As the owner or operator of a warehouse, there are many things you ought to be looking into in regards to safety. Warehouses come with a variety of dangers and hazards and sometimes, even when you’re being careful, things can happen that may lead you to file a claim on your liability insurance. But what exactly is liability insurance and what can it provide coverage for? Here are some frequently asked questions about liability protection with your moving and storage insurance:

What is warehouse liability insurance?

This type of coverage is designed to protect warehouse owners against loss or damage to property of others while under their control. When you, the owner of the warehouse, are found to be liable for loss or damage to property belonging to someone else, the liability insurance will pay off the damages.

What if a lawsuit is filed against me?

Defense costs related to a lawsuit brought on behalf of the owner would also be covered if the policy includes a clause for defense and any other legal costs you may incur.

What is the difference between released value and declared value?

There are two main options for the owner’s valuation of the goods in their warehouse, released value and declared value. Released value is when the property owner declines any additional level of protection other than the dollar amount per pound that the warehouse owner offers in their tariff and bill of lading. Declared value is when the property owner purchases a higher valuation for his goods.

What protection do customers have when they are entrusting you with holding their goods?

In some cases, the customer’s homeowner’s insurance may provide some coverage for damaged goods. However, in most instances a homeowner’s policy will not apply. The warehouse owner’s legal liability policy will only pay for loss or damage to the owner’s goods based on the declared value chosen by the owner.

At Wolpert Insurance & Risk Management warehouse owners who are looking for answers to their questions can always talk to us. When it comes to movers insurance, we have the information you’re looking for in Massachusetts. Contact us today!