When you are moving your business, the last thing you may want to think about is having your possessions insured. But whether your business is moving across the street or across town, it is a good idea to insure the items the commercial movers NY will be transporting. There are several reasons for this, but the main one is cost. Although the commercial movers NY will be careful when moving your items, unfortunate things happen all of the time. If something of value is broken during the move and you don’t have insurance, then you will have to pay out of your own pocket to replace the broken item.
Many commercial movers NY companies offer a variety of insurance policies that you can pay additional for depending on your specific needs. It is best to talk to the company at length about the ones they offer and the pricing. The Department of Transportation requires movers to offer, at minimum, liability insurance of some kind. The most common is Released Valuation. This plan is typically included in the fees. The moving company would be responsible for approximately $0.60 per pound of the item they were transporting. So if the item that was damaged weighted 10 pounds, then the movers would only be responsible for $6.00.
As you can see, this may not be good enough for your business items. Other types of insurance include Declared Value where the total weight of the shipment multiplied by an amount per pound determines the value of your possessions. For example, if the shipment weights 1,000 pounds and the multiplier is $1.00 per pound, then the value of your possessions would be $1,000. In this instance the amount you recovered on a damaged item could not be more than the total value of the shipment.
A Lump Sum Value protection allows you to protect each item according to their actual value rather than an estimated volume based on weight and a multiplier. Then there is Full-Value Protection which will fully cover damaged items. Each type of insurance will range in cost, which is something you need to include in the total cost of the move. However, since this move is a business expense, you may be able to write the cost of it off of your tax obligations. Before hiring a commercial movers NY company, ask about the insurance they offer in addition to their other services.