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Should You Get Insurance Before Making a Commercial Move?

March 2, 2022 by CRS Corporate Relocation SystemsCorporate Moving

Your house, car, health, and anything you own of high value have something in common. You likely have them all insured. Insurance is a valuable tool to protect your investment in something valuable or help you cover something costly. However, there have certainly been times when you were asked about insuring a purchase, and you stopped to wonder whether it was worth it.

Sometimes, insurance coverage seems extraneous, like an unnecessary fee tacked on to bloat up your total. It can be unclear when insurance is warranted and when it is unnecessary. Moving is one of those areas where you may not immediately think of getting insured, but once you think about all of the potential losses you could have during a move, it starts to make sense. Regardless of what you choose, nothing will make you feel more secure than relying on professional corporate relocation services.

What Types of Moving Insurance Are Out There?

There are multiple different types of coverage available to protect your valuables because there are many different ways to relocate. Moving companies typically offer various insurance options, but there are two that they are required by federal law to offer. Under federal law, interstate movers must offer Full Value Protection and Released Value Protection and are not governed by state insurance laws. In addition, companies can also invest in protection from third-party insurance.

Released Value Protection

Released Value Protection is provided at no additional cost and is based on weight. Under this type of protection, you are covered up to 60 cents per pound for an item. Because of this, this type of protection will not cover the cost of a total replacement. If you do not pick Released Value, movers will transport your possessions at the Full Value Protection level of liability by default, and you will be charged the appropriate fee.

Full Value Protection

Full Value Protection is the most comprehensive protection plan available for your items. This coverage compensates for the item’s current market replacement value, replacement with a similar item, or repair. Unless you select Released Value, your mover will move your items under the Full Value Protection level of liability.

The actual cost of Full Value Protection varies by the mover, and it may be subject to varying liability deductible levels that could lower your cost. Request a written copy of your mover’s Full Value Protection plan.

Third-Party Insurance

Some movers might offer additional optional insurance for purchase. Governed by state law, separate liability insurance pays for the insurance amount purchased minus the basic carrier liability amount that the mover pays.

Also, some movers may offer to sell or arrange separate liability insurance if you choose Released Value. This insurance is not included in the cost of the basic move and must be purchased separately. This insurance isn’t federally regulated valuation coverage, but rather state-regulated optional insurance. In this case, the mover is still responsible for the first 60 cents per pound per article if you purchase third-party insurance, but the insurance provider will cover the balance of the loss up to the amount of coverage you purchased.

You can also get insurance from a third-party insurance company. Check your homeowner’s insurance coverage to discover if you’re already insured before buying insurance.

Hire CRS Moving & Storage for Experienced Movers You Can Trust

Ultimately, there is value in investing in a reasonable amount of insurance for your commercial move. Things get lost, stolen, and broken, and as a business, most of the items you possess are likely vital to the success of your business. If paying for full coverage doesn’t fit into your relocation budget, then make sure you’re working with reliable movers who you can trust to move your belongings safely and securely to your desired location.

The CRS Moving & Storage team has been offering corporate relocation services for more than 20 years. Equipped with company-owned trucks, protective equipment, and other valuable supplies, CRS is every industry’s one-stop-shop for their next big move. For guidance on planning your commercial move, fill out our contact form or call (718) 424-6000 to schedule a FREE Move Plan & Logistics Session.


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