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Insurance Costs – Start Up Mover

Friday, January 1, 2016
Margaret Bastick

Horton specializes in working with moving companies that have 20+ trucks on the road, but we do understand that there are a lot of entrepreneurs in the business looking to start up and aren’t quite there yet.

In hopes that one day your business will grow to that size, we’ll give you a few insights as to the coverage that movers typically purchased and the approximate cost of policies for a start up. Please understand that the cost of the policies does vary widely based on many factors (geography, moving experience, claim experience, financial stability, age of vehicles and property, sales volume, radius of operation, values, etc.).

Policy Type Approximate Cost Coverage Description*
Auto Liability / Physical Damage $2,000 Per Straight Truck Bodily Injury or Property Damage caused by your vehicles, along with the damage to your own vehicles
General Liability $1,500 Bodily Injury or Property Damage caused by your employees/business, such as scratched hardwood floors or a bad appliance connection
Umbrella/Excess Liability $2,000 per $1mm of Coverage Provides additional limits of liability, typically tapped into for Auto Liability, but can also be used for General Liability (NOT for Cargo or Warehouse Legal Liability)
Cargo Legal Liability $2,000 Damage to your customer’s goods while in transport, loading, or unloading
Warehouse Legal Liability $2,000 Damage to your customer’s goods while in storage (premium will fluctuate based on value of goods stored)
Workers Compensation $10-$20 per $100 of Payroll ($100k Payroll = $10k-$20k premium) Pays for medical expenses and lost wages when an employee gets injured on the job
Property $500 Damage to your own property (office furnishings, buildings, etc. – Based on value of your property)
Total Cost Typically ~ $15k-$20k a year Completely depends on what you purchase and what you’re insuring

Recommended Insurance Carriers/Programs
By contacting these carriers/programs, they should be able to direct you to an agent in your area that specializes in moving companies:

Good luck with your business!

Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your legal or medical needs.