If you own a hotel, motel or bed and breakfast, your business will require detailed risk management and insurance planning. There are a number of questions that must be asked and answered when determining the hotel insurance in Denver that should be carried.
1. The value of the property and all of the furnishings
2. Will the establishment serve food?
3. Will alcoholic beverages be served?
4. Are you mandated to take responsibility for your guest’s property?
5. Will a vehicle be used in the course of the business?
6. Will the business have employees?
These are the types of questions that require detailed analysis; they apply to all lodging establishments but obviously to different degrees. A huge four star hotel with many rooms and every conceivable amenity will have significantly different needs than a “mom and pop” bed and breakfast with four or five rooms. Although the risks are very much the same, the size and exposure differ greatly.
Property insurance: A small facility can most often include this in the standard business policy; there are insurance companies who have policies which are tailored to the needs of a small lodging business. In many cases the business may own and display items with significant value, items such as art, antiques, etc. In most cases these items will not be covered with the property insurance policy and will require scheduled cover, usually with an additional premium.
Liability insurance: A lodging facility can never have too much liability insurance; anything can happen and usually does. Accidents around the swimming pool, guests taking a fall on the marble floors; these accidents do happen. Accidents usually result in a law suit; liability insurance will pay for the legal assistance and the award.
Food and liquor liability insurance: If the establishment sells food, liquor or any other products to the guest’s, Hotel Insurance In Denver which provides product liability insurance is a necessity. Should a guest be injured by any products sold to him by the establishment the incident will be covered. Liquor liability insurance is a special policy.
Innkeeper’s liability insurance: This policy provides protection to the establishment in the event guest property was damaged, lost or stolen while the guest was in residence and the property was in the control of the hotel.