How much does moving company insurance cost?

Movers pay an average of $876 per month, or $10,512 per year, for commercial auto insurance.

This policy pays for legal fees, medical treatment, and repairs if your moving truck gets into an accident. It can also cover vehicle theft, vandalism, and weather damage.

Most states require commercial auto insurance for vehicles owned by a business. For personal, rented, and leased vehicles used for work purposes, look to hired and non-owned auto insurance (HNOA) instead.

Keep in mind that you'll need additional coverage for the unique risks of moving other people’s property. That includes cargo insurance for their belongings, and on-hook towing insurance for any towed vehicles in your care.

You should also consider non-trucking liability (NTL) insurance for coverage while you're driving a moving truck off duty, and bobtail insurance for any driving that occurs without a trailer, such as between loads.

Insurers look at several factors when determining commercial vehicle insurance rates. That includes the types of moving trucks you have and their value, how often they are driven, whether you offer local or long-distance moving, and the driving records of your employees.

The coverage options you choose, such as physical damage coverage or an additional insured endorsement, will also affect your premium.

To save money on your policy, you can choose lower limits or a higher deductible, opt out of costly add-ons like comprehensive coverage, and only hire individuals with a clean driving record.

For moving companies, the average cost of workers’ compensation insurance is $755 per month, or $9,058 annually.

This type of insurance covers medical bills related to employee injuries, such as a worker who injures their back while lifting a heavy dresser. It also provides disability benefits while an employee is disabled or temporarily unable to work.

Most workers' comp policies include employer's liability insurance to protect against lawsuits from injured workers, though they give up their right to sue once they accept benefits.

Businesses with employees typically must purchase workers' comp to comply with state laws and avoid penalties. For example, businesses in California and New York must carry workers' comp if they have one or more full-time or part-time employees. Florida businesses need coverage when they have four or more employees, and coverage is optional in Texas.

Since health insurance plans can deny claims for injuries related to your job, workers' comp coverage is also recommended for sole proprietors as a financial safety net and for peace of mind.

The cost of workers' comp depends on several factors, primarily the number of employees you have and their occupational risks. You can save money on workers' comp coverage by classifying your employees correctly and teaching safe lifting techniques to avoid work-related injuries and subsequent claims.