DETAILS ABOUT MOTEL INSURANCE
Many of the buildings in the hotel industry are faced with various risks which can lead to financial difficulties and even bankruptcy for the company. Considering that businesses such as motels deal with people on a daily basis, each mistake can be the backbone of a lawsuit. Errors can happen, wrong keys can be given and guests can be enraged. In such cases, you need to be sure that your business is protected against damage with the proper motel insurance policy.
What is Motel Insurance?
Motel insurance is a specific kind of business insurance policy which has been modified to meet the coverage needs that are unique to motel and hotel owners. Depending on the case, there are many coverage options available. These options will let you create a policy that will be exactly what your motel needs to stand protected.
Types of Insurance that Motel Owners Need
As a motel owner, you will have to get the following insurance types:
Each type of insurance will help you keep your business running. For example, a medical insurance will allow you to offer health insurances for your employees. Disability insurance will help protect against claims of discrimination while business insurance will help protect your business from financial losses. These losses are only covered if they are a result of a disaster, accident or other similar problems that your motel may face.
What Does Motel Insurance Cover?
It requires a great financial investment to open up a motel. You’ll need to be certain that you have the necessary protection against financial loss that is associated with loss of income and property loss. A few coverage options that may come in handy are the following:
General property: If any items from your motel are damaged, lost or stolen, this option can offer you compensation for the losses that you suffered.
Business interruption: If something happens in your motel that forces you to close your business for some time, this option will pay you the salaries and monthly expenses for a year.
Equipment breakdown: if you have a piece of equipment that has broken down (such as a computer system or a failure in your kitchen), affecting the overall flow of your business, this option will offer you the funds to repair the equipment.
Crime: If an employee or a guest engages in illegal actions (such as theft), this insurance option will cover your losses.
Utility interruption: If you have a service outage (e.g. no running water), you will be provided compensation for any losses this problem may have caused.
Food spoilage: If a piece of equipment or some power failure leads to the food in your motel getting spoiled, you will be provided compensation for the losses that you have sustained.
Each type of motel needs a different type of insurance. Discuss with a professional company like Bluewell Insurance Brokers and see which options are best suited for your motel. The proper insurance will make the difference between a successful business and bankruptcy.