Small Business Insurance for Removal Companies
Moving other peoples’ belongings can be a risky line of work. Yet having the right insurance policy can be one of the biggest differences between a reputable removals company and a man and van.
Business insurance can cover your small business from a variety of risks and costs. Each policy varies from business to business and depends solely on the nature of your work.
Do You Need Business Insurance?
Some aspects of a business insurance policy are a legal requirement. So, for example, your work vehicles will need business car insurance and if you employ anyone you’ll need employer’s liability insurance.
What’s more, even policies which aren’t mandatory can be extremely helpful. You don’t want an unpredicted accident to happen where you find yourself shelling out serious money which could have been covered by your insurance policy.
What Cover Does Your Removals Company Need?
If you run a removal company, you will likely need the following cover:
Public liability insurance is designed for business owners. It will protect you against any cases brought to court by a client, customer or member of the public. So, if your business is sued, public liability insurance will pay the cost of any legal defence, plus compensation or settlement money you pay.
It will also cover the costs of medical treatment if someone was injured on your business premises or as a result of your business activities.
Whilst public liability insurance is not legally required, as a business owner it is a good idea to have. Without such cover, the cost of being sued or unexpected legal costs could bankrupt your business.
Employers liability insurance is a legal requirement if you employ people as a part of your business. This cover can pay compensation and legal costs if an employee claims for a work-related injury or illness.
Equipment and Tools
An equipment and tools policy can provide invaluable cover if your equipment is stolen or damaged as a result of an insured event. If you take out this cover – make sure to read your policy documents to be sure which tools are covered and if there are any limitations on the amount you’ll be able to claim for.
If you were alleged to have provided inadequate services that cause your client to lose money, a professional indemnity policy would cover legal costs and expenses incurred in your defence.
Even if you aren’t at fault, you may need to pay legal costs to defend yourself, and professional indemnity will cover this.
A business interruption policy can be useful, no matter the size of your business or your trade. Any company can suffer from a loss of business, and such a policy is vital to cover you if you lose income after an insured event.
Business Van Insurance
Ensuring your business vehicles are insured on a correct business policy is, in fact, a legal requirement. Yet in some cases, standard vehicle cover may not be enough if you use a van. A business van insurance policy will cover you for everything a standard policy would and further cover you for:
- Own goods: Driving your van for business reasons whilst carrying goods such as tools and your own goods that you intend to deliver./li>
- Hire and reward: A hire and reward business van policy is legally required if you use your van to carry goods that don’t belong to you, in return for payment.
- Courier and Haulage: A courier and haulage business van policy covers you for transporting items over long distances, such as in a removals van.
The extent to which your business van insurance policy will protect you depends on the cover you take out. The levels are very similar to car insurance, offering;
- Third-party: The minimal legal requirement to be able to drive your vehicle. It covers the cost of damage you cause to another person, their vehicle, or their property as a result of your driving, but it won’t payout for the repairs of your vehicle.
- Third-party, fire, and theft: This will include everything listed under the third party cover, yet will also include theft and fire damage to your vehicle and the theft of non-business items from your vehicle.
- Fully comprehensive: This covers everything listed under third-party, fire and theft cover as well as any damage to your vehicle, whether it was your fault or not.
Goods in Transit
Just like public liability, goods in transit will cover the loss or damage of items in your vehicle whilst you move them.
How Much Will Your Cover Cost?
The cost of your business insurance policy will depend on several factors, including:
The Size of Your Business
Understandably, the bigger your business the more at risk you will be from a legal point of view. So, this does mean that your business insurance is likely to be cheaper if you have a small business.
The Nature and Risk of Your Business
Having more employees will mean that you are at greater risk of certain insurable events that require you to take out a greater level of employers’ liability cover.
The Level of Cover You Take Out
Factoring in all of the above essentially dictates the level of cover you will need to take out in your business insurance policy. The more cover you need, the more you’ll have to pay in insurance premiums.
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Protect Your Removals Business
Protect your business from unexpected costs and give yourself the peace of mind that your company is safe. Business insurance ensures that you have the financial protection you need in unexpected circumstances. Enquire with [broker_name] today, for a comprehensive business insurance policy you can trust to keep you, your employees and your business protected.