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.