Hotel Insurance

PROTECT YOUR HOTEL FROM CLAIMS YOUR BUSINESS

A hotel business has three fundamentals. The first is your property/premises, the second your staff and guests, and the third is your income. Keeping these three things safe should be at the heart of a hotel insurance policy.

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What do you need to know?

Who should consider it?

The simple fact is, no two hotels are the same. The number of rooms, the turnover, members of staff, the food served, the type of building, any events the hotel hosts, and any other services they offer all affect the level of risk and therefore the level of cover.

Hotel insurance is specifically designed to accommodate for these risks. If you have a holiday home or second home you let out as short term rental, you will most likely need a policy specific to your own requirements.

What can it cover?

Depending on your policy Hotel Insurance can include:

  • Public liability – This will compensate you for damage, loss or injury to third parties at the property. If, for instance, a guest slips on a wet floor in your reception area, you could be held liable for compensation.
  • Employers’ liability – If you plan to employ staff, you are legally obliged to take out employers’ liability insurance. This will mean that you are covered should any staff member be injured while working for you.
  • Buildings insurance – Your property will usually be your most expensive asset. Taking out buildings insurance will help you cover the costs of repairing damage to the structure, right through to a complete rebuild. You should insure yourself for the full re-build cost of your property. Make sure you factor in any outbuildings, boundary walls, pools, fitted kitchens and bathrooms, etc. as well as the building itself.
  • Content insurance – When talking about hotel contents insurance there are two aspects to consider: hotel contents insurance and guest contents insurance. For a hotel, the equivalent is furniture and its room contents. Essential items like kettles, televisions and furniture can quickly add up when multiplied by the number of rooms. It is vital to calculate these costs accurately. Inaccurate estimates will stop you being able to claim for these things to be replaced should you need them to be.It is also important to have ‘guest’s personal effects cover’, or ‘guest’s contents insurance’. Hotels can be targets for major crimes and to ensure you and your guests are secure, it is strongly advised to invest in the aforementioned policy.
  • Business interruption – Business interruption insurance pays your outgoings such as rent, wages and all necessary over-heads if something happens to stop your business trading. If buildings and contents insurance cover your assets, business interruption is the life support that sees you through until they are up and working again.

Depending on your policy Hotel Insurance can include:

  • Public liability – This will compensate you for damage, loss or injury to third parties at the property. If, for instance, a guest slips on a wet floor in your reception area, you could be held liable for compensation.
  • Employers’ liability – If you plan to employ staff, you are legally obliged to take out employers’ liability insurance. This will mean that you are covered should any staff member be injured while working for you.
  • Buildings insurance – Your property will usually be your most expensive asset. Taking out buildings insurance will help you cover the costs of repairing damage to the structure, right through to a complete rebuild. You should insure yourself for the full re-build cost of your property. Make sure you factor in any outbuildings, boundary walls, pools, fitted kitchens and bathrooms, etc. as well as the building itself.
  • Content insurance – When talking about hotel contents insurance there are two aspects to consider: hotel contents insurance and guest contents insurance. For a hotel, the equivalent is furniture and its room contents. Essential items like kettles, televisions and furniture can quickly add up when multiplied by the number of rooms. It is vital to calculate these costs accurately. Inaccurate estimates will stop you being able to claim for these things to be replaced should you need them to be.It is also important to have ‘guest’s personal effects cover’, or ‘guest’s contents insurance’. Hotels can be targets for major crimes and to ensure you and your guests are secure, it is strongly advised to invest in the aforementioned policy.
  • Business interruption – Business interruption insurance pays your outgoings such as rent, wages and all necessary over-heads if something happens to stop your business trading. If buildings and contents insurance cover your assets, business interruption is the life support that sees you through until they are up and working again.

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