Hi this is Angie Arcuri with commercial insurance now, And today I’m talking with Larry King from five star insurance So Larry what is the household goods number.
You know it’s a very good question? Things have changed a lot in the moving industry in the last few years. A lot of people don’t have the money to spend on a big household goods company and they just need somebody to help them with the labor you know. So there’s a lot of staffing services for lack of a better word, that you can look up on the Internet and you can. Contact these people and they will put you in touch with, somebody that can help you with the labor.
For your move, So Larry I know your kind of thought of as an authority in commercial insurance. What type of insurance does a household goods mover need? Well there’s actually several different types of insurance that the household goods mover should consider it kind of depends on what their operations are, for example if if the mover is doing what we call labor only in other words they don’t own a truck then that really there’s one type of insurance that they should have if if they own their own truck then there’s other types of insurance that they should consider but probably the most important one that we hear about and, that is usually required is commercial general liability insurance.
So Larry what’s covered on a typical liability policy? Angie what’s covered on commercial liability insurance policy whether it be for a household goods mover or pretty much any any other type of business for that matter is bodily injury and property damage caused by your work. And then one other thing what they call advertising injury and advertising injury would be if for example you say something bad about your competition and you put it in writing and you get sued because of that what we call libel and slander.
As insurance going to help a mover to get more work? It certainly can, and I would say that probably the better movers all carry commercial general liability insurance. Sooner or later you’re going to call on a become a got there is job and the client is going to ask you if you have liability insurance. So certainly if you can say yes and you can produce a certificate of insurance to prove that you are in fact insured. It’s definitely going open up the door for you to by the way as long as we’re talking about it. The limits that you should be carrying are 1 million dollars of liability insurance. Anything less is really not going to be enough.
So Larry what’s it going to cost a mover to get liability insurance? Angie the cost is going to sort of depend on what part of the country you’re in and also what your cost of labor is in other words if you have let’s say you’re a new business maybe you project it’s going to cost you in labor meaning the guys that you actually hire to do to help you with doing the grunt work if you will. Typical costs would be probably around in the range of eight to nine hundred dollars per year depending if you’re in a rural area of the country. If you’re in New York City and you’re in the boroughs, you’re going pay a lot more for your insurance. Obviously the higher your payroll the more, you’re going to pay for your insurance too.
What other types of insurance does a household move or need to consider? The other types of insurance that you should consider. We talked about her a little bit so we already talked about commercial liability insurance. We talked about motor truck cargo insurance. Well we didn’t talk about his workers compensation insurance the state of California says that if you have helpers employees if you will that you are required to provide them with worker’s compensation insurance. Other parts of the country it may not be required. So it just depends on your state. Some states require it. Some don’t.
Some Frequently Asked Questions
- Bodily Injury Liability. Coverage as defined per person and per accident.
- Property Damage Liability.
- Personal Injury Protection (PIP or No-fault) .
- Uninsured/Underinsured Motorist Protection.
- Mortgage Life Insurance. There are some insurance agents that will try to convince you that you need mortgage life insurance.
- Identity Theft Insurance.
- Cancer Insurance.
- Payment protection on your credit card.
- Collision coverage on older cars.
- Life Insurance. Life insurance is important if you have people who are dependent on you financially.
- Health Insurance. Health insurance is another one of the four main types of insurance that experts recommend.
- Disability Insurance.
- Auto Insurance.
- Term Life Insurance. Term insurance is the simplest form of life insurance plan.
- Unit Linked Plans (ULIPs) A unit linked plan is a comprehensive combination of insurance and investment.
- Endowment Plans.
- Money Back Life Insurance.
- Whole Life Insurance.
- Child Plan.
- Retirement Plan.
- Solid ratings. Insurance companies are rated on the quality of their offerings, their financial strength, customer service and other factors.
- Quality of customer service.
- Mostly good reviews.
- Affordable premiums.
- Multi-policy discounts.
- Professional liability insurance.
- Property insurance.
- Workers’ compensation insurance.
- Home-based businesses.
- Product liability insurance.
- Vehicle insurance.
- Business interruption insurance.
*The information above does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of a qualified attorney.