It’s been a difficult year for the hotel industry with COVID-19 causing disruption. However, occupancy rates are expected to improve by 57.4% vs that of 2020, a welcome relief for many business owners. So, while you’re busy getting back to normal, now is a good time to make sure your insurance policies are up to date.
Why do you need Hotel & Guesthouse Insurance?
As with any other business, you need the right insurance policy to protect your hotel or guesthouse. A good insurance policy will protect you against events that would impact your business and cause you to lose money.
Standard Insurance Cover for Hotels & Guesthouses
To conform to legislation, you need to have some insurance policies as standard. This includes:
Building insurance. Your property is your main asset and must be protected. In the event of damage to your property, your insurance policy will cover the cost of repairs and help your business get back to normal. Your policy needs to accommodate the cost of a full rebuild so there are no nasty surprises in the event of a disaster such as a fire.
Employer’s liability. Even with just one employee you’ll need employer’s liability insurance. This will cover you if any of your staff members are injured whilst working for you.
Public liability. Public liability insurance covers you if a guest or member of the public is injured no your premises. It will also cover any damage to their property too.
Additional Cover for Hotels & Guesthouses
There are extra policies you can take out to increase your Guesthouse or Hotel cover. These additional policies will protect your business against common pitfalls and include
Product Liability Insurance. Do you provide products to your guests such as soap, food, tea, or coffee? Product liability insurance will cover you in the event that a guest becomes ill as a result of a product you have provided.
Business Interruption Insurance . Business interruption is the largest cause of income loss in the hotel industry. Business Interruption Insurance which will cover you for lost income if your business cannot operate as normal. Whether this is due to building damage, lost rooms revenue, or any other interruption to the daily running of your business.
Extra services cover. If your hotel or guesthouse provides extra services you can cover these with the right insurance policy too. This could be anything from a swimming pool & spa, to a licensed bar.
To discuss your hotel or guesthouse insurance cover call us on 01926 495 113. Our tailored Hotel & Guest Direct Insurance package has everything you need to protect your business.
