Things to Consider Before Buying a Hotel and Restaurant Insurance

​Aside from the elegant interior, quality food, and service, hotels and restaurants may also be prepared to deal with accidents and emergency situations, which is only possible by having insurance. Your hard-earned money, time, and effort in establishing your business will only go to waste if you fail to protect it from inevitable incidents. If you are considering buying hotel and restaurant insurance, here are the things you must know beforehand.

1. Determine the type of restaurant/hotel you want to get insured.
Insurance in restaurants or hotels is not merely about coverage but also the types of hospitality businesses like sports bars, night clubs, food trucks, full-service or quick-service restaurants, cabins, resorts, and more. There are several kinds of insurance coverages that you can choose from, but selecting an unsuitable insurance cover can be a loss instead of benefit.

2. Select the type of insurance coverage that you need the most.
Every restaurant or hotel owners like you must consider these four fundamental property and casualty insurance coverages:

• Property Insurance – insures things in your business, may it be the building, equipment or machinery, foods, or business interruption, like a typhoon, fire, or property loss due to theft.
• Liability Insurance – protects your business from claims, including lawsuits, starting with “general liability” (GL) policies to more specific types with excess liability policies. Insurance companies are offering a single bundle for this type of insurance.
• Workers Comp Insurance – often mandated by the government as it covers employees in the time of on-the-job casualties. This insurance pays for wage replacement and medical benefits for the employee.
• Commercial Auto Insurance – for vehicles owned, rented, leased, or borrowed by your business, like cars for delivery. This insurance must be bought as your business is always exposed to delivery and transport services.

3. Know the factors affecting the cost of your restaurant insurance
As mentioned in the previous items, hospitality insurance is written and bought based on the specifics of your particular restaurant. When you apply for insurance, you will be bombarded by dozens of questions, whereas underwriters of that insurance company research and do surveillance to your restaurant before

After a proper deliberation, choosing an insurance deal is merely a beginning, so you need to take precautionary measures to maintain your hotel or restaurant’s stability. Do not hesitate to ask for quote estimation as it is always free of charge.

At Desmond Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (859) 491-5100. Get your free quote today by CLICKING HERE.