Valet companies need to be highly organized about everything that they do. Their risk mitigation strategy has to reflect a high attention to detail. Comprehensive insurance is a vital part of how they can manage risk and avoid unnecessary losses.
Liability for Property Damage
Being responsible for other people’s property is at the core of the valet industry. Customers entrust valets to keep their vehicles safe from damage. Accidents can occur while valet drivers move cars and even while cars are stationary. Valets may also face claims for damage that they did not actually occur while a vehicle was in their custody.
Liability for Personal Injury
It is important to remember that property is not the chief liability exposure for a valet company. Customers, employees, and passersby could sustain an injury while a valet driver is operating a vehicle. Insurance needs to be able to address claims for serious personal injury.
In the course of its operations, virtually every valet company is going to have to contend with accidents and unexpected problems. Companies need to equip themselves to deal with whatever comes their way by obtaining valet parking coverage that meets the full scope of their risk exposure. It is advisable for owners and managers to work with insurance providers with experience serving their industry.