More complex than many forms of business insurance, hotel insurance policies will offer some of a selection of features.
When comparing hotel insurance policies, you should always take care to make sure that you have the features you need and that the price is right – which can be a difficult balance to strike, requiring careful reading.
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Hotel Insurance Features
As a business, employers’ liability insurance is a legal requirement. Some hotel insurance policies will include this, but it may be a better deal to arrange that policy separately – make sure you weigh up all the options during your online hotel insurance comparison.
Your business is also likely to want public liability insurance as a safeguard against, loss, damage or injury to members of the public while on their property, and buildings insurance – which you should make sure covers you, not against the premises valuation, but against its rebuild cost.
Make sure to account for boundary walls, outbuildings, and fixtures and fittings while calculating rebuild cost.
Contents insurance can also be surprisingly important, especially when you consider that your guests’ belongings will count as contents while on your premises – which is why this is also a legal requirement. Make sure you know the correct level of insurance for your hotel capacity.
As with any business, business interruption insurance can be useful to sustain your business through any interruption of trading – flood damage, fire damage, or other interruptions can often trigger this. What level you want and whether you want it is another question.
Things to Watch For
If you serve alcohol on your premises you may wish to insure against the loss of license, and if your hotel hosts gyms, spas, and other treatments you should check to see whether any of them represent an unusual liability.
Many hotel policies also have specific exceptions for condition of property, theft by violence or forced entry, or accidental damage. Check that your arrangements meet the requirements of your policy to make sure you stay covered.
After some years’ incident-free operation, you may find that some providers are willing to reduce your premiums. As long as you retain the coverage you need, a good deal is always worth investigating.