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BASIC
Essential coverages to meet client demands
Includes:
STANDARD
When you also have equipment or operate from a garage
All Basic plan benefits and:
Optional: Garage Keepers Liability
PRO
Get protected against employment-related issues
CUSTOM
When you have specific requirements
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Parking lots and garages keep people’s cars in their care and custody on a daily basis, with great financial risk. At any time a collision could cause a loss that the company is potentially liable for. There is also the need to maintain your garage or lot and to mitigate the risk a disaster will wipe at your customer's property. Insurance is the most effective way to transfer this risk, although you must also maintain reasonable business practices to manager this risk as well.
When a customer parks in your parking lot or garage, a bailment is in progress. Bailment is the legal relationship where the bailor (owner of the car) transfers physical possession of the car to another person or entity or the bailee (parking lot or garage). When the car is parked in your parking lot or garage, the bailee is responsible for loss or damage of the car.
Parking lots and garages are often overlooked by property owners. Often, parking lot owners don't have security inside which leaves it open many liability risks. Most of these are due to the lack of security and not properly protecting employees and customers. This makes parking lots and garages prone to criminal activity. In fact, roughly 80 percent of criminal acts occur in parking lots and garages. Many assaults or other crimes are committed when people are getting in and out of their vehicles.
Make sure to have adequate lighting in your parking lot or garage and enough security and surveillance that your customers will feel safe. Protect your parking lot business from hazards like traffic accidents and slips and falls by using prominent signage that is easy to remember. Keep the place clean, as an unkept or dirty appearance makes it vulnerable to offenders as they think that your parking lot is unattended.
Garage Liability insurance protects your business from the outcomes that could arise as a result of theft, property damage and physical injury in your garage. It does not cover accidents and damage to cars that have been brought to your garage, as there is a separate insurance for that, but it covers the vehicles that your business owns.
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