moving companies (and most other companies) aren't required to have this coverage, operating without it can be risky.
Federal regulations require all moving companies to offer two types of coverage to consumers who move out of state. Licenses for professional moving companies do not require bonds in all areas of the United States. Getting the right moving insurance coverage for a move relieves the stress of a move by ensuring that your belongings are protected. Like a standalone liability policy, a moving insurance policy can cover the coverage gap when you move.
It's also worth noting that if you're not moving to a new state, you can check with your state, county, or local consumer affairs agency or state moving association to check local moving rules and regulations. If you're planning to join the trend and change your residence, an important part of your trip should be finding licensed moving companies to help you with the transition.