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What Insurance Coverages do Hotel Operations Need?

Hotel operations and owners take on many potential risks when they decide to open a business. Apart from the obvious concerns, like theft, there are significant risks related to property assets and losses. While the exposures and Hotel Insurance Program needs of individual locations vary, several necessary insurance coverages are universal in the hotel industry.

Read below for more information on essential insurance coverages that hotel operations may need.

An Irving Weber Hotel Insurance Program

This year has seen unprecedented disruption due to the ongoing COVID-19 pandemic. While there is still a bit of ambiguity around the role that hotels play in liabilities with customers who become ill, hotels would be right to look for the right level of insurance coverage to secure adequate protection. Irving Weber & Associates provides a wide range of coverages for multiple industries, including the hotel landscape.

In our Hotel Insurance Program, we provide coverages for:

  • Liquor liability
  • Ordinance or Law
  • Blanket Waiver of Subrogation
  • Broad Form Named Insured
  • Accounts Receivable, Fine Arts, and Outdoor Signage

Eligible hotels need to be younger than 20 years old, no more than four stories tall, have sprinkler and alarm systems in working order, and occupancy rates of 80 percent or higher. Get the latest information on our program here.

Building & Business Personal Property Coverage

This coverage insurers the hotel business for physical losses sustained to the structure or the contents within. Business personal property coverage includes furniture, supplies, and even some coverage for people’s personal property. Potential clients need to be aware of the limitations and the items not included in this coverage.

Business personal property coverage insurance is usually a bit more expensive than building property insurance because it has different liabilities tied to it.

Equipment Breakdown

This coverage is sometimes known as boiler and machinery coverage. It insures the business for losses to equipment due to the sudden and unexpected breakdown of the equipment. This kind of insurance shouldn’t be confused with warranty coverage on heating and cooling components, but it can still be a valuable piece of coverage to have regardless.

Business Income

This coverage protects a loss of income due to a covered cause of loss. For instance, if a hotel was to have a fire and become unavailable for customers for a specific period of time, business income coverage provides the business owner with payments to replace their lost income during the time they cannot operate.

Workers’ Compensation

Most hotels have staff that ranges from office personnel to housekeeping. Although it varies, every state has its own workers’ compensation laws in place that compel business owners who employ staff to carry a policy. Workers’ compensation is the solution for injured workers to collect benefits after sustaining an injury on the job.

If the business owner fails to carry workers’ compensation, the consequences can be severe. Business owners who are not in compliance with statestatutes forfeit their common law protections from employee-related lawsuits and may incur large fines and even jail time in some cases.

Commercial General Liability

Liability insurance is an essential part of every business. However, there is a significant amount of exposure present with hotels since the company is potentially responsible for bodily injury that guests sustain while on-premises. These claims could range from a guest slipping and falling on an icy sidewalk in winter to more tragic issues like structure fires or floods.

Commercial general liability insurance protects hotels from these claims if the property damage or bodily injury sustained by someone is found to be a result of the hotel staff’s negligence. IWA will pay to defend the business in court, regardless of the claim’s legitimacy. Clients need to remember that a bill will come due even if they are innocent, so having this insurance is essential.

About Irving Weber Associates

At Irving Weber Associates, Inc., we work with agents and brokers to access quality programs for various industries across the country. Our programs include specialty coverages that cater to those in the dry cleaning, laundry, restaurant, and grocery industries. For a detailed look at how we can safeguard your insurance services with a custom-tailored package, please contact our specialists today at (855) 764-7406.