Owning and managing a hotel or other type of accommodation is a challenge, especially in today's difficult economic climate, but there is no excuse for not ensuring that your business, staff and guests are covered by the right level of assurance.
Hotel insurance is not just for hotels, as you can also find the right type of insurance often in square brackets in this insurance category for the following types of accommodation:
While there are many types of insurance policies for hotels and accommodation, some of the things you should really look for in your coverage include:
Buildings and Content - As with any type of building you own, you need to make sure you insure both the building and the content for the correct value, because if the worst happens, you need to make sure that your level of Insurance is enough to cover the money you need to return the hotel to its original position.
Liability Insurance - Public liability, employers and product liability are all types of insurance that can be vital for your hotel, guest house, B&B or other type of accommodation. Liability insurance can help protect a customer in the event of a fall and injury, with employer liability helping to protect your staff in the event of an injury or injury while working in or for your hotel.
Business interruption - This type of insurance coverage is sometimes overlooked, but can really serve as a business and life saver if your business is closed for a short to medium term. For example, if your hotel was flooded in June (it happens) and you had to close it for three months to renovate it, having this type of insurance coverage would provide you with income to run your business.
Legal Fees / Protection - Managing a hotel means that you will likely employ staff and that you will certainly accommodate guests, and this type of insurance covers all legal expenses incurred as a result of any disputes with customers and staff. For example, if a staff member has decided that he will try to sue you for a particular reason, this type of insurance coverage can help pay the bills if the matter goes to court, etc.
Above all, you should always check that your insurance policy offers the appropriate level and type of coverage for your business.
