Bailment is when you give someone else your goods or property. This act of placing goods in their possession can be for hire (involves payment) or can be gratuitous (done without payment or consideration).

This bailment term is used when considering commercial general liability insurance. Do talk to your broker or agent about your specific needs for your business. If you have possession of the goods or property of others or if you leave goods or property you own in the possession of others then this insurance coverage could affect you in a claim for loss or replacement damage. Take control of your insurance.