6. Obtain moving and transportation insurance
When operating a moving company in Canada, there are three main insurance policies that you should secure before taking on your first contract. These include commercial or general liability insurance, motor vehicle insurance, and worker’s compensation insurance.
Should you or one of your movers damage your client’s belongings in the move, general liability insurance will protect your business from being sued. Such insurance will offer a payout to the client to cover any damages while protecting your business assets.
As you will need a way to transport your clients’ belongings from A to B, auto insurance is also a must. Such coverage will protect your moving truck(s) should you get into an accident while moving. It can also cover necessary vehicle maintenance. In some cases, you can secure cargo and vehicle insurance together to protect both the client’s load and your moving truck.
Should your business hire other movers besides yourself, worker’s compensation insurance is mandatory coverage dictated by the government. This insurance will provide compensation to workers who have been injured on the job- a risk that all movers take on in this line of work.
Overall, one of the most important steps in creating a successful moving business is securing quality liability and cargo insurance. Due to the nature of the moving industry it is essential to protect both you and your workers, as well as client cargo.