Any business that stores, transports, or services the property of others needs bailee liability insurance. This type of policy covers the loss of the other person’s or company’s property while in your care. Because it’s a required coverage for many businesses, there are plenty of bailee liability insurance brokers willing to sell you basic policies, but only a few that are equipped to offer the insurance you need.
To find a bailee liability policy that truly covers your needs, you first need to weed through the bailee liability insurance brokers to find one that specializes in trade and transportation insurance. A firm like that can understand your company’s unique needs and customize an insurance portfolio accordingly.
When you have found an experienced agent, be sure to get a policy that covers more than just the basics. Standard policies cover some legal costs in the case of a lawsuit. However, they may not cover this expense entirely. Consider how much it would cost to defend your company in court and how much you might owe if the court finds you liable. Don’t get a policy that covers any less than that amount.
Don’t trust your business’ financial future to just any insurance policy. Find an agent that can put together a plan that fits all your needs.