Stay Safe When Travelling: Backpacker & Hostel Insurance

 

Travelling is one of the most memorable activities in one’s life, with hostels providing an affordable solution that will allow even those with a smaller budget to find enjoyment. Owning a hostel and providing these opportunities is a very rewarding experience, but also one that should follow proper insurance, one that protects legally and covers financially from the risks that are likely to appear.

 

As with all businesses, having specific needs and regulations means that insurance policies should fully reflect what your field demands. When it comes to hostels, typical coverage would be against guest injuries, theft, fire, flood or any other kind of building damage and employee income protection. While it may seem overwhelming at first, there are policies specifically aimed at owners of this business, having both mandatory and optional choices that will make the process much easier and customisable.

 

 

Essential Hostel Insurance Cover

 

While you can tailor most policies to your needs, meaning that you can have more than what is here, these few types of coverage should be adopted by any hostel owner.

 

1. Employer Liability Insurance

 

Employer liability is meant to cover the costs that appear as a result of your employees getting injured on the job. Being mandatory, this protects businesses from significant financial losses following such events, letting the insurance cover most cases.

 

The amount covered depends greatly on the number of employees you have, the policy is chosen and many other factors that vary with each business.

 

 2. Building Insurance

 

A crucial option that protects business owners from potential bankruptcy and aims to cover the costs associated with building repairs. It is required when having a mortgage, seeing how there needs to be some kind of guarantee that the property will be kept in good condition. Dangers covered vary with each policy, yet some are mandatory to have.

 

3. Hostel Assets Insurance

 

This insurance covers against fire, theft, flood or natural disasters, aiming the assets that can be found inside a hostel. These can be furniture, appliances, and many other objects. Even consumables can be covered: food, drinks, hygiene products and more. Seeing how these can be present in large stocks, this type of insurance becomes quite handy.

 

There is also protection against tenant improvements for owners who rent their property. This covers any modifications that are unauthorised and may affect the building.

 

4. Public Liability Insurance

 

This covers hostel owners from injuries sustained by guests on location. In the event that these happen, insurance protects against situations that could easily put someone out of business.

 

This cover is crucial since, no matter the safety measures you take, injuries can still happen through no fault of your own. Having the guarantee that your business will not be held responsible for other people’s actions lets you focus on what you have to do.

 

Bluewell Insurance Brokers is very supportive of hostel owners, aiming to provide complete and affordable policies that will take unnecessary risks off their minds. Let us know how we can help.

 

 

Bluewell Insurance Brokers has extensive experience in Beautician Insurance, and we are happy to help you find the appropriate coverage for your business. Peace of mind can be bought, and it’s as simple as getting proper insurance coverage for all of your needs.