Hotel Insurance Coverage & Quotes
You can protect your hotel business by opting for the right type of hotel insurance coverage.
Types Of Insurance Available
Primarily insurance coverage can be divided into two categories. The first category includes insurance like unemployment insurance and disability insurance, which are required by the law. Incase you employ more than 50 employees, then you need to give employer-subsidized health insurance to your employees. The second category is not required by law and includes business insurance. This type of hotel insurance coverage is required for your business to run smoothly as it protects your business from the financial crisis incurred due to disaster, accident, or any other issue that you may encounter in the process of running a hotel business.
Hotel Insurance Coverage
Hotel insurance policies cover two significant aspects of the business. First is the liability risk that you face as a hotel owner or manager. Secondly, hotel insurance covers your property. As hotel business involves investment on a higher level, property coverage gives protection against losses due to property loss or financial loss resulting from a loss in business.
Customized Coverage Options
Many more coverage options are available based on your needs. Some of them include umbrella coverage that provides you protection against high liability charges. This type of coverage will save your business from going bankrupt in case of a catastrophic event.
You can also opt for hotel guest relocation coverage, which offers you compensation costs involved in moving guests and another type of loss your hotel has to bear due to a covered event.
One more tailor-made insurance coverage is cancellation insurance. If you have opted for this type of hotel insurance, then in case of event cancellation due to power failure or damage to your property or equipment failure, the cost associated with the event is compensated. This compensation also includes revenue lost due to the cancellation of the event.
As hotel business involves a lot of goods and livestock transportations you can opt for goods in transit insurance to protects goods or cargos from physical damage or death of live stock.
In case of instances of infection of E. Coli or any other fooborne infection if guests get sick then the cost can be covered by foodborne illness liability insurance.
In case of issues with computer or data management breach cyber criminals can access your cutomer’s personal infomation like their name, address or credit card details. In this case you can face some harsh penalties and may require to compensate affected guests. Cyber liability insurance can provide you protection form losses incurred due to cyber crime.
The hotel industry is dynamic in nature, and every hotel has its unique requirements. Based on your needs, there are a wide variety of tailor-made options available.