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Having some level of protective insurance cover is important for any business. However, if you run a motel, B&B, guesthouse or some other type of accommodation, many of the business insurance policies available in Australia will not adequately cover your specific needs.
Rather than taking out a generic policy, it's often a great idea for accommodation service providers to take out insurance that is designed specifically to suit the needs of their industry.
Accommodation providers need to have a policy that offers protection for things like public liability, product liability, business interruption, fire and storm damage, theft and even personal injury cover. Read on to find out more about tailoring cover to suit your business.
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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:
Consider the risks your business is exposed to before deciding what cover you need.
In order to determine the type and level of insurance cover your business requires, you'll need to determine the hazards your business is exposed to, the likelihood of them occurring and what the consequences would be if something occurred. Business owners should ask themselves the following questions:
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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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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:
Q. Which companies offer business insurance for accommodation services?
Q. What type of business insurance do I need?
Q. What do I do if I need help finding a policy?
Q. How do I make a claim?
Q. How long will it take to process a claim?
Accommodation service providers face a range of unique risks to the stability and financial position of their businesses, so taking out business insurance for accommodation services coverage can help these operators protect themselves against any risks. For help finding the right coverage for your business, speak to an insurance consultant.
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