Valet parking insurance covers the risks of damage to the vehicle of your customers. Valet parking business is faced with many risks. A customer will always leave his or her keys with one of your staff to park on their behalf. This car is prone to theft, damage through collision, or any other type of risk. You will be liable for any loss suffered due to damage or theft. This loss suffered, can be due to negligence on your part or your staff. As a result, you will be sued for any form of compensation. To curb this type of financial loss, you need to take out the valet parking insurance. This will guarantee protection of your customers’ vehicle. Vehicle under your custody means that you will be liable for any loss.
Failure to pay for such losses can lead to a major lawsuit on your part. This can take a major toll on your finances in trying to meet the costs of the lawsuits against your valet parking business. In addition to that, the customer’s vehicle can be involved in an accident where a third party or their property is destroyed. Valet parking insurance coverage will compensate for such losses. It also covers vandalism and any other malicious damage caused by the vehicle under your custody. Safepro understands these types of risk are not to be taken lightly. For that reason, it offers valet parking insurance for businesses involved in valet operations. Valet negligence can never be avoided, let alone predicted. In that case, you should ensure that such risks are covered to protect you from any type of lawsuits by your clients.
The success of a valet business or company is dependent on the quality of services you provide to your customers. A valet company that is constantly receiving lawsuits from its customers, due to negligence, will have a bad name. This insurance policy is customized to accommodate the risks that come with such kind of business. If you want your business to thrive and compete efficiently, in the current world of business, you need to take out this type o insurance. It covers the general liability, workers compensation and garage keepers. This means that it is a comprehensive liability insurance for your valet parking business.
Valet parking is designed to accommodate businesses that deal with services like shuttle services, special events like wedding, and parking lot, among others. It is important that you keep your premiums in check. This means that, you should automatically set premiums to a certain value that will not lead to a financial strain for your business. This can be achieved through setting the value of the deductible. There are restrictions that come with the valet parking insurance coverage. The insurer will pay for compensation if it is proven without doubt, that the loss suffered was due to their negligence. You should critically analyze the terms and conditions of the policy before taking out the insurance policy. This will go a long way in explaining in details the risks covered, and the restrictions put in place. To understand these terms better, consult your insurance broker.