Parking Garage Insurance

How to Insure Your Parking Garage

Parking Garage Insurance

Parking garage owners take on huge risks to their businesses day and night. If you own a parking garage, you can be held responsible for injuries to people and damage to vehicles on your premises. And one lawsuit can turn your profitable business into a nightmare. 

Comprehensive business insurance that focuses on liability coverage can help protect your livelihood from lawsuits and other financial wreckage caused by accidents, trips and falls, and property damage that occur within your parking garage. 

An independent insurance agent can help you get parking garage insurance that covers your unique risks. 

Why Do You Need Parking Garage Insurance? 

As an owner of a parking garage, safety and security should be your number one priority. Not only do you want to protect your customers, but you also want to avoid the financial losses that accompany injuries and property damage that occur on your premises. 

There are a variety of ways that the conditions within your parking garage can lead to accidents, vehicle damage, and injuries that you can be asked to compensate someone for, including:

  • Potholes
  • Walkway obstructions
  • Snow and ice
  • Trash and debris
  • Clogged drains
  • Poor lighting and signage
  • Poorly trained employees

When someone’s car is damaged or someone is injured, a lawsuit might not be far behind. You need parking garage insurance to protect you from all that can go wrong inside of your parking garage. 

Liability Insurance for Parking Garages

Liability insurance, in various forms, protects your business from financial losses related to third-party property damage or injuries. It also protects your customers if a vehicle is damaged or someone is injured on your garage premises.

commercial general liability (CGL) policy provides broad protection from a variety of hazards. It protects you from the costs of lawsuits related to accidents, property damage, and a variety of other mishaps. 

Talk to your independent insurance agent about your need for garage liability insurance, which provides several forms of liability insurance more specifically designed for the needs of garages. It may or may not be necessary depending on your operations.

Garagekeepers Liability Coverage for Parking Garages 

One of the most important components of your parking garage insurance package is garagekeepers liability coverage

As a business that accepts a client’s property (cars) for storage (parking), you assume a legal responsibility called bailment. Garagekeepers liability insurance addresses your bailment exposure. It protects you if a customer’s vehicle is damaged due to your negligence while it is in your care, custody, or control. (Note: this coverage is separate and distinct from garage legal liability insurance.) Your garagekeepers liability coverage limit will likely be written based on the number and value of the vehicles that are typically parked on your premise. 

Property Insurance for Parking Garages

An independent insurance agent can help you determine your need for the following types of parking garage property insurance. 

  • Commercial property insurance protects you if a fire, vandalism, smoke, theft, or other event damages your property. It provides coverage for your parking garage physical structure, as well as office equipment, computers, and more. 
  • Most commercial property policies also include business interruption coverage. This will pay for rent, employee salaries, and other expenses if you must close temporarily due to a covered loss.
  • You may be able to purchase a business owners policy, or BOP, which is a package policy designed for small businesses. It combines property coverage, liability coverage, and business interruption coverage in one affordable policy. 
  • Employee theft and crime coverage can protect your business from the costs of theft, dishonesty, and fraudulent acts committed by a single employee or a group of employees. 

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How Much Does Parking Garage Insurance Cost? 

Parking garage insurance costs vary significantly depending on the type and size of the garage you own. A simple surface lot likely costs less to insure than a large, multilevel parking garage. 

Some of your coverage may be priced based on the number and value of the vehicles that are generally parked in your lot, while other coverage will be based on the size and location of your lot and a variety of other factors. 

Find and Compare Quotes

Parking garage owners need specialized coverage for the specific and unique risks they face. It’s important to work with an independent agent who can find insurance companies that specialize in covering parking garages and that may sell policy packages designed specifically for businesses like yours. 

An independent insurance agent can help you find the right policy and can help you assess your options. 

Benefits of an Independent Agent

Our agents simplify the search process for finding the right parking garage insurance. They’ll walk you through the handpicked policy options and explain the details in language you can understand. 

Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately. 


Save on Business Insurance

Our independent agents shop around to find you the best coverage.

The Lowdown on Online Quotes

Online insurance quotes can be tempting. They are fast and easy to get—but are they accurate? And are you sure you are getting the right coverage? For business owners, choosing speed over accuracy can cost you.  

Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost savings opportunities that an agent can help you take advantage of. 

Instead of getting an online quote, find an independent insurance agent now. Your agent can provide one-on-one consultation and affordable options for the best coverage for your unique needs. 

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