Protecting Items Left in Your Care

Protecting Items Left in Your Care

If you are thinking of starting your own business, there are many things to consider before opening your doors. One of your foremost concerns should include business insurance. However, insurance is not a ‘one size fits all’ type of purchase. Some business ventures will require a bailee insurance policy.
If you are interested in opening a business where you will event take control, custody or care of your customer’s personal property, you might want to ask a broker about bailee insurance. Companies operating like this might include:

Tailors
Jewelers
Warehouses
Auto mechanics
Computer repair shops
Storage units
Banks (safe deposit boxes are another form of bailment)
Watch/ and lock repair shops
Couriers
Restoration and refurbishing companies
Businesses offering valet services

When your company assumes possession of the client’s property, there is always the potential for liability claims. These could be due to damage from mishandling, fire, fraud, theft, lightning or even accidents and collisions. A bailee insurance policy will cover the costs associated with the specific item that has been damaged or altered by an employee. It will not cover the expenses related to your actual business property or individuals involved in the incident. A commercial business policy will deal with the general liability concerns of operations, while the bailee policy will address your client’s concerns.