Introduction As a moving business owner it is imperative for you to shield your business with regard to unanticipated events like damage or loss to
As a moving business owner it is imperative for you to shield your business with regard to unanticipated events like damage or loss to assets as well as revenue, lawful claims in addition to employees’ injury. In order to be successful in your business you need the precise kind and level of insurance coverage to mitigate any kind of loss. Hence it is a smart move to shift the risks on to the shoulders of an insurance company instead of meeting it from your own pockets. You will have to take up the following mentioned 5 essential policies to cover your business on the move.
- Commercial Auto Insurance
In order to protect your company’s vehicle you need commercial auto insurance. This insurance policy will cover the vehicles that help in transferring employees, equipments or even products to and away from your place of business. Thus commercial auto insurance will protect your trucks, vans, SUVs and work cars from harm and accidents.
- HNOA (Hired & Non-Owned Auto Insurance)
In case you do not own your company vehicles, but hire them or even maybe your employees may drive their own cars for the business of the company then you can cover with hired and non-owned auto insurance. This helps you to protect the company if the employee has no insurance or maybe his coverage is inadequate. You can club your non-owned policy to your businessowners policy or you can if you prefer add it as a rider to your commercial auto insurance.
- Inland Marine Insurance
For your business on the move you might also need Inland marine insurance. This policy will help to protect equipments, materials and products when shipped over land—for example through truck or train. Such a policy is also required in case you warehouse your goods on a temporary basis at a third party warehouse. Collisions as well as cargo pilfering are the two most prevalent cases of losses arising from inland shipping.
- SPICE (Special Property Insurance Coverage Endorsement)
The business conducted by the cleaners takes place most of the time at the clients’ place. Hence there is a gap in the property insurance for cleaning businesses. This is the reason that the majority of the cleaning businesses go in for SPICE. This special insurance is a rider and has to be clubbed with your commercial property insurance policy.
- Insurance for special event
In case you most often conduct a public event like a wedding or a reception or even a festival then it becomes a must for you to have a special even insurance to cover losses. The Event Liability policy is intended to defend you against lawsuits, claims in relation to physical injury of others, as well as damage to the rented property.
In case your business operation takes you off from your main location, you need the additional policies mentioned above to defend your business. Certain least policy limits have been set in most of the states and you need to find from your state regulators your essential coverage.