Why Carry Bailee Insurance?
If you’re in the business of storing, transporting, cleaning, or repairing others’ personal property, you are an ideal candidate for bailee insurance. Even if your company already carries general liability or property loss, these policies won’t necessarily cover damages to your clients’ possessions or any resulting legal claim fees. Even contents insurance only protects your business’s property.
Not all policies are created equal, so it’s important that you work with an agent who specializes in this type of insurance. In addition to the cost of replacing lost, damaged, or destroyed goods, be sure to find out if you need coverage for defense costs associated with any claims, as well as debris removal after an incident. You should also discuss all potential causes for which you need protection, such as:
- Weather related events or natural disasters
- Explosions or fires
- Water related incidents
- Vandalism or theft
- Transportation incidents
Some bailee insurance policies can be tailored to meet your specific needs. Talk to your broker about any unique circumstances you may face that could affect your requirements.
Are Your Clients in Good Hands?
Cleaners, valets, repairmen, and storage facilities are all common examples of companies that can seriously benefit from bailee coverage. From the smallest diamond ring to the sportiest convertible, your clients’ possessions may be among the most valuable in your care, and should be treated as such.