Business accommodation insurance

As an accommodation service provider, you've got a lot on your plate, but business accommodation insurance can help. It covers you for a broad range of risks, including public liability if you're sued and business interruption if you need to temporarily close your doors. It can also include fire and storm damage, theft and even personal injury cover.

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If you are ready to speak with a consultant about different business insurance options available, simply enter your details in the form. Keep reading if you want to learn more about the different types of cover available.

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Holiday accommodation insurance

If you are an accommodation service provider, you may need a range of different insurance covers.

On a basic level, property insurance is a must for all accommodation providers. This type of cover will protect the building and its contents.

Public liability is another essential form of cover. Guests can injure themselves in any number of ways and if your business features a pool or recreation facilities, then your risk will be greatly increased. Public liability cover offers protection against expensive lawsuits. Businesses that sell food or other products to guests may want to consider public liability cover.

Other business insurance for accommodation services you may want to consider include:

• Business interruption: Business interruption insurance to covers lost profits in situations where, due to unforeseen circumstances, your business forced to temporarily shut down
• Workers’ compensation: You will need to check if you require workers' compensation insurance. Don’t assume that because you are a family-run operation that workers’ compensation is not applicable to you.

Consider the risks your business is exposed to before deciding what cover you need.

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Things to look for when choosing business insurance for accommodation services

When looking for insurance coverage for your accommodation business, make sure to keep in mind that there are a range of incidents and events for which you may want to be covered. Right at the top of the list is damage caused by fire and storms. Violent storms and fires can have a devastating effect on businesses, so protection is a must.

Your business will also need to be covered for theft, along with protection against costs resulting from vandalism.

Remember, most property insurance policies will exclude coverage for glass breakage, damage to signage and landscaping. If you want protection for these areas of your business, you may like to consider taking out additional cover.

Business interruption insurance covers the loss of income a business suffers when it is unable to trade due to an unforeseen event, for example a flood or earthquake. This type of cover is specially designed to ensure your business is able to stay afloat and return to the financial state it was in before the event occurred.

Liability cover is an essential form of insurance for accommodation service providers as it offers protection against compensation for personal injury or property damage. If your business sells food, alcohol or other products to guests and customers, a product liability policy should also be considered.

If your business relies heavily on one person in order to operate successfully, you may require key person insurance. Insurance to protect your workers against personal injury, along with cover for your business vehicles in the case of accident or theft, could also provide peace of mind.

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General exclusions affecting business insurance for accommodation services

As with any form of insurance, business insurance for accommodation services policies contain a range of exclusions where insurance providers will not pay a claim. Some of these exclusions will commonly affect accommodation providers and, while they differ from one policy to the next, these exclusions typically include:

• Claims resulting from acts of war, invasion, revolution or civil unrest
• Claims resulting from the failure of you or your business to comply with any relevant statutory obligations, by laws and safety requirements
• Any intentional or willful acts or omissions by you, your family members or employees, along with any fraudulent or dishonest acts committed by the same
• Many claims relating to acts of terrorism
• The destruction, corruption or misappropriation if any electronic data
• Loss of money resulting from clerical or accounting errors
• Many policies do not provide cover for flood, tsunamis or storm surges. If water enters a building as a result of structural defects, faulty design or lack of maintenance, you also won't be covered.

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