Insurance coverage isn’t a one size fits all businesses. Depending on the company you own or operate, there are some insurance recommendations that you could consider. For instance, in addition to general and employee liability, you might want to speak with bailee liability insurance brokers for an informed decision.
If you operate a transportation or logistics business, then bailee insurance could be an important part of your coverage, but not all brokers handle this category of insurance. To protect your company from unnecessary risk exposure, you might consider speaking with a full-service broker who could also provide bailee coverage if you need it.
How do you know if you need bailee coverage? If in your business, you take possession of a customers product or property then you’re accountable if the property is damaged or destroyed while in your possession. Even in cases where the property is stolen or destroyed by fire and you are not the cause, you could likely need to cover the cost of the loss to your customer.
Before you decide whether this category of coverage is right for you, contact bailee liability insurance brokers who can answer your questions. In addition to learning if the insurance is recommended and amount of coverage you might require, you could also ascertain if you can either add the additional insurance to your existing liability policy or purchase another policy altogether.