Insurance For Hotels & Motels
Your business is all about making your customers happy and comfortable when they stay at your hotel. Hotel and motel businesses are rewarding and fun but stressful at the same time. There are many aspects to running this business that you must stay on top of at all times. Keeping your company safe should be the last worry on your mind. Make sure you have the right kinds of business insurance for your hotel or motel, then you can spend your time focusing on your client's needs.
With so many customer's coming into your hotel each day, general liability is a must. This insurance helps protect your motel from liability if something goes wrong. Whether a customer is injured at your hotel or their car or other property is damaged in some way, general liability covers those damages.
General liability protects you from customer liability due to products you offer or sell. If the complimentary shampoo at your hotel causes a woman's hair to turn green she may sue your company. General liability pays for those and similar types of damages.
Business Owners Policy (bop)
A business owners insurance policy or BOP provides you with general liability plus property protection.
BOP covers the physical structures of your business. The hotel building itself for example, and your outdoor pool furniture is protected by loss with a business owners policy.
The physical assets inside your motel are covered as well. Beds and chairs, refrigerators, carpeting, wall art and so on. A BOP protects you from the loss of these items in addition to any improvements or other decor and furnishings you may have in place.
The business owners insurance policy also helps protect you from losses of intangible business assets. The valuable papers that you keep in the motel offices for example, and the electronic data files you keep stored on your computer systems.
All of the employees in your motel must be protected with workers comp insurance. It is required by law in all fifty states. Workers comp insurance pays for medical care to your employees if they are injured while working.
Workers comp covers injuries sustained from accidents, and illnesses that are caused by work. It protects your motel from being sued by workers if injuries happen, and it protects your employees from having to shoulder the expenses themselves.
Commercial auto insurance protects you in the event there is an auto accident. If an automobile is used for business purposes, it can be covered by your business auto insurance policy. If your hotel provides airport shuttle services to customers for example, and the van is involved in an accident, there may be vehicle damages or personal injuries. Business auto insurance protects the vehicles and the people involved in the accident.
Surety bonds are a way to guarantee your goods or services. Sometimes a business must be bonded to meet local laws and other times you must be bonded in order to win certain customer contracts. A bond simply guarantees that you will fulfill your contractual obligations.