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The Hospitality Industry is all about helping people to relax, unwind and generally offering them comfort. It is about creating a pleasant environment where their cares can fade away. However, if you are an operator of such a business, there is a lot of things that have to happen to achieve that goal. When it comes to protecting your business operation, the correct insurance can help create some peace of mind and remove some worries.
Coverage needs may vary, depending on the type of business you operate but generally, the types of coverages that a business in the hospitality industry would need are as follows.
Building and Contents
A business owner can have a large investment in physical assets. This would include furnishings, stock, equipment, computer, and communication systems. Having a policy with the broadest coverages possible will help protect those assets.
If the business does suffer a loss that forces a shut down, there are expenses that will remain ongoing while the revenue stops. Having Business Interruption can make the difference between surviving a long shutdown or not. It will also help cover some of the additional expenses that arise due to the loss, such as having to move to a temporary location or overtime for staff. Even a short shutdown can have a bit impact on the bottom line of a business.
A loss to your heating, air conditioning or refrigeration equipment can have a serious impact on the business operations, possibly even resulting in a shut down. Equipment Breakdown coverage can provide the financial means necessary to provide quick repairs to get you back up and running as soon as possible.
Commercial General Liability
Accidents do happen. Liability coverage can protect the business against claims of injuries or property damage due to negligence on the part of the business. If you have a restaurant operation, food services can add another whole level of possible claims.
Host Liquor Liability
The Commercial General Liability policy does have an exclusion for alcohol related injuries. However, Host Liquor Liability can be purchased to protect the business against any claims for injuries from their customers or guests due to the consumption of alcohol on the business premises.
Our commercial insurance professionals are here to help you find the best coverage to fit your specific insurance needs. Contact us today to find out more.
Payment plans are available for all commercial policies.