Hospitality Insurance – Why You Need Hospitality Insurance
Hospitality businesses are unique in their exposures, but they can also benefit from specific types of insurance. For example, Product liability coverage can protect your business in the event of a guest slipping and falling at your establishment. Moreover, Workers’ compensation coverage can cover your employees’ medical and healthcare costs, and Business interruption coverage will cover the cost of replacing or repairing your property if a covered employee goes out of work or is injured on your property.
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General liability coverage protects your business from third-party claims
General liability insurance protects your business from third-party claims for bodily injury and property damage. It pays for medical bills for someone injured on your property. It also covers third-party property damage, which means damage caused by your business to someone else’s property. Having general liability insurance also covers personal injury and advertising injuries, which are both important to have covered by insurance. Listed below are some examples of how general liability insurance can protect your business.
Product liability coverage protects your business if a guest slips, trips, or falls
Your business should have some sort of product liability coverage. Having this type of coverage is important to protect yourself if a guest slips, trips, or falls on your property. Unfortunately, product liability coverage can be expensive, and it can also increase your liability costs. However, you should consider getting this coverage anyway. Listed below are some tips to protect your business.
Workers’ compensation coverage pays for medical and healthcare expenses
Medical and healthcare expenses are covered under workers’ compensation in many cases, but they are not always covered under traditional insurance policies. The Workers’ Compensation system usually only covers Western medicine. It may not pay for alternative or experimental treatments. Nevertheless, you may be able to receive coverage if your doctor recommends them. If this is the case, make sure to ask your workers’ compensation insurance company for details. Depending on your state, workers’ compensation benefits may also cover other medical treatments, including chiropractic or massage therapy.
Business interruption coverage protects your business property
When you purchase a business property insurance policy, you should consider whether the policy covers loss of income from the business during a covered period. Generally, business interruption coverage will pay for your lost income and extra expenses during the period when your business is not operational. Be sure to read the fine print on your policy before signing it. You may be surprised by what it covers. It’s important to understand the details of this coverage, as this can save you from a lot of trouble down the road.
Business auto insurance protects your company’s vehicles
Your business auto insurance policy can protect multiple vehicles, each with corresponding coverages. You can choose coverage based on the vehicle’s age and safety rating, the type of business you’re operating, and whether you own the vehicle or hire an employee to drive it. Business auto insurance is important for many reasons. Here are some tips for protecting your company’s vehicles and keeping them safe. Also, remember to compare rates and coverage.