Know About the Types of Coverages Needed for Hospitality Business

Hospitality industry consists of a broad category of hospitality business including restaurants and bars, event planning, lodging, maintenance of theme and amusement parks, etc. These hospitality units consist of multiple groups such as facility management, marketing, human resources, food and beverage, gaming, meeting and events, entertainment and recreation, tourism services, etc.

These hospitality businesses like restaurants and hotels, caterings, cafes, architecture and interior design, food and beverages, IT solutions and many more are also associated with the risk of getting claimed by the public for the bodily injury or loss due to damage. There are many insurance companies offering insurance coverage for the hospitality business to protect their business revenue, tools and equipment that are needed for their business activities.

The business insurance covers for the hospitality business include:

Public and Product Liability: This policy covers your legal liability for personal injury or damage to property caused by negligence of your business.

Business Interruption Insurance: This policy covers your loss of profit or rentals resulting from an interruption to your business caused by an unexpected events like fire, burglary, etc.

Fire and Damage Insurance: This policy covers your building and business contents for specified events such as fire, storm, lightning, explosion and earthquake.

Liquor liability Insurance: If your business runs in providing alcohol or beverages, then this policy protects your business against loss or damages claimed as a result of intoxicated and injuries caused by taking your business beverages.

Auto Insurance: If your business requires multiple vehicles, you may also consider taking auto or fleet insurance coverage in your business insurance plan.

Before purchasing a business insurance for your hospitality business, make sure you get right coverages for your hospitality business insurance.