Valets are found in hotels, resorts, and other hospitality businesses. They help sort the guests’ cars out. It is vital for valet business owners to keep their business insurance up to date. Valet insurance is a combination of policies that protect you from medical costs and legal liabilities. Read further to know the policies included, valeting insurance cost estimates, and the best companies.Â
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
One of the most common types of valet insurance coverage is general liability insurance. This type of car valeting insurance protects your company from third parties who experience bodily injury and property damage at the hands of your business. Some situations to use this coverage include:
A customer slips and falls while waiting for your valet service
When your valet is getting a customer’s car, they damage part of the interior
The general liability policy of your valet company insurance will primarily offer the following types of protection:
| Premises and operations | Protects against bodily injury and property damage from ownership and maintenance of the business property. |
|---|---|
| Completed operations | Protects against customer claims from faulty products and completed operations |
| Indirect/contingent | Covers negligent actions of independent contractors or others related to your business |
Valet parking insurance with general liability coverage will have a coverage limit of $1 million per occurrence and up to $2 million in aggregate.Â
Tools and equipment insurance–Provides financial aid for tools and equipment that get damaged during covered events
Cyber liability–Protects your business against potential costs that come from phishing, data breaches, and cyber extortion
| CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Can be included | No |
Valet parking insurance coverage with a professional liability policy protects your company from legal challenges or medical expenses that occur due to an employee error. Some occasions when you can use this coverage include:
A valet driver forgets to lock the door to a client's car, causing some property to be stolen
One of your drivers parks a car in the wrong lot, which is damaged by construction nails
Professional liability insurance for valet parking company may be customized to include a few add-ons, including:
Prior acts coverage–Covers your business against perils or losses that occurred before your current policy
Additional insured–Lets you name additional parties to get insurance protection on your policy
Coverage limits on professional liability range from $250,000 to $2 million. Typically, you want this type of valet service insurance to settle on a $1 million coverage limit to stay affordable but remain comprehensive.Â
A full valet service fully vacuums your car and cleans all the surfaces. They will often add a leather shine and a shampoo clean service for your interior. This valet liability insurance should cover the extra services that full valet services provide in case a workplace mistake or oversight results in a lawsuit.
Public liability insurance for car valeters acts like general liability insurance but only provides protection for claims by members of the public. Examples of when this coverage applies include:
A bystander gets their property damaged by a valet car.
A member of the public enters your valet parking lot and slips and falls
Public liability insurance for car valeters is often not an option for many insurers since general liability typically offers the same coverage but is broader in scope.
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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $330,000 | $25,000/$500,000 | $60,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $60,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
The commercial property coverage of your car valeting business insurance package covers damage and repairs to any commercial building and property contained within it. Some examples of situations to use this insurance include:
Your valet parking lot is damaged by a fire
Someone breaks into your commercial property lot and damages company property
Coverage limits for commercial property are determined by the value and risk of what is covered under your policy. Typically this will amount to around $60,000 but will greatly depend on the value of your commercial property.
The commercial property coverage of your valet business insurance can have these add-ons:
Flood insurance–Adds protection to damage from floodwaters if your policy doesn’t automatically include it
Business interruption–This policy can make an excellent policy to complement your commercial property policy because it protects from more abstract outcomes of commercial property damage like lost income and relocation expenses
Any intentional harm you do to your property will not be covered by the commercial property policy in valet parking business insurance packages. Moreover, you will not be covered if you fail to maintain your property and gets subject to things like insect damage.
