What Does Hospitality Umbrella Insurance Cover?
When it comes to hotel insurance, you might not be sure what you need, but a McGowan Program Administrators Hotel Umbrella policy can offer you the protection you need. These policies cover hotels, motels, resorts, casinos, and other types of hospitality businesses. As you can imagine, hotels often house tourists from all over the world and can experience all sorts of peculiar situations. Many of these are unexpected, but you can rest assured that Megan Davis, the insurance expert at McGowan Program Administrators, will answer any questions you might have.
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Business interruption insurance
A hospitality umbrella policy offers coverage beyond the basic liability limits of a business owners’ policy. This type of insurance protects you in case of accidents, and can pay for replacement or repair of damaged equipment. Among the other benefits of this type of insurance is the business interruption benefit, which can compensate you for lost profits or business income. In addition, this type of insurance can also cover lost expenses, such as payroll and employee salaries, and debt repayment, among others.
The cost of Business Interruption insurance will vary, depending on location, and the risk of the covered peril. Those businesses in high-risk areas may need to pay higher premiums than those in low-risk regions. Furthermore, such policies do not cover flood damage. Whether you own a hotel or a restaurant, Business Interruption insurance can help you avoid penalties and loan repayments. For this reason, it is important to shop around for the right policy.
General liability insurance
Hospitality businesses often have to deal with a variety of risks. Whether a customer is injured or a property owner is sued, it’s essential to have the proper protection in place. General liability insurance, also known as business income insurance, protects you against lost revenue. Hospitality businesses also need employment practices liability insurance and cyber liability insurance. It’s important to understand the differences between these types of coverage so that you’re better prepared to deal with the risks that come with running a business.
Fortunately, there are many different types of insurance coverage available for hotels, motels, and resorts. Whether you own a luxury resort, a simple B&B, or a small restaurant, there’s a hotel insurance policy to match your needs. While it’s important to get the right coverage for your needs, you should also make sure you read the fine print of the policy. A good policy will cover the maximum amount of money that you can spend on a lawsuit.
Business income coverage
The Business Income coverage of a hospitality umbrella insurance policy will keep your business operating even if your establishment is temporarily closed due to an insured event. The coverage will pay for lost revenue, electricity and other expenses that can be costly during a period of business interruption. It can also cover your profits from normal operations. Depending on your policy, this coverage may be more beneficial than you think. If your business income is significantly affected by a covered incident, the Business Income coverage may be the best option for you.
As you can see, the hospitality industry is a booming industry. In 2016, there were 15.2 million jobs in the hospitality industry, and the industry reported $199.3 billion in revenue. There were 53,000 hotels across the country offering 4.9 million rooms. However, even with all of these businesses, they face many risks and exposures. From the theft of guests to the injury of employees, the hospitality industry is constantly under attack by various risks. Therefore, it is important to have the appropriate insurance coverage for your operations.
Liquor liability insurance
A liquor liability insurance policy is a vital part of any hospitality umbrella insurance policy. This policy provides protection for liquor sales, including the sale of beer and wine. It also provides liability coverage for damages incurred during the sale of alcohol on your property. Most hospitality umbrella insurance policies cover the cost of liquor liability insurance for up to $75 per month, but premiums can vary depending on the risk level of your establishment. To find the right liquor liability insurance policy for your business, complete an online application with the company’s free quote comparison tool.
Obtaining liquor liability insurance can be expensive, but fortunately it’s not that difficult. A reputable provider can offer free liquor liability insurance quotes that include multiple carriers. This allows you to save money and get the coverage you need without sacrificing quality service. A to Z Insurance Services is a good source for quotes on hospitality umbrella insurance policies. You can also use the internet to find a local agent or broker for your insurance needs.