Insurance

[Randomrunner12]

Now I know I might get eyes for this one but I don't care.

For those of you that have a business of your own. Who are you using? I am looking for cargo insurance for my business that I started. What I am looking for is something that will cover any goods moved in my truck or trailer from point A to point B that may accidentally be damaged during said move. IE strap rubbing the furniture, side swiped by another car, ect.

Any help that you can offer would be greatly appreciated. I have already tried working with my auto insurance and they do not offer anything like this and my renters insurance only covers 3500$ worth of property. I am not big enough for a commercial policy so that is out also.

 

[R.Taylor]

Try Hiscox, I'm a marine electrician and am covered for up to $2M if I damage a customers boat.

 

[Randomrunner12]

Thank you sir.

 

[gsbrockman]

Now I know I might get eyes for this one but I don't care.

For those of you that have a business of your own. Who are you using? I am looking for cargo insurance for my business that I started. What I am looking for is something that will cover any goods moved in my truck or trailer from point A to point B that may accidentally be damaged during said move. IE strap rubbing the furniture, side swiped by another car, ect.

Any help that you can offer would be greatly appreciated. I have already tried working with my auto insurance and they do not offer anything like this and my renters insurance only covers 3500$ worth of property. I am not big enough for a commercial policy so that is out also.

If you’re engaged in “commerce”.....you’re never too small to be considered for a commercial policy OR DOT guidelines OR FMCSA rules.

Gotta elaborate more on this new business for more accurate guidance.

 

[Randomrunner12]

I work for a client in Dallas that purchases high end furniture for her clients and move them from warehouses and shipping docks to the client homes. Usually nothing more than can fit in my truck bed at a time and on occasion the use of a trailer. I just wanted something that would cover the products I am moving that are not mine and I believe that I have found that general liability will do just that. I just checked out Hiscox and I think that is who i will be using.

 

[BimmerAgent]

If you are hauling other peoples' goods for hire you need commercial coverage to be properly insured. You said "insurance for my business," which means commercial insurance, since personal policies generally exclude any exposure from a business. Hauling goods for hire is "trucking," and coverage for that is provided by commercial policies. It's pretty common to be able to combine the commercial auto, commercial cargo, and commercial general liability coverage onto one policy. A good source for info is your local Independent Insurance Agent who can access commercial carriers such as Progressive, Auto-Owners, Berkshire, Canal, Travelers, and others. If you want to be properly protected, reach out to a local Independent Agent for guidance and competitive rates/coverage. They know best. My $.02 worth.

 

[Randomrunner12]

Thank you I will.

 

[nukegm]

comrade! might also consider an " umbrella " policy on top of your normal insurance. its a couple hundred per year for millions in additional " coverage." i am a contractor. 30 years ago, i was a sub contractor for a guy who was getting sued by effing attorneys because an illegal fell off a 2nd story and broke his legs. the lawyers went after him, all his stuff, his family, and even after the people who worked on the house itself. insanity. he folded and moved to belize. if he had an umbrella he might still be here. just my .02. good luck sir.

 

[Randomrunner12]

I'll check that out as well

 

[BimmerAgent]

Good advice from nukegm. Keep in mind that Umbrellas typically go over either personal lines policies or commercial lines policies and not both at the same time. Having an Umbrella policy is like buying a lawyer that's on your side.

 

[Randomrunner12]

Here's what I was quoted from hiscox. Would this not be enough?

The work I do is for one person maybe 1-2 times a week if that. On average 1000$ a month extra side cash. Not a tried and true business but I claim my income for taxes cause I'm a good boy.

 

[Tuesdak]

If you are hauling other peoples' goods for hire you need commercial coverage to be properly insured. You said "insurance for my business," which means commercial insurance, since personal policies generally exclude any exposure from a business. Hauling goods for hire is "trucking," and coverage for that is provided by commercial policies. It's pretty common to be able to combine the commercial auto, commercial cargo, and commercial general liability coverage onto one policy. A good source for info is your local Independent Insurance Agent who can access commercial carriers such as Progressive, Auto-Owners, Berkshire, Canal, Travelers, and others. If you want to be properly protected, reach out to a local Independent Agent for guidance and competitive rates/coverage. They know best. My $.02 worth.

We used Progressive in the past for commercial policies. Declared value on a truck and make sure you give the truck enough value. Yes, it's expensive. It's also medically expensive to live through a bad wreck so I always recommend people carry way higher than state min requirements. 500K smooth is a good starting point and consider umbrellas. Commercial is 1 million minimum as I recall.

Most of all you need to be sure "what I am doing" is covered and not excluded.

 

[BimmerAgent]

Sure, that Hiscox stuff may be good for General Liability, but most likely will not do anything for a claim for damage to the cargo you are hauling. Did you ask them about it?

 

[gsbrockman]

Sure, that Hiscox stuff may be good for General Liability, but most likely will not do anything for a claim for damage to the cargo you are hauling. Did you ask them about it?

Exactly.....what @Randomrunner12 posted in #11 IS NOT cargo insurance and will not help.

 

[Randomrunner12]

Yes I did. I called them and back to square one.

Called progressive auto commerical and they want more than half what I'd make a month so they aren't worth it. What I'm really looking for is stand alone policy.

If this doesn't work I'll have her find a policy and add me to it to be covered.

 

[gsbrockman]

Yes I did. I called them and back to square one.

Called progressive auto commerical and they want more than half what I'd make a month so they aren't worth it. What I'm really looking for is stand alone policy.

If this doesn't work I'll have her find a policy and add me to it to be covered.

Well.....one thing you have to ask yourself is this.....Will my current auto insurer cover me whenever I am engaged in commerce and an accident does occur? I’m going to say NO.....as that’s what commercial policies are for.

 

[Randomrunner12]

Yeah already did all that. I think my current agent found me some numbers to call tomorrow and see what they can do.