Having the right Hotel Insurance program is a must for any hotel and when it comes to the right coverage, you need to make sure you understand the insurance coverage’s so you can understand which would be the best for your business. If you are a franchisee you also need to understand what your insurance requirements are and communicate that with your agent or prospective hotel insurance agents.
Hotel Insurance – Liability
The most common hotel insurance coverage is your general liability as well as liabilities associated with it. General Liability is fairly common as it insures your business for accidents you or your employees cause. This is generally trip and falls or other accidents where your employee could do something which caused an injury – expect when it comes to professional liability.
Professional Liability is another Hotel Insurance coverage some people will need to purchase. This covers professional decisions you make when dealing with a customer’s needs.
The next coverage some hotel chains request is Abuse & Molestation coverage – this Hotel Insurance coverage protects your hotel if a customer alleges they were abused or molested.
Other liabilities that can also be included are Liquor Liability if you have any stores on premises that sell liquor or Employment Practices Liability Insurance for claims of harassment or discrimination.
There hotel insurance coverage’s can be important as if you had even one loss the claim would cost more than what you would save by not purchasing these coverage’s.
Hotel Insurance – Property
Property coverage is the next most important coverage in any hotel insurance package. This insurance covers the buildings as well as the contents within it. We tend to ask questions like the sprinkler percentage, if you have an alarm system, CCTV and what condition the building is in.
The commercial property insurance also includes a coverage called Business Income – which covers your costs should your building get damaged in a covered cause of loss and as a result you lose income from room rents.
Flood and Earthquake tend to be excluded on most policies, but we can include this coverage.
Hotel Insurance – Workers Compensation
No hotel insurance package is complete without workers compensation coverage. This insurance covers your business if one of your employees was injured during the course of the job. This type of hotel insurance also covers your business should an employee get injured and then they use for unsafe workplace conditions – this is also known as Employers Liability.
Other Hotel Insurance Coverages
While these are the most common hotel insurance coverage’s, there are quite a few other you need to consider.
Commercial Auto Liability – Coverage for vehicles owned.
Commercial Umbrella – This type of policy increases the General Liability, Auto Liability, and Employers Liability limits.
Employment Practices Liability – Insures your business from claims of discrimination, sexual harassment, and more.
When looking for an agent who can write full Hotel Insurance packages, you need agents that have companies that are willing to entertain a variety of exposures and we can insure your hotel even if you have; Spas, Gyms, Movie Theaters, Golf Courses, Pools, or Restaurants.
Our packages can also cover; Guests property while in safe deposit boxes and property on the premises, Personal Grooming Service (for hairdressers, massage therapists, or nail technicians), as well as Hospitality Errors & Omissions Liability (for Wrongful acts in providing or failing to provide services to customers or guests).
Contact us today to get a Hotel Insurance Quote.