The purpose of hospitality insurance is to protect your business from various risks, such as natural catastrophes, injuries to guests, and business interruptions that can force you to close. Hospitality businesses must give their patrons access to a secure and comfortable environment now more than ever. Providing a reasonable level of protection against risks is integral to that responsibility. However, there are still important choices regarding the coverage your particular business needs.
Here is a quick overview of the several types of hospitality insurance that every hotel and motel should consider.
Hotel and motel insurance types include:
This type of insurance covers your business if you are liable for any injury, damage, or loss caused to guests or their property while on your premises. It also covers legal costs should you be sued for any reason.
This type of coverage protects your business from any temporary loss of revenue that may result from a natural or man-made disaster. It also covers the costs associated with relocating your guests during an event.
Umbrella liability insurance could fill in the gaps in your general liability, auto, or other coverage options if they fail to cover the entire claim.
This type of insurance protects your business from damage or destruction to its property caused by either natural disasters (such as storms, floods, and earthquakes) or man-made incidents (fire, vandalism). It also covers any losses you may incur if guests cannot stay on the property because of the damage.
It protects your business from claims of injuries or death of employees that may occur while they are working. It also covers funeral costs and medical expenses.
The cost of hotel insurance varies depending on the type of coverage you need and the specific requirements of your business. However, some of the factors that may affect hotel insurance premiums include the following:
Speaking with an insurance agent to determine the most affordable coverage for your business is important.
When planning for protection against potential losses, it is essential to consider the types of insurance that may be necessary. Hotel insurance can protect your property from damage or loss due to natural disasters or man-made incidents and cover the costs related to defending yourself in a lawsuit.
If you are looking to get affordable hotel insurance for your business, contact us today. At Bema Insurance, we have a team of professionals committed to providing you with the best insurance plans.
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