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Hotel Insurance
Hotel insurance is crucial for managing the potential financial impact on your business should something go wrong with your hotel business. A good hotel insurance policy will keep you covered for everything from room contents to the actual building itself.
It covers various aspects such as buildings, contents, public liability, product liability, and employers’ liability. The level of insurance needed depends on factors such as the number of rooms, building type, turnover, staff, and event hosting. People, hotel buildings and contents, and income are key areas to consider.
By comparing multiple quotes and insurers, Quotezone can help find cheaper hotel insurance for you.
What does hotel insurance cover
There are a few things that you should consider when deciding out a hotel insurance policy. Firstly you’ll need to ensure that any coverage you take out will offer coverage for the Building, contents and of course guests and staff.
- Buildings insurance – Buildings insurance will cover the cost of repairs along with your building’s structure and even the cost of a total rebuild.
- Contents insurance – This will offer you coverage for damage, loss or theft to your furniture, equipment and amenities.
- Public liability insurance – This is will offer you coverage against claims made by a guest or member of the public as a result of your services. This can include claims as a result of food, building issues, service or anything else related to your hotel business which could potentially harm a guest. If a guest decides to seek compensation against you then public liability insurance will be a useful protection.
- Employer liability insurance – It is a legal requirement for employers with staff to have employers’ liability insurance in place. This will offer coverage for employees against injury and illness as a result of working for the employer.
- Guest content cover – The Hotel Proprietors Act 1956 has made guest content coverage a legal requirement for hotel operators in the UK. This is to protect guest belongings during the duration of their stay.
What are some of the reasons for public liability insurance?
Public liability can cover your hotel business against a wide variety of potential risks. These include some common claim causes such as injury due to wet floors, cuts and burns, food poisoning and other similar hygiene issues. Standard public liability policies will usually be capped at £1 million pounds. If you run other functions in your hotel such as weddings, business events or conferences, then you may be required by some councils to increase your public liability coverage to up to £10 million.
Do you need specialist hotel insurance?
The benefit of a specialist hotel insurance policy is that your coverage will essentially be tailored toward the specific needs of your hotel. Whilst you may be able to meet your insurance needs with a standard hotel insurance policy, it is always recommended to see what additional add-on coverage your policy may benefit from. Common add-ons for hotel insurance include.
- Personal contents cover – Consider personal contents cover for hotel residents or staff to protect personal possessions, similar to home contents insurance, in case of damage or theft.
- Legal cover – Legal action coverage is a benefit often included in business insurance, but it may not always be included.
How to check a hotel insurance policy
Whilst every hotel will be different and will come with its own specific risk profile, there are a few core areas you should check are covered before committing to a purchase. These include the following key areas.
- Building and contents coverage
- Theft and security costs
- Employers Insurance
- Public liability insurance
Desirable add-ons in addition to these core areas are really a matter of preference and the use of your hotel.
- Contractors Insurance
- Cyber coverage
- Goods in transit
- Business interruption insurance
If there are any further points you wish to clarify or any additional coverage you wish to include in your policy, contacting the insurer directly can help you better tailor your policy toward the needs of your hotel. Expansion of your hotel may affect your insurance, so keep your insurance provider informed about any changes to your hotel to avoid policy invalidation.
What do I need to get hotel insurance?
When taking out hotel insurance you will be asked to provide details on business. This can include details such as the number of years you’ve been in business, any previous claims history, your forecast turnover and the number of employees. When you have given these details you will be contacted by panel members to discuss your coverage options and the best deals for you.
Personalising your hotel insurance coverage
Some insurance providers will adopt a one-size-fits-all approach to their hotel insurance coverage. It is always a good idea to go with a provider that offers you the ability to cover all your bases in a tailored policy for your needs. If you need to add or remove certain aspects of your coverage, then discussing this with your provider to see what they can accommodate can be a great way of getting the best value for your money.