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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. This article will enlighten you about the policies included, valeting insurance cost estimates, and the best companies.
One of the most common types of valet insurance coverage is general liability insurance. This type of mobile car valeting insurance protects your company from third parties who experience bodily injury and property damage at the hands of your business.
It will have a coverage limit of $1 million per occurrence and up to $2 million in aggregate.
| 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 |
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. Coverage limits range from $250,000 to $2 million.
Some occasions when you can use this coverage include:
| 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 |
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:
Valet liability insurance offers protection to those businesses which provide valet parking services for their clients.
The insurance policy is needed so that the business may bear the risks of damages, such as accidents as well as damage to the customer vehicles and even injury to the customers.
The commercial property coverage of your car valeting business insurance package covers damage and repairs to any commercial building and property contained within it. Their payment will amount to around $60,000 but will greatly depend on the value of your commercial property.
Some examples of situations to use this insurance include:
The commercial property coverage of your valet business insurance can have these add-ons:
| 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 |
A Business owner’s policy for valet business combines the coverage of commercial property and general liability into one simplified policy.
A BOP gives $500,000 commercial property coverage and $1 million-$2 million general liability coverage. This has the advantage of reducing your valet company insurance cost. Situations to use this insurance include:
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $330,000 | $25,000/$500,000 | $75,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
Get all the best quotes from leading providers in a click of a button!
Commercial Auto Insurance for Valets
Commercial auto insurance is a series of policies that protect any vehicles you use in your business and any liabilities they may incur. Incase of the accident occurring you will get insurance coverage of $100,000 per person, $300,000 per accident, and $50,000 for property damage.
Commercial auto insurance is often comprised of several different policies, which are listed below:
Garagekeepers coverage for valet service insurance offers protection for storing customers’ vehicles as a part of your business.it typically has an available coverage limit of $2,500 per occurrence.
It covers damages to customer vehicles in situations like:
Workers’ compensation insurance is an insurance policy that pays for medical costs and lost wages for employees that get injured.
Majority of states require workers’ compensation coverage for any business with full-time and part-time employees. This insurance policy will pay out in situations like:
No, by default, independent contractors are excluded from workers’ comp requirements. You can choose to add them as additional insured or purchase a separate policy for independent contractors.
The average cost of valet insurance is $51 per month or $612 per year for a $1 million general liability coverage. Factors that may cause your actual valet insurance cost to be cheaper or more expensive are;
Here are some things you can do to decrease car valeting insurance cost:
| Cost per Month | Cost per Year | Deductible | |
| General liability insurance | $51 | $612 | $0-$500 |
| Professional liability insurance | $60 | $720 | $500-$1,000 |
| Garage keeper’s liability insurance | $67 | $804 | $500-$1,000 |
| Commercial property insurance | $65 | $780 | $1,000-$2,000 |
| Business owner’s policy | $116 | $1,392 | $1,500 |
| Tools and equipment insurance | $62 | $744 | $500-$1,000 |
| Commercial auto insurance | $72 | $864 | $500-$1,000 |
| Workers compensation insurance | $92 | $1,104 | $2,500-$5,000 |
In connection, here’s a table giving a further idea of the valet parking insurance cost by showing how much is a $1 million general liability insurance from companies we recommend:
| Cost per Month | Cost per Year | ||
| NEXT | $30 | $360 | |
| The Hartford | $33 | $396 | |
| CoverWallet | $39 | $468 | |
| Tivly® | $41 | $492 | |
| Thimble | $44 | $528 | |
| Hiscox | $48 | $576 |
Here are some of the companies to consider working with for insurance for valet parking companies. Read some of the reviews below to know their pros, cons, and average rates for a $1 million general liability insurance.
NEXT provides a great selection of policy options for valet business owners. They have general liability, professional liability, commercial property, and more. Their commercial auto policy has towing and labor built into the cost of the policy, and you get up to $100 per day for rentals for your car being in the shop.
Average cost: $30 per month
Our rating: 10/10
They have business owner’s policy, general liability, professional liability, commercial auto, and worker’s comp policies. The company offers an add-on for BOP to protect customer data and pay for costs related to customer relations. The Hartford has an A+ rating from AM Best.
Best for: Workers compensation insurance for valets
Average cost: $33 per month
Our rating: 10/10
They have garage liability options through their partners in addition to staple policies that valet businesses would need. CoverWallet earned an A+ BBB rating for its good customer satisfaction.
Average cost: $39 per month
Our rating: 10/10
Get all the best quotes from leading providers in a click of a button!
They have workers’ compensation, garage keeper’s liability, general liability, and more. Tivly® has 20 years of experience that have netted them an A rating from the BBB. Call now to compare quotes over the phone.
Average cost: $41 per month
Our rating: 10/10
They allow you to get a quote for general liability, commercial property, and other policies without providing a lot of business information. They have a separate business content add-on for commercial property insurance. Thimble secured an A+ rating from AM Best and an A+ rating from BBB also.
Average cost: $44 per month
Our rating: 10/10
Hiscox offers tailored and customized policies with an emphasis on small business clients. They have resources for how to start and grow your business and offer policies like general liability, professional liability, workers’ compensation, and others.
Average cost: $48 per month
Our rating: 10/10
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Disclosure: Insuranks.com is an independent educational comparison service and an advertising-supported publisher. Some of the companies/offers that appear on the website are from our partners which we may receive compensation from. This may influence which companies/offers we write about and where and how it appears on the site. However, this does not impact our assessments. We solely highlight companies, products, and offers that can help you make smarter insurance decisions.
