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 a hotel insurance policy covers all kinds of customer liability claims, hotels can effectively face all liability claims and can successfully avoid unnecessary expenses.
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