Bailees are often entrusted to keep valuables and property of others safe while in their temporary possession. After providing their service, the item is returned to its owner in the same or better condition. However, what happens when that’s not the case? Also, consider what may happen if an item with a high-ticket value was damaged or missing? These are just a couple of scenarios that highlight exactly why bailee coverage is a must and often required for certain businesses.
Types of Bailees
Bailees are very common in the business world. Since it is unlikely that most people have all the skills, time or patience to perform care and maintenance on all their possessions themselves, bailees are often entrusted to do these tasks for them. These are just some examples of businesses that fall under this category:
- Laundry and Dry Cleaning Services
- Auto Maintenance Shops
- Appliance Repair
- Jewelry Repair
- Storage Facilities
What It Covers
If you’re in this type of business, getting insurance is an invaluable investment. If items are lost, stolen, damaged, or otherwise compromised it can be enough to cut significantly into your profits. When items are valuables because of sticker price or sentimental reasons, it can even result in costlier litigation. Contact an agency who specializes in bailee coverage to put this safeguard in place.