Bailee Coverage is a type of insurance specifically meant to cover a business in case property left in their care is lost or damaged.
This type of insurance is crucial for a business such a dry cleaners or a jeweler. Bailee Coverage is part of a coverage known as Inland Marine Insurance. This type of insurance began originally as Marine Insurance, covering items being transported via ship.
Bailee Coverage is related to “Bailment” which is the term used to describe an object that has been passed from the owner – the “bailor” – to a business or individual “the bailee.” That property then becomes the responsibility of the Bailee and that person or business is then liable for any damage or loss of this property.
If your business is one that accepts responsibility for the property of a customer, it is crucial for you to ensure you’re protected if anything goes wrong. While it’s obviously never your intention to damage or lose the property that has been entrusted to your business, accidents happen. At Insurance Town & Country our insurance experts are well versed in the best insurance plans to help protect your business and make sure if something happens to a customer’s property they’re fairly compensated. Call us today at 303–388-7216 and speak with one of our experts to discuss which Bailee insurance plan is best for you and your business!