Did you know that your commercial insurance policy only covers your property, but not your clients’ property? This is really important if your business stores, repairs, or services other people’s property.
Contents coverage on your commercial insurance policy only covers your property, and there is an exclusion for other people’s property under the General Liability portion of your commercial insurance. Bailee Coverage is especially important for cleaners, warehouses, hospitality industry, and people who repair others property.
What Does a Bailee Coverage Policy Include?
A bailee policy covers damage, loss and destruction to others property as a result of fire, theft, burglary, explosions, leaks, earthquakes, weather related events, and damage caused during transportation. This is not an all-inclusive list, check your policy for a full list of covered events.
Optional Bailee Coverages
If you want even more coverage aside from the standard coverages that bailee insurance provides, you can choose the additional options:
With this coverage, you do not have to provide an accurate estimate of your customers’ property. This will cover you regardless of the value, and is a good idea to get if you are unable to estimate accurately. It will protect you if you underestimate the value of the property.
Damage in Process
This will cover your clients’ property in the event someone makes a mistake when repairing or servicing their property. For example, if your employee stores a client’s gods at the wrong temperature and they are damaged because of, this insurance would cover you.
If you misplace your client’s property, this insurance would cover you.
Most bailee coverage does not include flood insurance. If you have questions about your policy or would like to learn more, contact ERM Insurance Brokers at (949) 444-0222.