If you’re in the hospitality sector, you’re in the business of making guests feel right at home — meaning safe and secure. And while no hotel, home, or place of business is immune to unfortunate incidents, the difference between losing a customer and building a lifetime relationship is often a matter of being prepared and responsive when something goes wrong. The first place to start is with your insurance policy. Whether you own a single boutique hotel or manage several properties, understanding the basics of insurance can help ensure your property, your guests, and everything else under your roof is covered.
Protecting Your Property
The hospitality industry is known for its high overhead: rooms, furniture, pools, and more — along with the equipment that heats, cools, and secures it. To cover all of this, start with a commercial package policy can help protect property that is damaged as a result of a storm, fire, or other unfortunate incident. In addition, this policy can include business interruption coverage to help pay expenses and cover lost income if you are unable to operate after a loss. There are also some hospitality-specific property coverages you should consider, such as:
Read the Full Article on Liberty Mutual HERE.
Protecting Your Property
The hospitality industry is known for its high overhead: rooms, furniture, pools, and more — along with the equipment that heats, cools, and secures it. To cover all of this, start with a commercial package policy can help protect property that is damaged as a result of a storm, fire, or other unfortunate incident. In addition, this policy can include business interruption coverage to help pay expenses and cover lost income if you are unable to operate after a loss. There are also some hospitality-specific property coverages you should consider, such as:
- Hotel guest inconvenience: If you suffer property damage and are unable to honor reservations as a result, this coverage helps take care of guests’ related expenses, such as securing other accommodations and travel to the new location.
- Lost key coverage and lock replacement: Keeping guests safe and secure is paramount. This coverage covers costs to replace keys, rekey or reprogram locks to accept new keys, or install and program new locks if a master key is lost or damaged.
Read the Full Article on Liberty Mutual HERE.