Just when you thought Business Insurance couldn't get anymore confusing, you hear about Bailee Insurance or Bailee Liability Coverage. These policies are mainly written for dry cleaners, repair shops and many other businesses where large amounts of customer goods are in their care, custody and control.
So who or what is a Bailee? The Bailee is the person or business that has possession of the property of another. The Bailor is the owner of the property that is in possession of the Bailee.
Almost any person or business that accepts the property of others for repair, service, cleaning, storage or processing is faced with liability exposure for the value of goods received. As a business, it is important to look into this coverage. There are more and more cell phone repair companies popping up. Hopefully they have not overlooked this important coverage.
As a consumer, or Bailor, it's not a bad idea to inquiry about this coverage, if you drop your property off somewhere for cleaning, repair, servicing, etc. The Bailee might limit their liability exposure by making you sign a waiver that says they are not responsible, if something happens to your property while in their possession. If you have any questions about Baille Insurance or other Business Insurance coverage, please feel free to contact me.
Every so often, I like to do a post that's not related to Business Insurance. My annual trip to Big Bend, TX over MLK Weekend happens to be one of them. I shot the video below on my iPhone 6S and did the editing all with the iMovie app that comes standard on the phone. I have to say, as a former Android (Moto X2) user, I have been very impressed with the iPhone capabilities.
If you are in Texas, or plan on visiting Texas, I highly recommend Big Bend State Park and Big Bend National Park. Lots of fun hikes and things to do. Hanging out in Terlingua, TX is fun, too. Here is a previous post I did on Big bend, TX.
Living in Texas, I think we can all agree, we can have some very turbulent weather. When it comes to insurance, we can forget about the little things when we get a business insurance policy. For example, coverage to protect your signage.
I recall a time an insured called me when it was extremely windy and his sign was dangling by a couple wires. Fortunately the sign did not fall, but it was still a scary experience for him. Signs these days can be very expensive, so it's important to ensure your sign or signs are properly covered. Sometimes when business owners start a business they don't even have a sign. When they get their signage, they either forget to insure it, or assume it is covered. Some insurance policies might include sign coverage up to a certain limit, but maybe your sign value exceeds that amount.
There are a lot of details to consider when it comes to choosing a business insurance policy. Make sure you take the time to review your policy. If you any questions, or would like to sit down and have a policy review, please feel free to contact me.