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Fire mishaps and other accidents are common in the hospitality industry, which includes hotels, restaurants, lodges, bars, etc. Thus, hotel insurance is very important for a hotel owner to cover the possible financial issues related to the business. While choosing a hotel insurance policy, it is better to go for a single policy which covers all possible damages that might occur. In this article, we will discuss on why you need hotel insurance and what all aspects it covers. Property related damages: As with any other business, hotel property is also at risk due to natural calamities like floods, tsunamis, earth quakes, forest fires, etc., or due to other reasons such as theft, fire, etc. Damages resulted from these events require huge repairing costs which are burdensome and create financial imbalance. A hotel insurance policy covers all the property related expenses and provides quick financial support in all such unpredictable events. Customer liability claims: Many customers today are aware of the legal claims and compensation they can avail if anything goes wrong during their stay in the hotels. Any accident, as small as a guest falling due to slippery floor, can make the hotel liable for compensation. In worst cases, the injury or the damage could become serious which leads to a higher compensation. As hotel insurance policy covers all kinds of customer liability claims, hotels can effectively face all liability claims and can successfully avoid unnecessary expenses. Employee liability claims: If any of the employees gets injured or dies in on-job accident, he/she is entitled for compensation from the respective management. No matter where the accident happens, in the premises or outside the hotel, if the employee is on duty, he can file a liability claim. However, it is an unexpected expense to the company or the hotel. Hotels with a comprehensive hotel insurance policy can effectively face this situation, as the policy also covers employee liability claims. Business interruption insurance: Business interruption insurance is an important consideration for any kind of business, especially hotels and other accommodations. The main advantage of including this insurance in hotel insurance policy is to ensure smooth run of the business even in worst case scenarios, like the death of the owner and some other serious issues that halt the operations of the hotel. This single feature helps owners to run their businesses even when situations force them to shut down their business. Beneficial when bought through a reliable broker It is always better to approach an experienced insurance broker when choosing an insurance policy for hotel. An independent broker will always give an impartial advice and can customize the policy according to your needs. He accurately measures the risks involved in the business and will suggest a better policy. He makes your investment worthy by including the things which are required and removing the things which are not. Moreover, a broker will also handle the legal proceedings and the claimant, relieving the hotel owner from these responsibilities. In addition to the above, hotel insurance policy also covers damages to the stock, goods in transit, loss of license, loss of income and so on. Investing in such a policy which safeguards the hotel from every angle is always an asset to the company. Buying a policy from a reliable broker makes your deal more fruitful by bringing you the best rates in the market. Keystone.ie is Ireland’s premier supplier of public liability insurance and business insurance solutions to Irish industry. We offer a broad range of builders insurance, construction insurance, and business liability insurance products. Keystone Insurance Limited offers great value to contractors and general business customers.
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