For your guests, your hotel, motel, inn, or bed and breakfast is a home away from home. For you, it’s your livelihood. Having the proper hospitality insurance coverage to protect your business means taking care of what’s yours, as well as your guests and their belongings.
One of the big differences between insuring a hospitality business and other businesses is the need for innkeepers’ legal liability insurance. You have an obligation under the law to keep your guests’ belongings secure, safe, and in some cases, you may be held responsible for loss or damage. What’s more, because the legal requirements may vary depending on your location, your insurance needs can be complex.
Hospitality insurance may include commercial property, equipment breakdown, crime, business interruption, utility interruption, and food spoilage.
As a hospitality business, you are required to keep the personal belongings of your guests secure and safe. Innkeepers’ legal liability helps cover you against losses of your guests’ possessions when stored on your property.
If your hospitality business also includes a restaurant or bar, a liquor liability policy is a must-have. Offering valet services, either for the restaurant or guests lodging with you, creates another risk factor that requires attention. Airport and local shuttles are also popular amenities, but they also carry their own specialized coverage needs.
In the hospitality industry, like most industries, you have to be able to serve your guests in order to remain profitable. What would you do if you were not able to rent out rooms due to a fire or another covered loss? Business income insurance may protect you in the case of lost revenue. Understanding this risk and your operation’s specific needs can mean the difference between staying in business or not after a disaster.
Hotels, motels, inns, and bed and breakfasts need a whole host of coverage options that are common to most businesses, such as cyber liability, general liability, workers’ compensation, and employment practice liability insurance, among others.
Want to learn about the benefits of hospitality insurance for your business? Contact us to learn more about your needs and coverage options.