Owning and running a hotel or motel is a challenge, especially in today’s more challenging economic climate. Hotels, motels and bed and breakfasts are a big investment for their respective owners. Many have property values in the millions or tens of millions of dollars. As a result, they often involve a large amount of individuals, repair services, food companies, employees and clientele to maintain their success. As a result, risk exposure and potential for loss is very high.
Because of these risks, a hotel/motel insurance policy that is dedicated strictly to protecting the unique requirements of hotels, motels and bed and breakfasts and their owners is absolutely necessary. During the day to day running of hotels and motels, it is easy to forget about the risks associated with the hospitality industry. But with the thousands of guests every year, your business can be seriously exposed should an accident occur on the premises.
There are many types of insurance policies, but hotel and motel insurance coverage should be customized to meet the following needs:
- Natural disasters
- Building and contents
- Business interruption
- Machinery and equipment failure
- General liability
- Commercial vehicle liability
- Liquor liability
- Restaurant related coverage
- Workers compensation