While on vacation, whether for business or pleasure, people typically sleep in hotels. Hotels are so important to the travel and hospitality industry that there are many websites devoted to finding the perfect home away from home for the best price. To protect these important properties, hotel insurance can be taken out.
Hotel insurance is a specialized form of business insurance specifically created for hotels. While it is geared to hotels and similar hospitality industry establishments, hotel insurance are still very flexible, since rarely are two hotels the same. Hotel insurance has several main components, including property, contents, and liability coverage.
Property hotel insurance coverage protects the structures and facilities on the hotel’s property. This includes the office, rooms, and other buildings including storage and equipment sheds, the parking lot, and the pool area, just to name a few. The property hotel insurance coverage protects from the cost of damages caused by insured perils, which are described as covered or excluded in the hotel insurance policy. The number and type of insured perils can be customized for the hotel insurance policy, and the more comprehensive the coverage, the higher the insurance premium.
Contents coverage in a hotel insurance policy protects all of the items inside the hotel. The contents covered by the hotel insurance policy include both hotel owned contents and guest owned contents. Like the property hotel insurance coverage, contents coverage protects from the cost of damage to the contents caused by insured perils. The perils can be listed as covered or excluded, and the cost of the hotel insurance policy can change depending on what is covered.
The last major part of hotel insurance is the liability coverage. Liability coverage for hotel insurance is important coverage for hotels since hotels are exposed to new potential liability hazards daily from many guests. Hotels need guests to occupy their rooms to make money, so something as simple as a wet patch on a floor can have potentially costly end if the injured guest decides to take legal action against the property. Liability coverage for hotel insurance also protects the hotel from claims made by employees.
There are other riders that can be attached to a hotel insurance policy to provide even more protection. Many of these hotel insurance add-ons fill in gaps that the standard hotel insurance policy does not cover. There are some perils that property insurance does not cover, such as subsidence or landslides, so a specific hotel insurance rider can be used to fill in the gap. Others include business interruption coverage, money loss, and other contents specific hotel insurance riders.
Hotel insurance ensures that hotels are protected in the event that a party claims a loss due to a covered peril. Finding hotel insurance for any hotel can be a very daunting task. Each hotel is different and requires attention from an insurance agent to be sure the hotel insurance policy is the best for the hotel. Independent insurance agents can use their affiliation with a variety of insurance providers to find the best, most cost effective hotel insurance policy for any hotel.
About Boardwalk Insurance: Boardwalk Insurance Group is licensed to write hotel insurance policies in over half the United States and has many other insurance solutions available through its affiliated insurance providers. For More Details visit https://www.boardwalkinsurance.com