23rd August 2022

What Exactly is Covered Under My Business Hotel Insurance Policy

Running an independent hotel, hostel, or guesthouse can be a hectic business. You work hard to provide your guests with a huge range of high-quality services, looking after their needs at all hours. But because hotels are such a public-facing business sector, there are myriad risks to contend with. If guests have an accident in your hotel, for example, you could be liable for costs. With the bars and restaurants that many hotels incorporate, these potential hazards multiply. Risks include mishaps to guests and members of the public, as well as your staff, facilities, and buildings. All of which ultimately means your income could be under threat if you are faced with big claims or costs. So, it pays to know what your hotel insurance policy includes.

Public Liability Cover

With the level of public presence and activity, it is no surprise that public liability coverage is one of the most important aspects of insurance for hotels. Public liability covers damage or loss of third-party property as well as the costs of injury to guests or members of the public. This cover can include everything from accidental damage of property by staff through to falls on stairs or accidents in restaurants, plus a wide range of other mishaps.

Employers' Liability Cover

Whereas public liability is designed to protect your business from the costs of third-party accidents and injuries, employers' liability covers your employees specifically. Employers' Liability is a legal requirement, and you could face a hefty fine if you employ staff without it. But that is not the only reason for including it in your package. It can help secure your hotel in the event of compensation claims or accident costs. This protection not only helps to keep you and your staff safe from costs, but it can also maintain your good reputation.

Buildings Insurance

The most expensive asset for a hotel business is usually the building itself, so it pays to have it protected by insurance. Buildings insurance covers damage to the fabric of the building, whether it is the result of fire, flood, bad weather, vandalism, or other factors. Without buildings coverage, your repair costs could be enough to damage your finances severely or even sink your business.

Business Interruption Insurance

The success of any hospitality business can be impacted by an array of adverse events, not all of which are within your control. Periods of business inactivity can be highly damaging to your balance sheets, which may take some time to resolve. That is why your hotel insurance cover needs to include business interruption - such as the unexpected lockdowns imposed during the pandemic although covid and other related diseases is now excluded from most policies. In more ordinary times, this insurance can help to keep your business afloat if you are forced to close because of building or refit work, damage repair or other emergencies. And do not forget Denial of Access to your premises. Business interruption cover is typically claimed to cover wages, rent or mortgage, and other outgoings. It lasts for an 'indemnity period' of usually 12 - 24 months, during which time you can get back on your feet.

Hotel Insurance From ManningUK

It is important to choose the right commercial insurance for your hotel business. ManningUK offers a range of specialist policies for the hospitality sector, including hotels, from some of the country's leading insurance providers. We are also happy to tailor policies to suit your unique needs. To find out more or for a competitive hotel insurance quote, please use our enquiry form today.

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