Do you have bailee business insurance? Many smaller companies (and larger organizations) have a significant amount of business insurance in place, but lack this specific type of coverage. Without it though, you may be financing a good deal of financial risk. The good news is that bailee business insurance tends to be easy to add to your existing policy and is also widely available for an affordable rate. But you should understand what it is, what it can offer and why you may need it.
So, what it is and why does it matter to you? A bailee is a person or a business that maintains possession of someone else's personal property for a temporary amount of time. Examples of these types of businesses include parking valets, jewelers, those who provide repair services and dry cleaners.
Bailee business insurance helps to reduce your financial implications in situations where there is damage or even destruction of your clients' or customers' belongings. This is a form of liability insurance that is specific to those who maintain any temporary hold of another person's or business' belongings.
Bailee insurance can include any type of property that is on or in transit to or from the business' site. It includes protection from many types of losses. This includes:
- Lightning damage
- Damage caused by a variety of other factors
There are some exclusions to these policies. For example, the insurance does not provide any protection for a business' own personal property. It does not provide protection from some risks, including insects and vermin. Additionally, you will need to have the property owner submit a claim to the insurer that shows the value of the item lost or damaged.
If your business takes possession of items like this for your customers or clients, it is often valuable to purchase high-quality bailee insurance. Doing so can help to minimize financial risks to your company from claims of loss. Take the time to get a quote for this type of business insurance so you can protect your business.
Make sure you understand the details of your coverage. Call Avanti Associates at (914) 273-8511 for more information on Armonk business insurance.