Four things to consider with insurance for hotel owners
Running a hotel is busy work, people are constantly coming and going and there’s inevitably always something else to do. Due to the hectic nature of this industry and the fact that it’s heavily public facing, it’s essential that hoteliers get their insurance right from the outset, whether you’re just starting out or you’ve been established for many years.
At Full Time Cover, we specialise in finding the right insurance for hotel owners. We’ll work closely with you to identify the key risks that threaten your business in order to shape a Hotel Insurance policy that meets your unique requirements. From defending your business in the event of a customer injuring themselves while staying at your hotel, to protecting your property in the event of fire, flood or storm damage, we take a look at four things that should be taken into account when arranging insurance for hotel owners.
- Protecting your properties
Whether you run a single hotel or B&B, or you manage a chain of hotels across a whole host of different locations, it’s important to ensure that these are all sufficiently protected under your policy. This will need to take into account both the fixed aspects of these buildings as well as the contents inside such as furniture and technology. If you have valuable assets within your hotel, these will likely not fall under standard hotel insurance so they will need to be considered on an individual basis.
- Defence against liability
If a staff member or a member of the public is injured or if their property is damaged as a result of your business, you could be held liable should they instigate legal proceedings. In such cases, costs can quickly add up. That’s why you need to ensure that you have the right levels of liability cover in place. While employers’ liability insurance is a legal responsibility for all businesses that take on staff, your policy should also include hotel public liability insurance. These policy features will cover the costs of legal expenses incurred in such a claim, including court fees and the cost of investigating and defending a case.
- Planning for business interruption
Should something happen that prevents your business from operating for an extended period of time, how would you cover for the lost costs in the meantime? Many hotels would not be able to survive without adequate insurance in place. With business interruption cover, you will not only be protected against the loss of profit incurred when unable to trade, but it also accounts for your reduction in income over this time. This type of cover is typically useful for perils such as fires, floods and storm damage with an indemnity period ranging between 12 – 36 months dependent on the policy that you choose.
- Covering your additional services
Every hotel is different, especially when it comes to the range of services that your offer to your customers. These can range from simply providing basic rooms to offering gyms, spas, restaurants, bars, excursions and much more. Your hotel insurance policy will need to take every insurable aspect of your hotel and its services into consideration to ensure that nothing is missed out. This will take into account risks such as loss of licence, refrigerated goods and professional indemnity cover to name a few.
Want to know more about how Full Time Cover can help arrange tailored protection for your hotel? Just get in touch with us today using our contact form. Run a boutique hotel? Learn more about our specialised insurance for boutique hotel owners here.