Looking for the right insurance for your parking garage? Look no further! ALIGNED can help you find specialty insurance that meets the unique needs of your parking garage. Continue reading to learn more about parking garage insurance coverage.
What you need to know about parking garage insurance coverage
Parking garage insurance coverage varies, but we recommend the following types of coverage:
- Commercial general liability insurance: Commercial general liability coverage protects your parking garage against claims of third-party bodily injury and property damage. If a claim was brought against your garage, your insurance company might help cover any applicable legal defence costs, repair bills, or medical expenses.
- Garage Auto Insurance: As every parking garage is deemed to have taken care, custody and control of all vehicles parked on or in it garage auto liability insurance to cover the damage to vehicles while parked is a key coverage for all parking garages and paid parking lot operators.
- Commercial property insurance: Commercial property insurance protects your art gallery and any business-related contents (e.g. computers, security systems, etc.) from property damage due to an insured peril. It’s up to the policyholder to decide which perils to include in their policy. Some of the most common insured perils are water damage, fire, theft, windstorms, vandalism, and more.
- Crime insurance: Crime insurance can help mitigate the financial losses of employee or customer crimes, such as someone buying a parking ticket with a fraudulent credit card.
- Business interruption insurance: Business interruption insurance can protect your parking garage from lost income if it is forced to close due to an insured peril. Again, insured perils covered by business interruption insurance vary but can include theft, fire, vandalism, windstorms, water damage, etc.
- Garage liability insurance: Garage liability insurance covers the legal liability of automobiles against claims of bodily injury or property damage. In essence, it protects the vehicles in the care of your parking garage.
What isn’t covered by parking garage insurance?
It’s important to note that parking garage insurance does not typically cover the belongings inside a customer’s vehicle. For example, if money, electronics, or other items were stolen from a vehicle while parked in your garage, your insurance policy likely wouldn’t cover the cost of replacing such items.
Cost breakdown for parking garage insurance
Insurance companies take into account many factors when calculating the cost of parking garage insurance. For this reason, rates between parking garages can vary significantly. Parking garage owners might find it helpful to understand which factors influence insurance rates. A list of some of these factors is below.
- The size and location of your parking garage
- Your parking garage’s annual and projected gross revenue
- Your insurance claims history
- The number of employees at your parking garage
- The security measures in place at your parking garage
- The coverage, policy limits, and policy deductibles you choose
Contact ALIGNED – your go-to source for all things parking garage insurance
Make ALIGNED Insurance your go-to source for parking garage insurance, and we promise you won’t regret it. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.