Valet parking has become very popular because it has made peoples life a little easier. Using a Valet service is a convenience many people take advantage of these days, it eliminates the need to wait to find a parking spot and walk to their destination and it is reassuring to know their car is in a secure parking lot. Yet valet parking may also have some disadvantages. For example, let’s say that a valet employee hits a car when trying to park it, or that one of the parking lot lights falls on top of a car.
As parking and valet professionals, your clients are given keys to some people’s most prized possession and often their most expensive piece of property. The owners expect that their vehicle will be returned without damage or missing items and any if this is not fulfilled it can seriously damage the reputation of your clients business.
Though the parking lot or valet would seem to be a pretty safe place to leave ones' car, there are many different risks inherent in this business. Any time people and cars are in close proximity, the potential for calamity is high. Parking companies need insurance that protects all aspects of their operations. Potential risks for these clients include damage to the premises where they conduct their business, workers comp, crime/employee dishonesty, and of course automobile liability and physical damage. With all these possible exposures for risk, the need for a specialty insurance policy to meet the unique needs of parking companies is readily apparent.