The Ins and Outs of a Hospitality Insurance Program

There are many insurance considerations that pertain to the hospitality services industry that are both unique and complicated. The risks and operations associated with operating this type of business requires the knowledge of a professional hospitality insurance company in order to appreciate just how, and what type of insurance should be placed.

A qualified agent or broker can assist in explaining, for example, how a property insurance claim should be handled. Anyone can appreciate the amount of time and work it takes for insurance agents and brokers to become specialists in this industry. Without this specialization, insurance agents would be much more likely to sell insurance coverage that contains gaps that would often leave hospitality policyholders uninsured or drastically under-insured.

How to get started

Finding an insurance agent or broker who thoroughly understands the hospitality industry is vital, since most owners aren’t fully aware of all the risks facing them and the need for certain coverage’s to properly insure their businesses. Sadly, most owners have little knowledge of, or appreciation for, the impact of exclusions and limitations contained in many policies purchased.

In addition, you should request that the agent thoroughly review your particular business and encourage him or her to follow up with letters and agreements setting forth exactly the type of relationship and service expected, the broadness of coverage desired, and the thoroughness of value investigation needed in order for you to be fully (and safely) insured.

When you decide the time is right to buy liability coverage for your hotel or restaurant operation, you should expect to receive a measure of protection, but you may still remain somewhat concerned that all may not be well with your insurance portfolio.You may still wonder whether or not you have enough coverage for any and all situations.After all, you may not have the right kind of coverage to cover all of the possible accidents, incidents and catastrophes that might occur.

What about employers liability, liquor liability,or auto insurance for employees who drive their own car on behalf of the business?Do you know where your current liability insurance policy is, and when was the last time you read it?If you don’t fully understand the language then you need the agent operating on the behalf of the hospitality insurance program to take the time to explain everything. Insurance works best when you know what the specifics are, what to do when an issue arises, and how to properly file claims.