For Hotels, More Amenities Equals More Risk

Written By Charlotte Insurance on July 6, 2015. It has 0 comments.

In 2015, over $300 billion is expected to be spent on global business travel. That number doesn’t factor in what vacation travelers spend. To cash in on all that spending, hotels that want to stay competitive must offer at least a few amenities.

With added hotel amenities comes more risk to your business. Whether you already have all the amenities you want for your hotel, or you’re thinking of adding more, you’ll want to make sure you have the right insurance coverage when something happens. And something will always happen.

COMMON HOTEL AMENITIES AND RISKS

Hotels of all sizes offer at least some amenities – continental breakfasts, Wifi, business areas, and all hotels have employees. Between these few factors, anything can happen.

  • Spa services – Medical or cosmetic procedures bring about their own risks including accidental injury.
  • Valet services – Car accidents, minor damage to vehicles, even car theft are all real possibilities.
  • Food spoilage – Food poisoning and accidental exposure to life-threatening allergens can happen in any establishment that serves food.
  • Liquor liability – Liquor consumption brings plenty of risk thanks to those who don’t know when to quit. In a lawsuit or an accident, your hotel could be blamed for a patron’s liquor consumption.
  • Entertainment venues – If you’re offering events, concerts, and other entertainment for your guests, the risk increases as more people come to your location.

There are other risks that can happen regardless of which amenities you .

  • Employee theft – Restaurants and bars that have a lot of cash are easy targets for theft.
  • Forgery or alteration
  • Theft of money or securities – This can be employees or other guests.
  • Slips and falls – In a hotel, there are multiple places where a guest may fall: the lobby, their room, hallways, elevators, stairs, etc.

MINIMIZING YOUR RISK

A quick glance at even a few of the risks your hotel could face may make you want to re-think amenities completely. You can offer your guests a world-class stay in your hotel while minimizing the risks to your business. What you need is the right North Carolina hotel insurance policy.

General liability: All businesses need general liability coverage. This protects your business in the event of employee theft, damage, or injury caused to a guest from slips, falls, and other accidents while on the property. It can even protect you from lawsuits if you decide to place your hotel name on any products you offer guests in the hotel – toiletries, water, and more.

Professional liability: This type of insurance is necessary if you offer spa services.

Other coverage to consider:

If you hire subcontractors or independent contractors to provide any services in your hotel, make sure that they have all of the appropriate insurance policies in place. Require that they name your hotel as Additional Insured to their policies for the duration of their work with you.

Offering special amenities to attract guests and keep them coming back on their travels is a wise business decision. You don’t have to be scared off by the potential risks. With the right coverage, you can rest easy knowing that even if the worst happens, you and your business are protected.

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