Valet businesses provide a convenient service for high-end restaurants, events and other businesses. Having someone park your car for you gives patrons of these establishments a heightened sense of class and sophistication. However, accidents happen. Valet insurance is a cluster of policies designed to cover the unique risks and liabilities inherent in the industry.
Liability and Risks
Your company and more specifically, the employees, handle other people’s valuable property. Beyond typical valet services, companies moving other people’s vehicles such as public self-parking, minor auto services, auto-detailing and public assisted parking can also benefit from valet insurance. Smaller services that might need the insurance include Pedi-cabs, on-site car washes, golf carts moving people and concierge services.
The National Parking Association requires members to carry certain policies and coverage. Cover your business with garage keepers legal liability if parking cars in a garage or similar structure. Commercial general liability policies often cover:
- Damage to rented premises
- Products/completed operations aggregate
- Per location/per occurrence liability
- Personal and advertising injury
Covering your business with valet insurance keeps your costs down in the face of a claim. Financial loss and the legal problems due to a damaged vehicle, person or location can hurt your business. Keep providing a necessary service with insurance tailored to your business.