Insurance for Parking Lots and Garages

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What Insurance Do Parking Lots and Garages Need?

Business Owners Policy (BOP)

Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.

Workers Compensation

Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!

Garage Keepers Liability

Garage keepers liability insurance keeps you protected if a vehicle kept in your garage is damaged by a fire, theft, vandalism, collision or other disaster. You'll also need this if you provide a towing services.

General Liability

General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.

Employment Practice Liability Insurance (EPLI)

Employment Practice Liability Insurance, or EPLI, protects you from employment-related claims. If you're accused wrongful termination, discrimination in hiring or firing or workplace harassment, EPLI covers your defense and settlement costs.

Crime Insurance

Business crime insurance, also known as commercial crime insurance, protects against organization-related crime and the resulting losses for your small business. When someone defrauds, embezzles, forges documents, or commits theft, you're covered for the losses.

Frequently Asked Questions

What does bailment for a parking lot or garage mean?

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.

What risks do parking lots and garages face?

Parking lots and garages are often overlooked by property owners. Often, parking lot owners don't have security inside which leaves the business open to many liability risks. Parking lots and garages are prone to criminal activity during off hours and, in fact, a high proportion of criminal acts overall occur in parking lots and garages. These business are also at risk of losing customer assets to natural disasters.

How can I reduce the risks in my parking garage?

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. Plan for the likeliest of natural disasters and keep good controls on access.

What is garage keepers liability?

Garage Keepers Liability insurance protects your business from the loss of your customer's vehicle while 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 takes the care, custody, and control of.

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