As a business operating in the hospitality sector, you must account for many types of risks and exposures. Although the exact operations of hospitality employers may vary, a robust and diverse insurance portfolio is an essential investment for most. Whether your business focuses primarily on serving food and beverages or provides lodging, recreational opportunities and other services, even a single error can have devastating costs. Fortunately, the right insurance may help offer crucial financial protection.
What Does Hospitality Insurance Cover?
Due to the unique circumstances and various operations that may exist among hospitality businesses, insurance needs can also differ significantly. Still, certain core coverages are advisable for most employers within the industry. In general, your hospitality company may benefit from maintaining the following types of insurance:
- General liability—This coverage may help pay for third-party losses for which your business is responsible, including bodily injury, property damage, and personal and advertising injury.
- Commercial property—This coverage may provide financial protection for property used to operate your business, such as buildings, equipment, inventory and furniture.
- Business interruption—If your business’s regular operations are interrupted, this coverage may render financial assistance for costs and damages, such as rent, mortgage payments, lost income and payroll.
- Workers’ compensation—This coverage may grant your business and employees funds to manage the aftermath of workplace injuries or illnesses, including helping to pay for medical bills, lost or reduced wages, disability benefits and legal costs.
- Employment practices liability—If a current, former or prospective employee accuses your company of improper workplace conduct, this coverage may help pay for resulting losses and damages.
Hospitality businesses should take additional time to assess their specific situations and address any coverage gaps by augmenting their insurance portfolio with additional coverage. For example, restaurants and bars should strongly consider liquor liability coverage to protect themselves financially if an intoxicated customer is at fault for an incident. Similarly, if a restaurant or other hospitality business offers delivery or catering services, commercial auto insurance may be advisable.
Get the Right Coverage
Operating a business in the hospitality sector can be lucrative, rewarding and exciting. However, these work environments often include many risks. Furthermore, the fast pace of many hospitality workplaces could exacerbate the potential danger. With these things in mind, it’s necessary to ensure that your business is protected by an adequate insurance portfolio.
At AnderGray Insurance Services, our agents have the expertise and experience to help hospitality businesses in Los Angeles, Atlanta, Miami, and San Francisco areas assess their coverage needs and understand their options. Contact us today to begin building an optimal package of insurance policies.