Protect Your Hotel With The Best Insurance Policy
If you are a hotelier, you may have to face risks and legal liabilities
. This is when you will need hotel insurance. Read on to find out what the best insurance policy could cover for your hotel.Hotel Insurance Coverage
You will get the following coverage through a hotel insurance policy.
Public liability cover: Public liability insurance policy covers injuries or illness suffered by guests or material damage claims made by them. The amount of coverage you require should be decided after assessing the hotels risks. It may include the ongoing healthcare expenses of your guests and legal / defence fees. The size of your hotel also affects the amount of policy coverage.
Employee Liability Insurance: The law requires you to seek coverage for employee liability insurance. Such coverage will help you compensate for employees illness and injury. It will also cover damage to your employees personal possessions due to their work in your hotel. To find out the coverage for employee liability insurance, calculate the number of employees you have and the risks their job roles can bring to them. The maximum amount can be as high as 10,000,000. However, you should check whether this amount includes separate claim limits.
Professional Indemnity Cover: This policy protects your hotel from any loss due to professional negligence like planning an event on the wrong date. In such a case, your hotel will have to compensate the claims made by a third party. This is done with the help of indemnity insurance.
Building/Contents Coverage: This is an essential coverage for your hotel insurance policy. The amount of this coverage will depend on your hotels risks. If you own the hotel, make sure your policy covers the cost of rebuilding the hotel and claims due to accidental damage or vandalism. In case the hotels premises are rented, your landlords insurance may help you pay for some of the losses. You need to know about your landlords insurance coverage. Accordingly, you will require getting coverage for tenants improvement which includes the decorations or renovation you want to carry out for the tenants to enjoy their experience of staying in your hotel.
Business Interruption Protection: This coverage pays for you when your hotel suffers financial loss due to rebuilding work that has caused damage to a third party. By taking this coverage, you prevent the third party claim from affecting your trade.
In addition to the coverage mentioned above, hotel insurance policies compensate loss of money on the hotel premises or damage due to theft in your hotel. The best insurance cover will also pay in case there is a fire at your hotel, which did not allow you to trade.
Being a hotel owner, it is in your best interest to make your guests feel happy and secure during their stay at your hotel. Also, in a hotel business, there are multiple risks when it comes to dealing with your employees, guests and the public. So, it is essential to get sufficient insurance coverage for your hotel, its staff and your guests.
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