Hotels, restaurants, and taverns offer what is referred to as hospitality services. These types of businesses incur additional types of risk over and above what other businesses do. Hospitality insurance policies are written to cover these unique risks and help businesses protect themselves from financial loss if an accident occurs. Hospitality businesses incur a variety of unique issues, including food poisoning, liquor liability, theft, and security. Being prepared for any event is important. Having a good hospitality insurance policy is the best way to reduce your overall liability and protect your bottom line.
The following are the five important benefits of hospitality insurance.
Helps You Get Funds Easily
When a financial institution knows that you have quality hospitality insurance in place, it is more willing to approve any financing you may need to improve your business. Hospitality insurance policies provide financial institutions the security they need to know that they will be paid if an accident occurs in which the company suffers a loss of income. Financial institutions will also be more likely to lend money to a hospitality-based business with sufficient insurance coverage that focuses on liability and property damage.
Protects Your Investment
Hospitality insurance is the best way to protect your investment. Operating a hospitality-based business means investing a lot of your own money to keep things going when you first get started. Purchasing a hospitality insurance policy is the best way to protect your own investment. It will give you a chance to recover your losses if your business experiences an event that destroys property or the payment of a liability claim filed against the company. This type of insurance offers a sense of security that allows the business to continue operating or make any necessary repairs.
Makes It Easier to Get Liquor Liability Insurance
Liquor liability covers one of the riskiest aspects of a hospitality-based business. Serving alcohol on the premises of a hotel, tavern, or restaurant opens up the scope of liability to include a wider range of events that includes fighting, property damage, personal injury, and many other events that could financially bankrupt a business. Insurance providers are more likely to offer a liquor liability policy to a business that holds hospitality insurance.
Provides Free Legal Support
Insurers who offer hospitality insurance also provide legal support to their clients. Every business that purchases a hospitality insurance policy is given access to the insurer’s legal department. This ensures they have the information they need when they need it without having to hire an attorney every time a problem arises. It also ensures that you get the legal advice you can rely on to protect yourself and your business.
Covers Your Staff
Hospitality insurance also covers your staff for any type of incident or injury that happens on your business’s property. Your human resources are invaluable to the growth and profitability of your business. Taking care of your staff involves more than just offering them a good benefits package. Providing them with the knowledge that they will be covered in the event of an accident or injury is the best assurance they have that you will be there if they need you.
Owning a hospitality-based business means making sure all of your bases are covered. Buying a hospitality policy is the best way to ensure you are covered against any type of risk. Call and speak to our agent at RMS Insurance Brokerage, LLC if you have questions. All of our agents are specially trained to provide you with the most accurate and up-to-date information possible. Contact us today!