Valet Insurance: Cost & Quotes From $30/mo

 

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. 

General Liability Insurance for Valets

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. 

 

Add-Ons 

  • 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 (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

 

 

Professional Liability Insurance for Valets

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:

  • 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

 

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

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

 

Valet liability insurance 

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.

 

Commercial Property Insurance for Valets

 

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:

  • Your valet parking lot is damaged by a fire
  • Someone breaks into your commercial property lot and damages company property

 

Add-Ons 

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 protects you from more abstract outcomes of commercial property damage like lost income and relocation expenses

 

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

  

Business Owner’s Policy for Valets

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:

  • A customer gets injured by a valet driver
  • Your valet parking lot sustains earthquake damage
  • One of your guests had their property damaged by a valet driver

 

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

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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:

  • Auto liability–Auto liability coverage of commercial auto insurance takes care of costs if your commercial auto causes an accident that result in the injuries of third parties
  • Collision–This policy covers damage to business vehicles that result from vehicle collisions
  • Comprehensive–A policy that covers theft and virtually everything that damages your vehicle besides collisions
  • Uninsured/underinsured motorist–This policy provides coverage to supplement gaps in another motorist’s lack of proper insurance
  • Roadside assistance–Roadside assistance covers the cost of gas delivery, tire delivery, towing, and other roadside assistance services for your car if it breaks down
  • Rental reimbursement–Provides a reimbursement when a commercial vehicle is out of commission, and you need a rental vehicle

 

Garagekeepers Liability Insurance for Valets

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:

  • A customer vehicle is stored in your valet garage, but a criminal breaks in and vandalizes it
  • Someone steals a guest vehicle out of your valet lot

 

 

Workers’ Compensation Insurance for Valets

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:

  • A valet driver gets injured in the valet parking lot and is unable to work
  • One of your valet employees slips and falls while getting out of a car, injuring their back

Are Independent Contractors Covered Under Workers’ Compensation?

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.

 

Car valeting insurance cost

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;

  •  claims history,
  •  business history,
  •  Revenues,
  •  policy limits, 
  • Deductibles,
  •  Location,.

 Here are some things you can do to decrease car valeting insurance cost:

  • Have high deductibles
  • Bundle two or more policies
  • Refusing add-ons if you don’t need them
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

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valet parking insurance cost

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

 

Best Valet Insurance Companies

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 

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 

Pros

  • Issues an online proof of insurance instantly
  • Fastest general liability insurance for valets
  • Great customer service and reputation
  • Excellent rates
  • Get a 10% discount if you buy two or more policies

Cons

  • Couldn’t find any

 

The Hartford 

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

Pros

  • Great policy selection
  • Can create specialized policies for high-risk customers
  • Renowned company for workers comp insurance

Cons

  • No coverage in Alaska

 

CoverWallet 

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 

Pros

  • HNOA coverage automatically included in general liability insurance
  • High-tech dashboard for tracking policies
  • Compare quotes quickly online

Cons

  • Not an insurance company but an insurance broker

 

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Tivly 

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

Pros

  • Grants coverage regardless of your risk profile
  • Compare quotes over the phone
  • A partner of reputable insurance companies

Cons

  • No online quotes

Thimble

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 

Pros

  • Short-term general liability insurance is available
  • Numerous add-ons to BOP
  • Streamlined quote and purchase process

Cons

  • No phone customer support

 

Hiscox 

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 

Pros

  • Tailored coverage
  • The majority of their customers have small businesses
  • Worldwide coverage
  • Automatic policy renewal

Cons

  • Online quoting not available all the time due to periodic site maintenance

 

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