Hospitality Insurance
Hospitality Insurance Coverage
Hospitality insurance encompasses a broad range of coverage for businesses that serve the hospitality and leisure industries. Learn more about different categories of hospitality insurance below.
Rental Business Insurance
Rental business insurance is necessary for companies that offer seasonal, part-time, or vacation rentals. Rental insurance can fall under the category of property insurance and coastal property insurance. At the same time, a rental insurance business that includes rentals as part of a broader hotel, hospitality, or vacation rental operation may need to consider additional liability risks that would not be included in a standalone policy for property insurance. Your Guardify agent can help you find a policy that will combine these insurance needs, or can help you package policies so that both your property and rental business needs are met.
Types of Insurance for Hospitality Industry
Hotel Liability Insurance
Hotel business insurance might also be called hotel liability insurance, or hotel insurance. Insurance for hotels is a form of hospitality business insurance that includes broad liability for hotel operations, from workers to guests to property. Insurance for hotel businesses might also include property, liquor liability, restaurant, and workers compensation coverage.
Hotel Insurance & Resort Insurance
In looking for a hotel insurance company or hotel insurance program, business owners often seek out options that will meet comprehensive underwriting requirements for insurance for hotels. A resort insurance program may have additional considerations, depending on amenities offered, such as a spa, marina, or additional rental equipment for guests.
Hotel insurance programs should include general commercial liability coverage, property coverage, rental coverage (if applicable), liquor liability coverage, and workers compensation. A hotel insurance program might also include business income or business interruption insurance (also known as loss of income insurance) in the event that a property site experiences damage that causes a business interruption. Hotel insurance coverage may also provide commercial coastal property insurance coverage depending on the location.
Hotel Insurance Requirements
Different states, counties, and cities may have different regulatory requirements as far as hotel insurance. In some cases, it may be necessary to demonstrate proof of insurance in order to obtain the necessary licenses for your hospitality business to operate in a given location. Check your city and state economic and hospitality regulatory boards to determine minimum insurance requirements for your location.
Guardify works with qualified hotel insurance companies to be able to offer you and your business flexible, high quality hotel coverage options that will fit your hotel needs.
Lodge Insurance
Lodge insurance may be similar to hotel insurance and bed and breakfast insurance. Lodge insurance terms may vary based on location of the lodge, and activities that occur at the lodge. A lodge insurance package may include additional options for rental equipment coverage, such as in the case of a ski lodge or hunting lodge. In discussing lodge insurance options with your Guardify agent, be sure to consider length of rentals, and make sure that the lodge is covered for events and public activities to the extent that lodge facilities may rented for weddings, reunions, corporate gatherings or other events.
Bed & Breakfast Insurance
Bed and breakfast insurance typically should include similar features to hotel insurance and lodge insurance as described above. Insurance for bed and breakfast hospitality operations should accommodate the terms of the business. Some questions to consider include the following:
- How long are average rentals?
- Are all rooms at the property rented out equally, or are some available on a long-term basis?
- Do property activities include options to rent additional equipment (for example, paddleboarding on a property lake)?
- Does the property support additional ecotourism opportunities for guests?
- Is alcohol served in any capacity on the property, and in what context?
Answering the above questions can help bed and breakfast owners to make the right decisions when determining the type of bed and breakfast insurance coverage that will be needed for their business.
Golf Course Insurance
Insurance for golf courses may need to include property coverage, including commercial coastal property insurance if applicable. Golf course insurance programs should also include coverage of rental equipment, liquor liability insurance, and commercial general liability insurance. In some cases, workers compensation may also be recommended as part of comprehensive golf course insurance coverage.
Liquor Liability Insurance
Liquor liability insurance companies are a specific niche within the insurance industry. While some companies may offer standalone liquor liability insurance policies, many will include liquor liability as an add-on option to complement other property-related insurance packages.
Liquor liability insurance cost will vary depending on the type of venue, context in which alcohol is served at the venue, as well as the venue's location and value of products sold at the venue. Contact a Guardify agent to get a liquor liability insurance quote today!
Boat Rental Insurance
Rental boat insurance can help to cover liability for equipment, employees, and property pertaining to boat rentals. Given the complexity of marine rentals compared to other kinds of rentals, typically it is necessary to acquire a marine rental policy rather than a generic rental policy in order to achieve proper coverage.
Your Guardify agent can help you to determine the best options for add-on boat rental insurance to complement your hospitality insurance package.
Guardify offers specialized marine rental facilities insurance, which can be customized according to the type of rental boats and marine equipment offered at your facility.
Rental Equipment Insurance
Insurance for rental equipment includes equipment and liability coverage. Terms and cost of rental equipment insurance may vary based on the type of equipment being rented and context of use. Discussing details of the type of rental equipment, context of use, and value of rentals will help your agent to determine the right type of policy add-on for your hospitality insurance needs.
Rental Insurance in Texas
Many Texans enjoy vacation rentals, either in the form of beach vacation rentals along the coast, or hunting vacation rentals (such as a deer lease or timeshare). Finding the right rental insurance can protect your rental property in Texas, and can help to optimize your Texas rental business operations.
Liquor Liability Insurance in Texas
Liquor liability insurance in Texas is essential for businesses that obtain a license to sell alcoholic beverages in Texas. The state of Texas maintains strict alcohol licensing requirements, and also strict repercussions for individuals who are found to be driving under influence. A liquor liability insurance policy can help to protect your business in the event of claims pertaining to an overserved or intoxicated patron.