Compare hotel insurance
Compare hotel insurance from a number of specialist hotel insurance brokers. No hotel is the same and therefore using a specialist broker is one of the best ways to ensure you get a policy that is right for your premises.
What is Hotel Insurance?
There are three core aspects to your hotel insurance policy. Your property is the first, your staff and your guests are the second, and your income is the third.
You have protection for your property under buildings and contents insurance. If someone is hurt, you also have public and employer’s liability insurance. There is also business interruption insurance to protect your business’s income. Everything else will depend on what services and requirements you offer.
Do I need hotel insurance?
There is no one hotel that is exactly the same. The level of risk and the amount of coverage will depend on the number of rooms, turnover, staff members, food served, type of building and any events hosted by the hotel.
These risks are specifically addressed by hotel insurance. You will need to have your own policy if you have a vacation home or second home that you rent out for short-term rental.
What is covered by hotel insurance?
Your hotel policy can be designed to cover a wide range of aspects. It can be completely tailored to your individual needs.
Hotel public liability
This will cover you for any injury, loss or damage to third party property owners. You could be held responsible if a guest slips on the wet floor of your reception area.
As a standard, public liability limits are offered at PS2,000,000. Some local councils may require that you have higher levels of public liability insurance if you have on-street seating or host functions open to the public. This can go up to PS10 millions.
Employer’s liability for hotels
Employers’ liability insurance is mandatory if you intend to hire staff. You will be covered if any employee is hurt while working for your company.
Insurance for buildings
Your most valuable asset will be your property. Buildings insurance can help cover costs for repairing and rebuilding damaged structures. Insure yourself for the entire cost of a property’s re-build. You should also consider outbuildings, boundary walls and pools. As well as the actual building.
Numerous online re-build calculators are available for free that will help you calculate your re-build costs.
If your business is shut down, your outgoings like rent, wages, and any other overheads are covered by business interruption insurance. Business interruption insurance, which covers your contents and buildings, is life support to keep you going until your assets are back up and running again.
The indemnity period is what you can claim for if the property becomes uninhabitable. A standard hotel policy covers 24 months. Don’t underestimate the amount of time it takes to demolish and remove debris, architect and plan, then rebuild.
Personal contents coverage is available for those who live in the hotel with their staff. This basically combines your business insurance and a coverage similar to domestic contents for people who live there.
This option allows you financial support while you are pursuing legal action against another person. Legal coverage is not required by law and is not often available as a standard. Your adviser should know that you are interested in this coverage early on.
This will allow them to narrow down their search for the right policies.
Loss of drinks licence
This optional coverage is not available in all hotels that serve alcohol. If you lose your license, loss of license insurance will protect you against any income loss or lowering of business value that may result.
Spas & Gyms
These are the most popular services/activities a hotel may offer. Some providers may charge higher premiums for more exotic treatments.
Cheap hotel insurance
Finding cheap hotel insurance is not always easy due to how big they are. That said, if you have a fairly clean claims record, then it may well be possible to get an extremely competitive hotel policy.