Without a doubt, this is the most important question to ask. Even the smallest accident can create a lawsuit in today's litigious society. It is very difficult for valet parking companies to protect themselves when in most instances, the insurance company sides with the individual making the claim (the claimant). In the case of an accident or claim, the claimant must be responded to immediately. Poor handling of the situation could severely damage your relationship with the customer and your company’s image. If the valet company handles the situation correctly, your company’s reputation and your relationship with the customer will not only be salvaged, but strengthened.
Prestige Valet Parking is pleased to say that the amount of claims against us has been minimal over our 30 year career in valet parking management. With that said, we always handle a claim quickly and professionally and in a manner that would reflect well upon you as the host of an event or the owner of a business.
There are many types of liability insurance your valet service should have:
General Liability Insurance provides protection for the parking company for their negligence should they injure or damage someone or someone else's property (i.e. Bodily Injury and Property Damage Coverage) This would be to a third party.
Garage-keepers Legal Liability Insurance provides protection for the parking company for their negligence should they damage the customers vehicle in which they have taken into their care, custody and control.
Worker's Compensation Insurance: Workers' Compensation insurance is business insurance that provides medical and disability coverage for employees who sustain job-related injuries. Worker's Compensation insurance policies will cover an employee's medical expenses and reimburse him or her for some percentage of lost wages.
Employers' Liability Insurance protects companies against the costs of defending employment-related claims brought by employees for work-related injuries or illness. The Employers' Liability coverage is usually one portion of a standard Workers' Compensation policy.
We were shocked to recently discover a competitor being improperly insured and not operating by industry and professional standards. We consulted with a Boston based insurance agent, with 35 years of experience working with valet parking and garage facilities in the Boston area, who made the following comments upon review of their Certificate of Insurance:
"Their Certificate of Insurance is only showing General Liability Insurance. No Garage Keepers Legal Liability, No Umbrella...Bottom line….this is almost like having no coverage at all."
Trust the professionals for your special event or wedding, Prestige Valet Parking.
