Hotel Insurance – What You Need To Know!

Hotel Insurance

You know that the hotel industry can be a roller coaster ride. Local events, currency fluctuations, inclement weather, the health of the economy and the affordability of travel all influence hotel occupancy rates.

It is important that you fortify your business operations by purchasing the right hotel insurance policy. It is important that you have the right hotel insurance, and that it leaves leaves no holes that expose you, your business or your employees.

Protect Your Hotel

Hotels come in all shapes and sizes; the industry has a tremendous range. A one-size-fits-all hotel policy will inevitably leave gaps in your cover which expose you. A bespoke policy is best to make sure your specific risks are acknowledged and minimised.

Hotel insurance policies are usually composite, consisting of several core covers and a variety of industry-specific and optional covers. In this article we run through the main options and offer a little explanation to assist.

Hotel Cover

Insurers will typically include the following covers in their core hotel policies:

Buildings insures property such as the hotel, annexes, garages, small outside buildings, walls, gates and fences.


Contents
covers items within hotels such as furniture, furnishings, equipment, stock and machinery.


Employee protection
pays expenses associated with your employees’ death, loss of limb(s), loss of sight, temporary total disablement, and clothing and personal effects.


Business interruption
recoups any loss of business income due to damage covered under your contents or buildings cover.


Business liability
contains employers’ liability, public liability, products liability and guests’ property liability (including motor vehicles in hotel garages or car parks which are securely locked overnight).


Legal expenses
helps pay the costs associated with defending or pursuing certain legal actions such as contract disputes, employment disputes or prosecution defence.

Contact Edison Ives Insurance Solutions today or call on 0113 3904646 for more information.

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Quick Guide

Hotel Insurance: Optional Covers

Core covers may be supplemented with optional covers to protect your business against all insurable perils. This list is only a small sampling of the available optional covers:

  • Cost of obtaining alternative accommodation for guests
  • Guests’ and customers’ personal effects and valuables
  • Loss of attraction
  • Computer breakdown
  • Equipment breakdown
  • Employee theft
  • Terrorism

Hotel Insurance: Exclusions

Despite the inclusive nature of hotel insurance policies, there are still exclusions that insurers will generally look to exclude. The following is typically excluded:

  • Stock shortages
  • Computer or data processing equipment operator error
  • Computer virus or hacking (cover available under a separate cyber package)
  • Terrorism (cover available as an optional extra)
  • Theft of goods while in transit unless the vehicle is securely locked
  • Theft by the insured or resident manager (or member of your family)

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