A lot of time and effort goes into operating a hotel. Typically, if you want to be successful you need to provide your guests with a relaxing and satisfying experience.
Inside your hotel, you may have a variety of amenities for your guests to utilize during their stays, such as a swimming pool, restaurant, or gym. It’s also very likely that you have high-dollar equipment at your front desk that keeps track of customers’ personal information and room service and maintenance requests.
The point is, every hotel comes with its fair share of risks. Therefore, you need hotel owners insurance to keep your resources and property protected. Doing so can help you combat legal and financial risks.
The amount of coverage you need will vary since every business is different. Evaluating the crime in your area and the value of your property can be a good place to start.
Some typical coverages you may need includes:
Talk with one of our insurance agents who can walk you through the various coverage options for your hotel.
Here at Property Insurance HQ, we give you the ability to choose from our wide variety of carrier options including some of the nation’s top insurance providers. We have been providing our insurance expertise in this area for years, so we have a highly trained and knowledgeable staff! We can also connect you with one of our trained agents who can work with you directly and give you that personal experience you’re looking for. Lastly, we offer several billing options to make it as easy for you as possible.
The short answer is yes you do! Many risks within the hospitality industry could endanger your business. For example, one of your guests or housekeepers could trip and fall or one of your rooms could be damaged by a guest.
Did you know that hotels are a common target for cybercriminals? You wouldn’t want to risk the repercussions of an incident like this without proper insurance coverage.
The point is, you can’t predict or always prevent an unwanted incident from occurring. But what you can do is prepare for the various risks that could jeopardize your hotel.
There’s no one price fits all when it comes to hotel owners insurance. The cost will be dependent on the number of rooms and employees you have as well as your location and property’s value. Also, if you have a bar on-site or serve alcohol you’ll likely pay more for insurance.
If your hotel is well-maintained and has a clean insurance record, then you may be able to save a bit on your rates.