Safeguard your success while delivering unforgettable guest experiences.
Whether you manage a hotel or a restaurant, you know that every day brings potential challenges – from property damage and employee injuries to slips and falls, and cyber risks. The right coverage keeps your business, your team, your guests and your bottom line secure. That’s why hospitality robust business insurance tailored for your unique exposures is essential.
Common Hospitality Coverage Types to Consider
Mavrix offers insurance protection for those in hospitality. From guest safety to business interruption, our plans help hotels, venues, and restaurants handle risks confidently and keep operations seamless.
Hospitality Business Risk Management
When you work in the hospitality sector, it may seem like you’re always putting out fires. The public-facing nature of the industry means you’re constantly facing liability over risks like customer injuries. On top of that, there are employment-related risks, cyber threats and property damage. It’s a lot to juggle, but with a hospitality business insurance program designed for your needs, you can control your risks.
Frequently Asked Questions
What is hospitality business insurance and who needs it?
Hospitality business insurance provides hospitality property and casualty insurance coverage for various types of businesses in the hospitality sector. Because the hospitality sector is diverse, so is hospitality business insurance. Depending on the types of services you offer, you may need:
- Hotel and Resort Insurance Coverage
- Restaurant and Bar Business Insurance
- Event Venue Liability Insurance
- Vacation Rental Insurance
- Short-Term Rental Property Insurance
- Travel and Tourism Business Insurance
- Event Planner Insurance Coverage
What types of coverage are included in hotel, restaurant, or event business policies?
Hotels and restaurants typically need commercial property insurance, general liability insurance, liquor liability insurance, employment practices liability insurance and workers’ compensation insurance. For events, it’s important to secure event liability insurance. Depending on your exact business activities, you may need other policies, such as commercial auto insurance. Cyber insurance is also becoming increasingly important as hotels and restaurants become dependent on online systems to hold customer data and handle daily operations.
How does hospitality employee liability insurance protect hospitality businesses?
Employment-related lawsuits include allegations of illegal discrimination, sexual harassment, wrongful termination and retaliation. Employment liability insurance provides coverage for legal costs, including defense and court fees as well as settlements or judgements.
How does liability insurance protect hospitality businesses from guest claims?
General liability insurance provides coverage for third-party claims involving bodily injury or property damage. If a guest is injured on your premises, your business could be held liable. For example, if a guest slips on a wet floor, a court may find you negligent for failing to keep the floor dry or put out appropriate signage. Claims can be both common and expensive for public-facing companies in the hospitality industry, so general liability insurance provides important protection.
Is business interruption coverage included in hospitality insurance?
Business interruption coverage may be included in hospitality insurance, but it’s important to review your coverage to see exactly what protections you have in place. Also review your coverage to determine which causes of business interruption are covered. Business interruption coverage is typically obtained along with property insurance, and coverage may only apply in the event of physical damage from a covered event, such as a fire. Other causes of disruption, such as pandemics, may be excluded. Cyber insurance may also provide business interruption coverage for covered cyber events.
How can I choose the right insurance plan for my hospitality business?
When choosing an insurance plan for your hospitality business, there’s a lot to consider. You need an insurance program that aligns with your risks, so the first step is identifying those risks with a thorough risk assessment. Once you know the types of policies you need, it’s important to consider your options carefully to structure a program with the right coverage levels and terms for your business. An insurance agent who is familiar with the hospitality sector and the insurance carriers that serve them is in the best position to help you choose the best insurance plan for your hospitality business.