How to Apply for Bailee Insurance
Any business that temporarily assumes control or possession of a customer’s property requires bailee insurance. For instance, dry cleaners, furniture restoration companies and auto mechanics all take possession of the property to service said products. It’s your job to protect those possessions until the customer returns. If the property is damaged or destroyed, you have to cover those damages. Fortunately, filling out a bailee insurance application isn’t difficult.
One of the main components of the application is to explain what services your business performs. In addition to the type of service you offer, you’ll have to be able to tell them the average charge per order, the days you have to service the items and what the value of the rules are. Most of this is based on averages. If you have up to date statistics on your business, then you should have no problem.
Protections in Place
All businesses need to have some protections in place. The application will ask what steps you take to protect customer goods. For instance, do you have safes or guards? Do you have any additional security measures that help secure your business and the property inside? These answers can impact your coverage.
When it comes to your clients’ personal property, you have to take extra care that nothing is damaged. After all, you are entirely liable. Fortunately, bailee insurance can help and the bailee insurance application is easy to fill out.