A moving insurance, in essence, focuses on covering damage or losses to your possessions or equipment when you’re moving. After all, the entire process of office relocating can be pretty difficult to deal with. It’s stressful and, therefore, can lead to the aforesaid issues.
Therefore, having a moving insurance can ensure that you can get the money back from what you have broken or lost. And, since there are several ways to move, each of them can provide coverage to everything you need. Keep reading to learn more about them.
Types of Insurances to be Used If You’ve Hired Movers
If you have hired a mover for your business relocation, they will be responsive for your items and equipment. However, if you’re moving to an entirely different state, the moving company will have to provide two different types of coverage, including –
1: Full Value Protection.
With this one, your mover will be liable for the entire replacement value of the damaged and lost possessions during the shipment. If something goes haywire, the moving company might have the option to replace, repair, or proffer a cash settlement.
Nonetheless, the cost offered in a full value protection coverage may vary from one mover to another. So, considering the deducible you’ve selected, the price might fluctuate a little.
2: Released Value Protection.
Unlike the former, you won’t have to pay any additional cost to get this coverage. However, it will only provide a minimal amount of protection for everyone. For instance, with it, you will receive around 60 cents/pounds per lost or damaged item.
Therefore, if your five-pound PC is valued at USD 600, you will only get USD 3.00 for it if it gets damaged or lost during the move. So, it’s not really a viable option.
Bonus: Separate Liability Coverage.
Apart from the aforesaid, some of the companies will proffer separate liability coverage with the aid of a 3rd party insurance company. In this case, your mover will still be responsible for the damage and pay you 60 cents per pound.
However, the additional amount of money will be paid by the 3rd party company. However, it is better to learn more about this policy and the regulations related to it properly.
Types of Insurances to be Used If You’ve Hired Movers
Now, if you want to move all by yourself, your choices regarding insurance will be different. In this case, the options you can go for may include –
1: Trip Transit Insurance
Like any other separate liability policy, a trip transit insurance can help in filling up the gap in coverage when you move. If you are considering using your vehicle for moving, you’ll be the one responsible for anything getting damaged. Therefore, having this kind of insurance policy can ensure that your possessions are being financially protected.
Some of the coverage provided by third party may include the following –
- Natural disasters
- Damages to sets and pairs
- Mold and mildew
- Electrical and mechanical accidents
- High-value items
The exclusions and coverages for a trip transit insurance can vary from one insurer to another. Therefore, it might be better to learn more about them before coming up with a decision.
2: Rental Moving Truck Coverage
If you have rented a moving truck, the organization providing the same can offer coverage to you, the truck, and your passengers, etc. However, the financial coverage will depend on what package you have selected. In any case, the coverage that is included here are –
- Life and medical insurance for you and whoever’s traveling with you in the truck.
- Protection for the cargo.
- Insurance for all of the towing devices available on your truck.
However, you are not going to get any money for the damage that’s been caused because of improper packaging. If something gets stolen from the cargo, the truck provider will take care of that as well. Normal shifting of cargo or something as such won’t be insured too.
The Bottom Line
Moving your entire office from one place to another can be quite a risky task. And things may get broken along the way too. Hence, if you want to take care of your things, it’s important to get insurance for your cause. Talk to a lawyer to get more information about your choices.
Good luck!
