Commercial Move: Insurance vs. Product Liability
There are two types of insurance that you will be discussing with your mover during your move process…Certificates of Insurance and Product Liability.
Certificates of Insurance relate to the mover’s insurance in the event of property damage, personal injury or vehicle accidents during your move. Normally, the building owner, building management company and your company are listed as insured or additional insured’s. This insurance has nothing to do with the product that you are moving.
Product Liability is the actual coverage supplied by your mover for the product that is being moved. Most states have a minimum that a mover has to offer free of charge. This coverage is usually $.60 per pound on furniture and $5.00 per pound on computers and equipment. You may buy additional coverage from your mover if so desired.
Buying additional coverage from your mover can be expensive. A better alternative is to purchase a rider from your company’s insurance company for the move. This rider is reasonably priced because it is a simple addition to your existing policy.
One caveat that this method provides is that, if something is damaged, your insurance company pays you and then chases the mover. You are not faced with the task of fighting your mover’s insurance company for payment.