Top 5 Hotel, Motel and Inn Insurance Providers
Valuable assets like hotels, motels and inns need a specialized insurance policy. These Top 5 insurance providers will show you different insurance policies that are suitable for your business at a competitive price.
Top 5 Hotel, Motel and Inn Insurance Providers:
1.
Travelers
Hotels offer so much more than just a place for a good night’s sleep. From spas and golf courses to gyms, pools and restaurants, the hotel industry is full of assorted properties. It’s also full of diverse risks and exposures. Fortunately, Travelers Canada offers customizable solutions to hotels dealing with real-world risks.
2.
AMC Insurance
At AMC Insurance, we have extensive experience working with businesses in the hotel/motel industry. Our agents can help you cover various aspects of your operations.
3.
Intact Insurance
The hospitality business is all about comfort. Get the right business insurance for your needs so you can feel comfortable too.
4.
Acuity Insurance
We provide specialized coverages specifically tailored to your industry, such as business interruption, equipment breakdown, liability for guests’ property, full building coverage, employee dishonesty, and many more.
5.
World
Caring for your guests so everything runs smoothly and they have a premium experience takes a lot of work and coordination. Given your investment in your business, it makes sense to adequately protect it.
What Insurance Do Hotels, Motels and Inns Need?
Each hotel, motel or inn has different activities that make its insurance requirements unique. Some have restaurants, and some don’t. Some are large with luxury amenities such as pools and spas, and some are smaller with only the essentials. All of these factors play into the insurance coverage each property needs.
While there is no generic guideline on exactly what you need, here are the most commonly included coverages in hotel, motel and inn insurance policies:
Liability
Insurance to protect you against liability is a basic need for every business, but for hotels, motels and inns where guests are sleeping, eating, and essentially living on your property, it is essential. Liability Insurance protects you financially should a guest or any other visitor be injured, fall ill, or die on your property.
Property and Structure
This coverage insures the business for physical losses sustained to the structures or the contents within such as supplies, furniture or even the personal property of others.
Auto (Properties with Owned Vehicles)
If your hotel, motel or inn owns any vehicles, you need a commercial auto insurance policy to cover the liability arising out of the vehicle’s use and damage that occurs to the vehicle.
Business Interruption and Wage Loss
Also referred to as loss of profits insurance, this type of cover can help protect a hotel owner by providing insurance against a reduction in income following a loss at the property.
Natural Disaster
Natural disasters are often not covered under general hotel, motel and inn insurance policies; however, you can get extended coverage if you are based in an area which experiences:
- Flooding
- Forest fires
- Earthquakes
- Tornadoes
- Hurricanes
Equipment Breakdown
Equipment breakdown coverage covers accidental or sudden equipment malfunctions and the damage this might cause to the business.
Workers Compensation
Workers’ compensation helps protect hotels, motels & inns from liability for employees’ workplace injuries. This coverage may reduce the risk of a significant financial loss if a worker is harmed while performing work duties.
Cyber Liability
As one of the most targeted industry by cyber hackers, Cyber Liability Insurance is no longer a ‘nice to have’ coverage for your guests, it’s a necessity.
Liquor Liability
Whether you have a hotel, motel or inn that offers alcoholic beverages with room services or at the hotel bar, if your restaurant serves drinks or if you own a full-fledged bar, you will need this type of liability. You will be protected against any injuries or property damage caused by an intoxicated guest or customer.
