HOSPITALITY INSURANCE

The modern hospitality business faces a complex world of risk management. From the small bed & breakfast to the boutique hotel resort, we meet the unique requirements of each customer. We identify needs, find solutions, and deliver a superior insurance product.

At Wister, we are policymakers.

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Bed & Breakfast (B&B)

Hotel & Motel

Resort & Lodge

Event Center & Venue

Why Wister Hospitality Insurance?

Hospitality insurance is niche and anyone who tells you otherwise is misinformed. Unlike most home and auto insurance, it is a complex risk with variable exposure. It requires attention to detail from both a property and casualty insurance standpoint.

The Wister executive team has a combined 100+ years of insurance experience and developed the modern hospitality insurance policy over 30 years ago. This background and core focus on hospitality is what sets us apart. At Wister, our business is our client’s risk mitigation. We are policymakers.

A Few Coverages To Be Considered

Building(s)

This is coverage for the actual structure(s) you own or lease. Protection from perils such as fire, wind, hail, vandalism, and more. But not all building coverage is created equal. It’s important you understand the difference between ‘named perils’ and ‘all-risk’ coverage. As well as ‘replacement cost’ vs ‘actual cash value’ valuations.

Building(s) Insurance

Building(s)

Also known as personal property coverage, this is all the contents or ‘stuff’ associated with the business. Items such as furniture, décor, electronics, tools, equipment, inventory, guest’s property, and more. Much like the building coverage form, you need protection from multiple perils and a good understanding of exclusions so you can make the right coverage decision.

Contents Insurance

Contents

Income

You have worked hard to turn your hospitality business into an income generating asset. Too often, income is overlooked and considered a secondary coverage to building and contents, but it should not. After an insurable loss, such as a fire, it is often the income coverage that saves the livelihood of the business. Without question, ‘actual loss sustained’ business income is a must.

Income Insurance

Income

Amenities & Activities

The hospitality business is competitive, and it is more common than ever to offer amenities and activities. This can range from exercise equipment to horseback riding, from a small watercraft to a yoga class. Each amenity and activity are different and poses a liability exposure. It has never been more important to make certain your liability coverage extends to any and all amenities and activities your hospitality business offers.

Amenities & Activities Insurance

Amenities & Activities

Commercial General Liability

This is coverage for ‘bodily injury’ or ‘property damage’ the hospitality business could be found legally liable for. The most common example and liability claim is the ‘slip and fall’. A $1,000,000 per occurrence limit is a good start, but most important here is to understand exclusions. Many carriers have unique exclusions which many insured are unaware of until it is too late.

Commercial General Liability Insurance

Commercial General Liability

Liquor Liability

For operations that serve or furnish alcohol, liquor liability is a coverage you should have. When patrons consume alcohol, accidents happen and far too often they come back with litigation against the business owner. Your liquor liability coverage needs to cover attorney’s fees and have a high occurrence limit in the event you are found negligent.

Liquor Liability Insurance

Liquor Liability

Personal Liability

Some hospitality business owners also call their business home, such as a bed and breakfast. When this is the case, and the owner does not have another ‘primary residence’, adding personal liability is critical. This additional personal liability is often overlooked, as many agents do not take the time to fully understand your operation.

Personal Liability Insurance

Personal Liability

Umbrella Liability

All liability policies have an underlying occurrence limit, or the ‘maximum’ they will pay out. A typical underlying occurrence limit is $1,000,000 which is not enough protection for many businesses. Because of this, it is important to understand your liability exposures, and have a serious discussion to see if an umbrella liability policy makes sense.

Umbrella Liability Insurance

Umbrella Liability

Professional Liability

Professional Liability Insurance

Professional Liability

Employee Benefits Liability

This coverage protects an employer for an error or omission in the employer’s administration of its employee benefits program(s). If your hospitality business is a large operation that offers benefits to its employees, then this coverage should be considered. If an error is made, the cost to the employer is typically significant.

Employee Benefits Liability Insurance

Employee Benefits Liability

Workers Compensation

If your hospitality business has employees, then you need workers compensation insurance. It provides wage replacement and medical benefits to an employee who is injured on the job. In exchange, the employee relinquishes their rights to sue their employer for negligence. Policies and coverage vary significantly, so education is the key.

Workers Compensation Insurance

Workers Compensation

Commercial Auto

Some hospitality businesses hover the line with regards to the need for commercial auto, and others are clearly over it. The line between personal and commercial use of an auto can be confusing, so it is important to have a detailed discussion on all your auto activity. The potential for ‘bodily injury’ and ‘property’ accidents concerning autos is large and must be covered.

Commercial Auto Insurance

Commercial Auto

Equipment Breakdown

Virtually all hospitality businesses use equipment in their operation. This may include mechanical, electrical, computer, communications, air conditioners, refrigeration, boilers, and pressure systems. Regardless, when it breaks, it typically costs the business a lot, from lost income to the actual equipment itself. With various types of coverage, it is important to know your options.

Equipment Breakdown Insurance

Equipment Breakdown

Cyber Liability

In today’s world, we all use computer systems to our benefit, and hospitality businesses are no different. Unfortunately, with this ease of use, comes major liability exposure. Cyber risk comes from internet connectivity, credit card processing, data storage and so much more. Today’s cyber liabilities policies cover a wide scope of exposure.

Cyber Liability Insurance

Cyber Liability

Crisis Management

Crisis management coverage is designed to help a business limit the negative impact on its reputation, typically as the result of a technology or cybersecurity breach. Many hospitality businesses handle sensitive client information which means they are a target for cyber attack, which in turn could result in a reputation crisis.

Crisis Management Insurance

Crisis Management

Inland Marine

This type of coverage helps cover products, materials, and equipment while they are in transit on land, such as by truck or train. Most hospitality businesses have this exposure, whether it is general operational equipment, products, tools, saddles, small boats, ATV’s, golf carts, bicycles, snowmobiles, fine arts, and more.

Inland Marine Insurance

Inland Marine

Directors & Officers

Many hospitality businesses are incorporated and have directors and officers. This coverage protects them against lawsuits regarding breach of fiduciary duty. Directors and officers or executives need to have the ability to serve confidently and make tough or risky decisions without the fear of personal financial loss.

Directors & Officers Insurance

Directors & Officers

Crime & Fidelity

This coverage protects against employee dishonesty or theft, forgery or alteration, computer fraud and more. Depending on the scope of your hospitality business and the number of employees, this is a coverage often overlooked. Unfortunately, employee crime is on the rise at an alarming rate so now may be the time to get a better understanding of this coverage.

Crime & Fidelity Insurance

Crime & Fidelity

Bells & Whistles

Insurance will never cover 100% of all property and liability exposure of every business. The best you can do is transfer as much risk as possible to an insurance carrier for a reasonable premium. Try and get all the bells and whistles. A few might include business travel accidents, conference cancellations, political unrest, identity theft, and key individual replacement expense.

Bells & Whistles Insurance

Bells & Whistles

Foodborne Illnesses

Most hospitality businesses serve food, and with this service comes potential liability for foodborne illness experienced by a guest or patron. It is an area of coverage often overlooked as liability lawsuits are rare, but when applicable, can be quite expensive to defend. Depending on the scope of your food service, a comprehensive review of coverage and limits is necessary.

Foodborne Illnesses Insurance

Foodborne Illnesses

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