Common Types of Hotel Insurance Policies You Need To Know
The hospitality industry is among those that are associated with many risks and call for insurance to be on the safe side. Are you in the hotel business and wondering what the best insurance cover is for you? If the answer is yes, then you are in the right place.
There are different types of covers for hotels and it is better to go through them and identify the best for your business.
Dive in and learn about the common types of hotel insurance policies you need to know.
- Commercial General Liability
It is one of the most recommended insurance policies for every hotel whether big or small. This is because it is the foundation that was used in building the hotel liability insurance program. It covers property damage and bodily injuries to any third parties on your premises.
You need it because you have many people coming in and going out of your hotel at all times. Such as those who come to drink in the bar, exercise in the gym, and sleep in their rooms among others. So you should embrace bar restaurant insurance to be prepared in case anything happens to one or several of them.
- Commercial Property Insurance
A lot of money is invested in the hotel business, especially in the structures and these calls for the protection of your assets. This policy is the best fit for this because it covers all the hotel buildings plus other things in them and outside as long as it is all hotel property.
It applies to all hotels no matter the size. But natural disasters like earthquakes and floods are excluded from this policy. So if your hotel is located in an area prone to them, then you must ask your broker to provide a specific cover for them.
- Commercial Auto
This type of insurance is for you if your hotel owns some vehicles. Well, if you have a fleet of cars that transport your guests, and employees, or make supplies. Then your hotel needs commercial auto insurance.
It protects you against the liability associated with using the vehicles and any damages that may occur to them. This protects your hotel from large lawsuits in case of a car accident. You just have to look for the best insurance company and check out its packages. Then go for one with premiums that are affordable to your hotel business.
- Workers Compensation
Every hotel has several employees in its different departments. For example, cleaners, waiters, waitresses, receptionists, and customer support teams among others. You should know that by law these employees are under your responsibility in case anything happens to them while working in your hotel.
The good news is that a worker’s compensation policy covers these legal obligations. Wondering how? It pays for injuries and some lost wages when the employee wasn’t able to work. However, most of the terms of this policy are determined by the state where your employee lives but not the insurance company.
Insure Your Hotel
Embrace bar restaurant insurance to save your hotel business from any risks associated with its daily operations.