As a hotel owner, you provide an essential service. However, you're exposed to multiple liability risks. Your assets may be at risk while handling these situations unless you have strong hotel insurance coverage. Here's a look at some of the essential policies to secure.
Service in the hospitality industry means your employees are vital to the hotel's success. Purchasing workers' compensation coverage shows that you value your employees' contributions. While purchasing workers' compensation is legally required to operate your business in most states, you can amend it to look out for your employees. The policy covers your employees if they are injured in the workplace. They'll receive assistance with their medical bills and lost wages if they cannot work for a while. Your entire business could be at risk if a workplace incident occurs and you don't have workers' compensation.
Business income coverage protects you if a fire or tornado damages your hotel and you are forced to shut down operations. The policy helps replace your lost income while the property is being repaired so you can make payroll and fulfill other obligations.
Perhaps a guest slips on a wet spot while entering your hotel and suffers an injury. Commercial liability coverage protects you if the injured party plans to sue you. The policy helps cover your legal fees. You should speak with your insurer to ensure the policy covers you in every potential liability situation.
Purchasing umbrella insurance is recommended if you have amenities like a bar or swimming pool at your hotel. Serving alcohol makes things unpredictable. Perhaps an intoxicated guest assaults someone. A guest may have suffered a severe injury while using your swimming pool. These are major liability disputes that could be expensive to settle. Umbrella insurance steps in to cover your business once you have reached your policy's maximum liability coverage limit. Umbrella insurance could prevent you from going into debt or even losing your hotel.
Hotel insurance is a crucial investment that helps protect your business from financial loss in unforeseen events such as property damage, theft, or liability claims. With the right coverage, you can have peace of mind knowing that your investment is secure. At John E. Peakes Insurance Agency, our team is dedicated to providing the necessary information and guidance to help you choose the best policy for your hotel. We are available to answer any questions and assist you throughout the insurance process, so you can focus on running your business confidently. Contact us to get started with it.
