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Cost vs. cover: What to look for in a hotel insurance policy

What to look for in a hotel insurance policyThese days most business owners are trying to save money. That is understandable given the recent economic downturn. While cutting costs makes financial sense, ensure that you are not putting your hotel at risk by trimming your hotel insurance cover. Hotel insurance is vital to the success and even survival of your business if something goes wrong. Without the right hotel insurance cover, you could end up paying for repairs and damages out of your own pocket.

In order to choose the right type of hotel insurance cover for your establishment, you need to understand the risks. Imagine a particularly accident-prone guest staying with you. Perhaps that guest trips on a rug and crashes into a desk, resulting in a nasty gash across their forehead and a trip to the ER.

This guest is legally entitled to claim compensation and legal fees from you. Public liability insurance covers the cost of defending the claim and any compensation paid to the guest. If one of your staff members is injured at work, they are also legally entitled to seek compensation and legal fees. Employer’s liability covers the cost of defending the claim and any compensation you may have to pay your employee. Fire, flood or subsidence could damage your building.

Buildings cover ensures you can afford to repair the damage. If you have to cease trading while repairs are being carried out, business interruption insurance provides cover for the loss of earnings. The contents of your hotel are essential to your business. The replacement value of linen, towels, kitchen equipment, etc. is covered by contents insurance in the event of theft or damage by flood or fire.

Crime is an unfortunate reality in today’s society. Money and assault cover provides various levels of protection if your hotel is robbed or if you are robbed on your way to the bank. For whatever reason you may lose your licence to sell alcohol, loss of licence insurance covers loss of income and reduction in business value.

There are a range of risks involved when you employ staff, one of which is theft. Theft by employees insurance offers cover in the event that a member of staff helps themselves to money or stock.

YOUR Insurance understands that each individual client has specific insurance requirements. We therefore offer comprehensive hotel insurance policies that can be tailored to suit your establishment’s unique needs. We also provide policyholders with access to a 24-hour free legal helpline, tax protection in the event you are investigated by the Inland Revenue, an affordable monthly instalment option and a seasonal increase that covers the extra stock you may need to carry during the high season.

For more information or a free hotel insurance quote, contact us today.