valet parking insurance
When it comes to valet parking, it is advisable to get coverage that has the following three factors. These are the amount of coverage, the type of valet service and whether you will have the option to select from a company-owned or a privately owned valet company. The important thing to keep in mind when selecting the proper valet parking insurance for you is your protection against liability. The first thing you must do to protect yourself and others are making sure that all parties are properly covered in any valet parking insurance policy. The major risks that you face include damages to a client’s vehicle and even the damage which can be inflicted on other drivers and pedestrians if you happen to hit someone in the parking lot. This is where an independent agent can step in and help by providing you with a more complete coverage. With the additional knowledge they will have about how a specific policy can work and what you need to look out for, you will feel more confident about making a selection. In addition, an independent agent will be able to help you secure the best rates on your valet parking insurance policy.
The second factor to cover with your valet parking insurance is risk management. Risk management refers to the implementation of preventative measures to ensure that accidents are kept at a minimum. In the case of a parking business, you need to look out for your customers’ safety because if you don’t, you might end up having a high premium to pay. You can increase the risk management measures that you implement by insuring that your employees have proper training for the valet service. Proper training can help prevent some incidents and can help you manage your risk appropriately. The third factor to consider with your valet parking insurance is general liability coverage. If an individual should cause an accident and he has no insurance coverage or he doesn’t have enough coverage that he needs, then he will be liable for any expenses caused by the accident. Therefore, it is important for you to consider liability coverage when you are insuring your valet parking business.
The fourth and last thing you need to look out for when insuring your valet parking insurance is property damage coverage. This coverage is designed to repair your valuables if they are damaged. It is necessary for this coverage to cover not just your valuables but also your vehicles. It is important for this coverage to be high enough to protect your valuables. The higher the amount of coverage, the better it is because you don’t want to settle for just basic coverage when you need to make a claim. When you don’t have enough coverage, you will only get the bare minimum.
Reasons to get valet parking insurance
You may want to consider getting this insurance coverage when you start your business as well. If you have workers’ compensation insurance policy, it can also be included when you purchase your valet parking services policy. However, you may still check out whether your workers compensation insurance policy covers valet parking services. The best thing to do is inquire from them so you can be sure that you will be protected in case of a lawsuit. Call our insurance company today to find out your options for valet parking insurance.