Hotel B&B Hospitality Insurance Providers Give Tips For Best Rates & Coverage to Avoid Major Losses

More info click here: United Insurance Agencies

When purchasing your next hotel or bed and breakfast insurance policy, you should be aware of what you are buying. Hotel owners and Innkeepers know they need property and liability insurance, but do not always understand what their hotel or bed and breakfast insurance policies cover.

When a loss or claim occurs, it´s assumed by most hotel owners or B&B innkeepers that their insurance policy will provide coverage. It´s true that most insurance policies are very broad in coverage, but they do not cover every loss or claim.

Most insurance risk managers recommend an annual insurance check up on your motel, B&B or hotel insurance policy. You should review the important areas and factors that contribute to insurance coverages and insurance policy premiums for your hotel or bed and breakfast.

When a loss or claim occurs at your Hotel or Bed and Breakfast, it´s too late. Most hoteliers and innkeepers believe that if the limits of insurance coverage on the buildings (i.e. $1,000,000) and contents (i.e. $200,000) appear sufficient, they have an insurance program that will provide full protection for their hotel or bed and breakfast property. Hoteliers and Innkeepers assume they will collect enough money to rebuild or repair the damaged Hotel or B&B. This assumption can be very dangerous.

When reviewing your hotel or bed and breakfast insurance program, you should not focus on the property limits and liability limits alone. Just because the insurance requirements of your mortgagee or hotel franchisee are fulfilled, this does not mean your hotel or b&b insurance program is sound. The mortgagees or franchisees are more concerned about their individual protection, and their insurance requirements may not be enough to protect your Hotel or Bed and Breakfast business.

When reviewing your b&b or hotel insurance program, you should consider the following insurance coverages, which can be added to most insurance policies or purchased separately:

• Replacement Coverage

• Machinery & Equipment Coverage

• Blanket Limits

• Agreed Value

• Loss of Income

• Crime Insurance

• Building Ordinance Coverage

• Flood or Earthquake Coverage

• Sign or Satellite Coverage

• Liquor Liability

• Employment Practices Liability

• Workers Compensation

• Commercial Automobile

• Umbrella Liability

By adding additional insurance coverage to your hotel insurance or bed and breakfast insurance program, you are taking steps that could save your business from financial ruin. You are transferring risk to the insurance company thus reducing your exposure of a financial loss. After you have discussed the additional insurance coverages that you may need or want for your bed and breakfast or hotel, ask the following questions:

• Do I have windstorm & hail insurance coverage? If so, what is the deductible amount that I will pay?

• What is the co-insurance limit on the property insurance coverage section? 80% is normal, 90% might need discussion, and 100% could be disastrous.

• Does the insurance policy include special form (the broadest) coverage?

• Are the annual gross sales and payroll figures correct? If not, you may owe additional insurance premiums in the future.

• Will my liability insurance coverage pay on behalf of my hotel or bed and breakfast business or indemnify it? Paying on behalf of is always best.

• Is the insurance company financially sound? Are they easily accessible?

• Does the insurance agent understand my hotel or bed and breakfast business? Can he/she suggest and provide the insurance coverages that my B&B or Hotel business requires?

Hoteliers and Innkeepers want to achieve success and financial freedom. Poor insurance risk management can compromise the health of any hotel or bed and breakfast business. In fact, most of the time a proper b&b or hotel insurance program will include physical changes to the business to make it safer for guests and employees, thus, increasing business profitability.

It is suggested that you review your insurance coverages (insurance policy) with a proven insurance professional. Your Hotel or Bed and Breakfast business success could depend on it. Remember, when comparing various insurance proposals, price or premium does not always mean you are saving money and increasing the bottom line profit. A loss or claim without adequate insurance coverage could put your hotel or bed and breakfast out of business.

If you want to review your hotel insurance program, please consult United Insurance Agencies for your free hotel insurance checkup or bed and breakfast insurance checkup. Let our 25 years of hotel insurance experience work for your hotel business and offer you a low cost hotel insurance quotation call 800-899-0000 or email us at hotelinfo@unitedagy.com

United Insurance Agencies