As a public facing business there are many risks for a hotel that can be minimised with a comprehensive hotel insurance policy. In the hospitality industry, insurance is not so much a ‘nice to have’ as an essential part of ensuring the long-term survival of the business. But what are the benefits of hotel insurance for you – and for your customers?

Help if a member of the public slips or falls

If someone has an accident at your hotel it could be a costly business. For the customer, injuries can be life changing and may mean lost income as a result of an inability to work. For your business there is the financial issue of compensation, as well as the necessity of handling something like this swiftly to avoid reputational damage. Hotel insurance with public liability insurance factored in ensures that the injured party can be compensated and the hotel can move on.

Protecting your major asset – the building

Should anything happen to the bricks and mortar of the hotel then your business would no doubt suffer considerably. Hotel insurance can cover damage to the building in a wide range of situations, from storm damage to subsidence (you may have to enquire specifically about some of these as a general insurance policy may not cover subsidence as standard).

Coverage for contents

Contents and equipment insurance is essential for the hospitality industry. Not only does this cover contents and essential equipment belonging to the hotel but it can also include customer possessions and property that belongs to staff. This kind of insurance has many benefits, including being able to quickly reimburse customers for damage to their property and keep customer satisfaction levels high. It also means that equipment that is essential to the daily running of your business can be swiftly repaired or replaced.

Taking care of your staff

The workforce of a hotel is one of its biggest assets and hotel insurance should enable you to take care of your staff should something happen. A policy that includes employers liability insurance means that you’re covered in case anything happens to any of your staff while they’re working for you. It’s worth noting that this type of insurance is also a legal requirement and you may face penalties if you don’t have it.

Securing business income

Disruption to income could occur in any number of ways but business interruption insurance ensures that you’re always covered. Whether it’s theft or damage that has caused the problem, a reduction in business income need not be the end of the world.

Having legal support

Legal changes are more common than you might think, particularly when it comes to employment law. This could mean that current procedures in place may now be out of date, and potentially breach the rights of your employees. A legal expenses insurance will assist in your defense following an employment dispute. A key feature to look out for is a legal advice helpline, this would give you access to free legal advice to ensure you follow the right procedures and understand your rights as well as those of your employees.

If you’d like more information about hotel insurance for your business please get in touch with a member of the Morgan Richardson team today on 0800 731 2940.