The service industry is built on pleasing customers with outstanding customer service, and running a hotel is no different. To protect your hotel from disaster and liability, a hotel insurance policy can be bound from many different insurance agencies. Similar to other business insurance policies, hotel insurance combines a strong property policy that can be tailored to cover both natural and manmade disasters strong liability policy with a, due to the large number of third parties, or guests vital to the health of the property. Getting business insurance quotes for hotel insurance should be a pretty simple task, since many insurance providers offer hotel insurance.
The property coverage of hotel insurance is the most variable part of the hotel insurance policy. Hotels have quite a bit of property that is cycled in and out of use, and it is no secret that some of it can disappear at the end of a guest’s stay from time to time. Also, while hotels try to find the most robust property to put in their guest rooms, it can still become damaged due to the actions of others, requiring a property policy that protects the hotel from losses due to damage from guests. Hotel insurance typically includes contents coverage for this, protecting anything from the bedding to the telephone and TV in the room, items that are seemingly constantly being upgraded to increase patronage. Hotel insurance contents coverage also protects from other hazards, including damage and loss from other perils such as fire or storm damage. To protect the viability of the hotel, many hotel insurance policies also include business interruption coverage, ensuring the hotel does not go bankrupt while recovering from insured events. Other losses that can be covered by hotel insurance include theft by employees, an unfortunate reality that must be faced in the workplace, and equipment failure, which protects from losses incurred due to the breakdown of business equipment, such as computers.
For liability coverage, hotel insurance needs to be more serviceable since the third party guests are what keeps the hotel a viable business and requires a veritable army of employees to keep the hotel running smoothly. Included in hotel insurance are both public and employers liability, protecting the hotel owners from the costs of an injury to guests or employees while on the hotel property. Fighting claims can also be a significant expense, so hotel insurance also can cover legal expenses while defending the hotel from liability claims.
Insurance is a necessary business tool to protect from loss and help preserve a business’s viability. For hotels, customized hotel insurance can be the savior of the property when unfortunate events strike.