Many companies provide relocation packages to employees that include services for selling and buying homes, reducing mortgage points buydown costs, rental housing costs, and more. An appropriate business insurance policy can offer your corporate move company protection from damages and liabilities claims. In this article, we discuss some of the more frequently required policies.
Insurance for Your Corporate Move
In some cases, when you move, you will need insurance to cover you, but the company you choose for your corporate move might already have you covered. Plus, if you have umbrella insurance or another type of business insurance, you might already be covered.
While you might want to get moving insurance for your relocation project, you might not need it. It’s important to understand all the types of coverage you might already have for your business before deciding to get additional moving insurance.
General Liability
Prior to working with you, clients usually require you to carry general liability insurance as part of a comprehensive business owner policy (BOP).
For example, if one of your employees accidentally drops and breaks a box containing china belonging to one of your clients, you could be held liable. Therefore, it is vital that your moving business have general liability coverage to cover these damages.
Umbrella Policy
An umbrella policy is an excellent way to add extra liability protection for yourself and your family, often costing less than first thought and providing financial security from potential disaster.
Umbrella insurance typically comes into play once other liability policies, like auto and homeowners or rental insurance policies, have reached their limits. It provides additional (or "excess") liability coverage for bodily injury and property damage claims and often provides protection from claims like libel, slander, defamation of character defamation invasion of privacy, and malicious prosecution.
Based on the value of your assets, an umbrella policy with higher coverage limits ($1 million or greater) may provide extra peace of mind by protecting savings and assets while helping prevent loans or drastic measures should a major lawsuit arise.
Hiring Professional Movers
Often, when you hire professional movers for your corporate move, you will have some type of coverage already. They are generally responsible for the things you have them transport for you. If you are moving to a new state, make sure they have the right coverage to protect you.
Sometimes, movers will offer what is called full-value protection. This type of protection means that you will receive the full replacement cost if an item is lost or damaged by your move. Other times, you might get what is known as released value protection. This type of coverage doesn’t give you nearly the same level of coverage and you might need additional moving insurance if this is all that is offered.
There are other types of moving insurance that may or may not be included. You may have to pay extra and it’s always smart to check your current business insurance policies before spending money on additional coverage you might not need.