Hotel Insurance

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Hotel Insurance Explained

What is hotel insurance?

If you have a hotel business, then there are three essential areas that you need to get covered. The first one is your property and premises, then your employees and your guests, and finally, your income. The hotel insurance policy that you choose must be able to protect these three things.

In order to protect your property and premises, you must get buildings and contents insurance. Obtaining public and employers’ liability insurance can cover your staff and guests, in case they get injured. If you want to protect your income, then you should get business interruption insurance. You can take other types of covers but it will depend on your requirements as well as the services that you offer.

Do I need hotel insurance?

The truth is, each hotel is unique. They differ in a lot of things. For instance, the number of their employees, the number of their rooms, the type of their building, the events that they host, the foods that they serve, as well as any other services that they provide. Each of these has different levels of potential risks, hence, your insurance will be dependent on these risks. By having hotel insurance, you can have peace of mind knowing that these risks are covered.

What should you consider when choosing your hotel insurance?

If you have multiple properties, then you can probably enjoy big discounts. Some insurance providers offer lower premiums if you have multiple properties.

Do you frequently encounter incidents in your hotel? If you have lesser incidents in your hotel, then insurers can likely offer you lower premiums.

Some insurers do not offer a cooling off period wherein you will be given the chance to cancel your policy within a specific period of time. This is something that you need to check when gathering quotes from different insurers.

Finding the Best Hotel Insurance

What is covered by hotel insurance?

Buildings Insurance

Your property and premises are your most expensive assets. That’s why it is essential that you must take out buildings insurance that can cover its repair costs as well as its reconstruction costs. Be sure to include all the areas in your building such as the pools, bathrooms, kitchens, and most importantly the building itself.

Hotel Contents Insurance

When it comes to hotel contents insurance, there are two important factors that you need to consider. These are the hotel contents and guest contents. Every room in a hotel contains furniture, televisions, and other essential things. When you add up these things and multiply it with the number of rooms in your hotel, then it can result in an enormous amount. It is important that you have an accurate computation of these things. If you have a wrong estimation, then you might not be able to replace these things when they get stolen or damaged.

In order to ensure that your guests, as well as their belongings, are fully secured, you should get a guest’s contents insurance. This can protect your guests against any crimes that might occur in your hotel.

Public Liability Insurance

This can cover injuries to a member of the public as well as damage to their properties. For instance, your guest might trip over on a wire or slips on a wet floor. You can be held liable for these accidents and if you don’t have public liability insurance, then you will be paying the compensation on your own pocket.

Employers’ Liability Insurance

Most hotels employ staff. If you have employees in your hotel, then you should get an employers’ liability insurance. This can protect you in case one of your employees will get injured or ill while working in your company.

Business Interruption Insurance

If something happens to your hotel and you stopped operating, then you’ll be thankful that you have a business interruption insurance. This can pay for your fixed expenses such as salaries, rentals, and other overhead costs. Having buildings and contents insurance is essential since it can cover your assets. At the same time, it is also important that you have a business interruption insurance because this can help you while you are still trying to keep your business running again.

How to find the right hotel insurance?

If you want to get the best policy that suits your needs, then you should consult an insurance professional. Whatever type of hotel you are running, this is something that you should consider.

There are a lot of factors that can affect your premium amount. Also, be aware of insurance contracts that come with an auto-renewal clause.

Lastly, it’s worth comparing different hotel insurance quotes before making your final decision.

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