10 Benefits of Hotel Insurance Coverage

Hotels are massive properties to manage and keep safe.

And, you need the best insurance for the hotel to keep your hotel property, staff, and guests secure. In this blog, we list ten crucial benefits of Hotel Insurance Coverage. Read more to find out. 

Hotel as a business is a multi-functional unit that has many variants that may be at risk. For example – the equipment, the expensive interior, the data of your guests, your staff, and more. 

Hence, it becomes essential to keep your business shielded from all possible risks occurring from every direction. Therefore hotel insurance is a must to reduce risks that may harm your business’ financial stability. 

Below we have listed ten benefits of hotel insurance that provide complete protection. 

You have invested a great deal of money in building your hotel property. But this property is exposed to many risks causing significant damages. 

Furthermore, the repair costs of these damages can take your peace of mind away. 

Thus you need the property coverage or the business property insurance that pays for any property damage caused to your hotel premises due to natural wear and tear, theft & vandalism attacks, or more. 

Your guests and visitors are your liabilities. Minor accidents like slipping on the floor, or missing a step can happen to anyone at any time. 

However, if these happen to your guests/visitors on your hotel premises, you may have to bear the cost of bodily injury and property damage liability. In such cases, the hotel liability insurance pays for medical bills, lawsuits, or other charges that may occur. 

Data breaches and hacking attacks are common these days. Many small to medium-level hackers target data like SSNs, Debit/Credit Card details, ID details, or more for many dangerous crimes. 

Therefore, cyber liability insurance is a must, as it settles any claims derived from a data breach and manages the losses that occur due to the hacking of systems. Furthermore, it also pays for the legal support needed to fight lawsuits. 

Your staff is your responsibility. Therefore, if they meet with an accident at work, it is your liability to pay for medical bills and other employee risks occurring from such accidents. 

In order to avoid such sudden expenses, invest in hotel insurance with workers’ compensation insurance

Hotels own various types of vehicles for commercial use that need to be insured separately because your personal auto insurance may not provide cover for vehicles used for business. 

Thus you need to protect your cars, vans, and other vehicles with commercial auto insurance. 

  • Employee Dishonesty Insurance

Trusting your employees is a great practice, but what about those times when they break your trust and start stealing from the business. 

Such employee practices may cause massive harm to your business income. However, if you have employee dishonesty coverage, it cushions you from such risks. 

  • Contents Coverage

Hotels have many expensive items on display inside their premises. These expensive items are at risk of being stolen by staff or guests. 

Hence, you need a hotel insurance policy with contents coverage to help you reimburse the costs of all stolen or damaged items in your hotel. 

Hotels serve food to their guests, and while doing so, there are slight chances of your guests falling sick due to food-borne infections. 

However, such illnesses can generate substantial medical bills, and paying those becomes your liability by law. To avoid such sudden expenses and to keep your business safe from risks, you must have this coverage in your hotel insurance. 

Equipment like ovens, refrigerators, air conditioners, escalators, elevators, and cleaning devices are used in the daily functioning of a hotel. The breakdown of any one of these equipment can cause massive damage to your business. Furthermore, the repair costs of this equipment can lead to added expenses that you may not be prepared to pay. 

This is why you need the equipment breakdown insurance to cover you from all risks that occur from the breaking down of a machine. 

Whether or not you have a bar in your hotel, if alcohol consumption is allowed on your premises, then this coverage is a must. 

It helps settle claims for a situation where your customers end up harming a third party under the influence of alcohol.

To summarize, if you own a hotel, make sure you get an insurance policy that provides the benefits mentioned above. 

Furthermore, suppose you own a rather luxurious hotel property. In that case, we might suggest you check some add ons like business income coverage, property damage insurance, umbrella liability insurance, and more for added protection. 

And to know more about hotel insurance costs, hotel insurance coverage, hotel insurance premiums, or for a hotel insurance quote, connect with us on:www.exceedinsurance.com or call us on – 855-5EXCEED. 

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