Does your business renew, store, repair or otherwise hold personal property belonging to another party? If the answer is “yes,” you should seriously consider filling out a bailee insurance application today.
Jewelers, auto mechanics, valets, couriers, dry cleaners and tailors are just a few of the businesses that face great exposure to claims of damage or destruction of personal property. Even banks that hold personal property and important documents in safety deposit boxes can find themselves vulnerable.
Why Bailee Customer Insurance?
A bailee is an entity that holds temporary possession of another person’s (the bailor) personal property. The bailor has every right to believe that such property will be returned in its original condition. Unfortunately, mistakes, accidents and natural disasters sometimes happen, and when they do, the bailee is held liable.
Unlike a generic business insurance policy, bailee customer insurance specifically provides coverage in the event of damage or destruction of the bailor’s property while in possession of the bailee. Events covered under typical bailee policies include:
- Damage in transit
Don’t take a chance with your company’s financial security. Due to the nature of today’s litigious society, it is essential to protect your interests. Peace of mind is close at hand, fill out a bailee insurance application today.