Identifying the Value in Valet Insurance
Valet parking has become a way to establish a competitive edge over your hospitality industry competition and brings a sense of class and convenience to your customers. From car dealerships, hotels golf clubs, or medical centers, what seems like a minor convenience for your customers could mean a giant financial headache for you. If you use your own employees or you subcontract out to a professional service, you face liability concerns related to the parking service.
It is easy to assume that vehicle damage is the prime concern when operating a valet service. A minor scrape or side-swiping another vehicle are very real possibilities, but accidentally hitting a pedestrian or catching a person between two cars are terrifying incidents. These could have you facing thousands, if not millions, of dollars in litigation. Your valet driver could back into a pole that topples and hits a pedestrian, or the door could fling open and knock a bicyclist into oncoming traffic.
Settling a claim against your business can cost everything, from your finances to your reputation. The value of having valet insurance coverage is seen in these areas. A policy will provide the funds needed for your legal fees, court battles, and even settlement awards. There are some policies that also help with funds for reputation management efforts. Operating a valet without the right insurance isn’t a good idea.