The Complete Guide to Machinery Movers Insurance
Based on recent studies, we know there are about 28 million Americans without any health insurance coverage right now. And even though car insurance is MANDATORY in every state (aside from New Hampshire), it’s estimated that a little over 14% of motorists are driving completely uninsured.
What does this mean? These stats mean there are millions of people who believe they either can’t afford basic, mandatory insurance or assume they won’t ever truly need it!
There is a huge amount of risk involved with moving heavy machinery and equipment. Make sure your machinery movers (or the moving company you work for) aren’t the same citizens who think they’re immune to disaster.
Here’s a complete guide to machinery movers insurance, to help you ask the right questions before committing to anything.
All Insurance Required for Machinery Movers
- General Liability covers bodily injury and property damage caused by negligence on the part of the movers. This excludes damage to customer cargo and damages caused by acts of God (natural disasters, unforeseeable circumstances, etc.). Standard coverage is $1 million.
- Umbrella covers even more liability costs, should the moving company reach their limit for General Liability coverage (since general liability only covers a set amount of damage costs per year). Standard coverage on this is $1 million to $2 million.
- Automotive in this case refers to auto insurance policies for all the industrial-sized moving vehicles being used to move equipment and machinery. Standard coverage is $1 million per vehicle.
- Workers Compensation protects the hard-working people moving all cargo in the event of injury due to employer negligence. Standard limits vary, but some form of worker’s comp is a mandatory part of running an ethical business.
- Riggers (or Cargo) is the policy that protects the machinery or equipment being moved. Make sure maximum coverage here exceeds the cost of the cargo.
Factors That Impact Insurance Rates
Although every insurance company is different, here’s a brief list of things that will almost always affect a moving company’s insurance policies and premiums:
- Credit score
- Status of commercial driver’s license, driving experience, and motor vehicle registration
- Having all appropriate signage, lighting, and deer guards on vehicles
- SAFER scores
- Logbook violations
- Number of employees
- Average distance of most moves
- State regulations
Unless reading pages of technical fine print has you trembling with anticipation, it’s in your best interest to find a good insurance agent. Any insurance agent worth their salt will get to know you and your situation thoroughly. This way, they can get you all the possible savings you qualify for without shorting you on coverage.
Don’t Forget Moving To and From the Truck!
Avoid accidents and injury by making sure you have the right tools to get large cargo off the ground and over to the moving truck in the first place.
When you’re moving up to 100 tons, using the right machinery skates is just as essential as having the right insurance policies. Quality skates will keep your load in place as it moves and protect your floors from unnecessary wear and tear.
Have more questions? Don’t be shy! Hevi-Haul Skates is a family-owned small business dedicated to helping you complete large moves as smoothly as possible. Contact us with any and all of your concerns.