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Essential coverages to meet client demands
When you also have equipment or operate from a garage
All Basic plan benefits and:
Optional: Garage Keepers Liability
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.
Business Owners Policy (BOP) is a combination of several coverages fit for small and mid-sized businesses. The package usually consists of Liability, Property and Business Interruption coverages. This parking lot insurance is often more efficient than buying a General Liability, Commercial Property and Business Interruption insurance separately.
General Liability protects your parking lot and garage from common claims that involve property damage, third-party physical injury and advertising mistakes. This parking lot insurance will cover the out-of-court settlements, litigation, court fees and other fees that are within the coverage of the insurance policy.
Workers' Compensation provides cash benefits and medical care to employees who become sick or injured on the job. It is a "no-fault" policy where the employee receives the benefits despite who is at fault. It can also provide lost wage benefits until the time the employee is able to work again. The employee then relinquishes the rights to sue the employer for negligence.
This insurance covers your business from claims made by workers that their legal rights have been violated. Employment Practices and Liability Insurance (EPLI) provides protection against employee lawsuits like discrimination, wrongful termination, breach of contract, failure to employ or promote, sexual harassment, employer negligence, mismanagement and many more.
When any vehicle is damaged in your care like when in a parking lot, Garagekeepers Liability is your safety net against the lawsuits involved in storing vehicles on your property. Garagekeepers Liability insurance will pay for the cost to repair the damage to your customer's car during the time that the vehicle is under your control.
80% of crimes in the building happen in the parking lot. Robbery, theft, assault, and battery are some of the most common. Even with enough security and surveillance, perpetrators will find a way. When this happens, protect your parking lot with Crime Insurance. It covers the costs related to common petty crimes like these, damage to your property and irreplaceable items.
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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