It is common sense that any hotel owner needs good insurance cover. With guests and staff coming and going daily, ensuring a whole range of problems are insured against is very important. From public liability claims to insuring against theft and fire, there is a large amount that needs to be included in standard hotel insurance. Before buying anything, as a hotel owner it is very important that you know all the facts. It is also crucial that you talk through all your requirements with a few different insurance brokers so you can be sure you are getting a good deal. When it comes to insurance there is a lot of competition out there so you should take advantage of this by discussing your individual needs with several companies before making a decision.
A lot of insurance policies are simply commercial policies that have a few hotel type clauses added in. These are not totally appropriate for hotels and can cause problems down the line. A hotel is quite an unusual business with a unique set of requirements and this needs to be reflected in the policy. To ensure you are getting a tailored plan for your hotel business the best advice is to seek out a specialist insurer of hotels. You will be glad you did when you come away with a thorough insurance policy able to cover you in the event of a host of problems and disasters.
Included in hotel insurance must be both public liability insurance and employee liability (if you have staff working for you that is). These will make sure that if a member of public, guest or staff member was to be involved in an accident, the hotel would be covered if a claim was to be made. These types of insurance are necessary by law and you could be in trouble or even have your license revoked if it was found either of these were missing. There are a large number of other types of insurance that could be beneficial to a hotel owner. For example you can be covered against business interruption, glass replacement, signage damage and employee theft too. Although these are not required by law, you could be grateful you had the additional coverage in the event that one of these scenarios occurred.
Contents cover is also extremely important as is insurance on the hotel building itself. Theft, damage caused by fire or any number of other disasters could mean you lose a large amount of stock or equipment needed to run the business. If you aren’t protected against this then replacing the items may just cost too much and you would be unable to replace what you lost. Although you may not think you have anything that is worth much, even just your linen, beds and kitchen equipment can add up to several thousand pounds worth.
If you have the misfortune to be affected by a serious disaster or theft that involves you having to make a claim, you are going to want a team of professional and experienced insurers helping you. That is why it is important you do your research before taking any insurance out. Although sometimes tempting to go for the cheapest, this can be a mistake and lead to a lot more expense in the future.
Whatever type of hotel you run, you are going to need good hotel insurance. From guest house insurance to commercial property insurance, make sure you work with a professional and reputable company. When it comes to insurance it is not worth taking any risks because your business and your livelihood could depend on it. Find out more about what type of insurance will be best for you by talking with a specialist hotel insurer today.
