What Companies Need Theft Coverage?
When a customer transfers their belongings into your care for a specialty service, the arrangement is called a bailment. Your position of ownership is classified as a bailee, and you can be held liable for anything that might happen to the item while in your possession. To make sure your coverage extends beyond general liability insurance, you would need to fill out a bailee insurance application.
Who Needs It?
If your business deals with transactions where there is a temporary loss and assumption of ownership between parties, you would want bailee insurance. The following industries would qualify:
Watch/ and lock repair shops
Computer repair shops
Restoration and refurbishing companies
Before you fill out your bailee insurance application, you need to decide on the type of policy you want. This insurance usually has three options: mysterious disappearance, damage in the process and unlimited bailee. Your broker will help you assess which coverage will offer the most protection for your business. With the right policy, you can have your bailment transactions covered from:
Check with your local provider for the best policy options for your business. Give your clients peace of mind with each transaction.