Owning and running a hotel or any other type of accommodation is a challenge, especially during the current tough economic climate, but there is no excuse for not making sure that your business, staff and guests are covered by the correct level of insurance.
Hotel insurance is not just for hotels, because you can also find the correct type of insurance often bracketed into this insurance category for the following types of accommodation:
• Guest House
• Bed And Breakfast (B&B)
• Guest Accommodation
Although there are many types of insurance policies when it comes to hotels and accommodation, some of the things that you really should look for in your cover include:
Buildings and Contents – As with any type of building that you own, you need to make sure that you insure both the building and the contents for the correct value, because should the worse happen, you need to make sure that your level of insurance is enough to cover the money you need to get the hotel back to its original position.
Liability Insurances – Public, employers and product liability are all types of insurances that could be vital when it comes to your hotel, guest house, B&B or other type of accommodation. Liability insurance can help protect you if a guest should fall and injure themselves, with employers liability helping to protect your staff should they be hurt or injured whilst working in or for your hotel.
Business Interruption – This type of insurance cover is sometimes overlooked but can really act as a business and life saver should your business be closed down for a short to medium term period. For example, if your hotel was flooded in June (it does happen) and you had to close down for three months to refurbish, having this type of insurance cover would offer you some income to keep your business going.
Legal Expenses / Protection – Running a hotel means that you will probably be employing staff and you will definitely be hosting guests and this type of insurance provides cover for any legal expenses which are incurred following any disputes with customers and also staff. For example, if a member of staff decided that they were going to try and sue you for a particular reason, this type of insurance cover can help to pay the bills if the case goes to court etc
Above all, you should always check that your insurance policy offers the correct level and type of coverage for your business.