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Valet Parking Insurance Connecticut Policy Information

CT Valet Parking Insurance

Valet Parking Insurance Connecticut. Valet parking companies provide the convenient - and often, much-needed - service of parking cars for customers and returning them when they are ready to leave an establishment.

Not only can valet parking save time and ensure that cars are parked in secure parking lots, people with health concerns also greatly benefit from the ability to drive straight to their destination without walking significant distances to and from their parking spaces.

Valet parking services are offered by airports, casinos, country clubs, hospitals, hotels, museums, restaurants, shopping malls, and other retail and service organizations as a courtesy for their guests.

The organization does not use its employees to provide this service. Instead, it will contract with a valet parking service. Individuals may also hire these services for parties at their homes or special events such as a graduation, family reunion, or wedding.

Guests stop at a marked valet station, give the vehicle's key to the attendant, and receive a ticket. The valet parks the vehicle in a designated area. When the guest returns, presents the ticket and pays the parking fee (if any), the attendant retrieves the vehicle and returns it to the guest.

The guest may tip the attendant. Additional services such as automobile washing, detailing and shuttle services may be provided.

If you own and manage a CT valet parking service, or are considering starting a business within this industry, you will want to do everything in your power to manage the hazards associated with valet parking.

Insurance plays a key part in risk management, but what types of valet parking insurance Connecticut coverage are needed? Discover more in this brief guide.

Valet parking insurance Connecticut protects parking services from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.

Why Do Connecticut Valet Parking Services Need Insurance?

Like other businesses, valet parking services face considerable risks. Some of those risks are universal in nature, and shared by all commercial ventures, while others are unique to your area of expertise.

Your office premises or outdoor assets could fall victim to an act of nature - such as an earthquake or tornado. Theft and vandalism, too, can cause significant losses. While parking a vehicle, an employee may find themselves in a collision; not uncommon in parking lots.

A car may be stolen or vandalized while in your company's care, or your company may accidentally cause damage to a vehicle. It is even possible for a valet parking company to face a lawsuit in which a customer alleges that something was stolen from their car.

Regardless of whether the suit is later dismissed, this, too, is accompanied by devastating costs.

These and other worst-case scenarios would, without top-quality insurance, all lead to overwhelming expenses that may soon become too much to bear. Armed with an excellent insurance plan, however, your valet parking service is protected even if it is confronted by a major peril.

That is why business owners should welcome the opportunity to invest in the best possible valet parking insurance Connecticut with open arms.

What Type Of Insurance Do CT Valet Parking Services Need?

The exact nature of the coverage you should invest in to protect your business from financial ruin depends on your valet parking service's unique circumstances.

The types of assets you own (such as office space and parking lots), your number of employees, and the CT jurisdiction within which you operate are merely some examples of variables that influence the types of coverage a valet parking service should purchase.

Although you should always consult a competent commercial insurance broker to ensure you have the coverage you consider, here is a glimpse at the essential kinds of valet parking insurance Connecticut coverage needed:

  • Garagekeepers: When a vehicle is vandalized, stolen, accidentally damaged, or involved in a collision while it is in your care, this form of insurance covers the expenses that arise.
  • Commercial Property: Both outdoor property, such as parking lots, and commercial buildings can be protected with this form of insurance. It covers the repair and replacement costs associated with perils such as theft, vandalism, and natural disasters. With added business interruption insurance, a sub-category of commercial property insurance, you can further recover a portion of the revenue you lose after a catastrophic event.
  • Commercial General Liability: To protect yourself from third party personal injury and property damage claims pertaining to incidents that happened on your premises or occurred as a result of your company's activities, it is essential to carry general liability insurance. This form of valet parking insurance Connecticut coverage covers a significant portion of your legal costs if you were to be sued.
  • Workers Compensation: This type of coverage will cover the expenses that arise when an employee is injured on the job, including medical bills and lost wages. Carrying workers' comp means your valets are covered if they are in an accident while parking a car, but it also protects your administrative staff.

Because the modern insurance market is challenging to navigate, it is imperative to discuss your unique risk profile with a commercial insurance broker who understands your field. Together, you will ensure that your valet parking insurance Connecticut covers all your bases.

CT Valet Parking Service's Risks & Exposures

Garagekeepers liability exposures are high because the valet service accepts the guest's vehicle and must return it in undamaged condition. Any existing damage should be noted on the ticket given to the guest.

Joyriding by attendants should be prohibited. Lack of control over keys could result in a guest's vehicle being stolen.

Business auto exposures are primarily of a non-owned nature but are high because valets drive unfamiliar vehicles in congested areas. All drivers must have a valid driver's license and acceptable MVR. Random testing for alcohol and drug use should be required.

Some valet services provide shuttle services using owned vehicles. Vehicles must be regularly maintained and records kept at a central location. If vehicles are taken home, there should be written procedures regarding personal use by employees and their family members.

Premises liability exposures are limited due to lack of public access to the valet's office location. Since valet parking is done at clients' locations, the clients would be primarily responsible for any injuries to guests on their premises.

Personal injury liability exposures include allegations of assault, discrimination, and invasion of privacy.

Workers compensation exposures are high. Valets park guests' vehicles in congested areas and can be injured while driving or by other vehicles. Seatbelts should be required when a vehicle is in motion. The number of valets, their ages, experience, field supervision, and training are important.

Valets should be trained to handle angry or intoxicated guests. Accumulation of cash may be a target for robbers, resulting in injury to valets.

Property exposures are from office operations and are limited to electrical wiring, heating and air conditioning systems.

Inland marine exposures include accounts receivable from the service's clients and valuable papers and records for client contracts and any required permits or licenses. There may be computers or a special floater for property kept at valet stations, such as signs, traffic cones, and umbrellas.

Crime exposures are from employee dishonesty and theft of money and securities due to the accumulation of cash collected by attendants when parking services are provided for a fee. Employees may steal guests' vehicles or property stored inside those vehicles. Hazards increase without proper background checks and reconciling tickets with cash collected from customers.

Valet Parking Insurance Connecticut - The Bottom Line

To protect your business, valets and the people's whose cars you are parking, having the right valet parking insurance Connecticut coverage is vital. To learn what policy options are available to you, how much coverage you should invest in and the premiums - speak to a reputable commercial insurance broker.

Connecticut Economic Data, Regulations And Limits On Commercial Insurance

Made In Connecticut

Entrepreneurs who are thinking about starting a business knows how crucial it is to choose the best location for their business. Selecting an area that offers a healthy workforce and the right demographics for your target market is key to the success of your business.

If you are considering the state of Connecticut for the headquarters of your corporation or a new division of your existing company, it's vital to ensure that state provides a climate that will enable success.

By assessing the unemployment rate as well as the key industries that are booming in the state, you will be able to determine if Connecticut is the right place for your operation.

Additionally, being aware of the types of business insurance that you are required to carry is also important for your success. Below, we offer an overview of these areas to help you decide if the Constitution State is the right place for you to establish your business.

Economic Trends For Business Owners In Connecticut

The unemployment rate of a state is a good indicator of the economic growth of a state, as it indicates that business is growing and there are enough jobs available to support the state. As per the Bureau of Labor Statistics, as of 2022, the unemployment rate in Connecticut was 3.7%, which is 0.3% higher than the national unemployment rate.

However, in one year, the rate has dropped by 0.1%, as it was 3.8% in December of 2018, and in a two year period, it dropped 0.9%, as it was 4.6 in December of 2017. Economists have indicated that job market is expected to increase in coming years, as it is predicted that the economy will continue to grow.

There are numerous areas in Connecticut that are beneficial for business owners. Key areas include major cities and the suburbs that surround them, including:

  • Danbury
  • Fairfield
  • Norwalk
  • Stamford
  • West Hartford

These areas offer a well-educated workforce, the highest number of both established and newly opened businesses, the lowest unemployment rate, and the healthiest median household income.

While several industries are thriving in the CT, the sectors that are seeing the most success include:

  • Advanced, large-scale manufacturing
  • Bioscience and healthcare
  • Digital media
  • Green technology
  • Insurance and financial services
  • Tourism and entertainment
Commercial Insurance Requirements In Connecticut

The Connecticut Insurance Department regulates insurance in CT. Connecticut mandates very few forms of insurance coverage by law. They enforce worker's compensation.

Connecticut requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees who work fewer than 26 hours per week, though you should check to make sure any contractors you have are true contractors, and not employees.

Connecticut also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.

Additional Resources For Professional Services Insurance

Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.


Professional Services Insurance

Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.

Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.

In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.

Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.

Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.

Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.

Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.


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Also find CT local small businesses by General Liability Class Code and learn about Connecticut small business insurance requirements for general liability, business property, commercial auto & workers compensation including CT business insurance costs. Call us (860) 900-0799.

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