If you’re looking at bailee liability insurance you may have a lot of questions. Here is some information you may want to know.
If cargo is lost or damaged while in your care liability insurance can help cover that cost. Without an insurance plan you may be held liable for the full cost of the goods and their removal from your storage facility. There are several parts that may or may not be included in your current liability insurance plan so it’s important to talk to a professional about which options are right for you.
General Liability can cover the cost of lost or damaged goods as well as medical costs in the event someone was hurt. Defense may also be included in your plan. This is can cover the court costs it takes to defend your business against a claim. Often court costs can add up to more than the actual property damage so you may want to consider checking to see if defense is included in your policy. You may also want to see if the cost of removing damaged property is included as well.
As you can see it’s important to have bailee liability insurance, and there are several variations of the plan that may be offered by your insurance company. It’s important to talk to a professional so they can assess your needs and help create the right plan for you.