How to Protect Your Hospitality Business in BC
While all businesses are important endeavours that will require insurance to protect their day to day operations, the hospitality business industry is its own unique entity that will require specialized insurance coverage. Whether you are operating a hotel, a bed-and-breakfast, a restaurant, or other, read on to learn more about how you can protect your hospitality business in BC.As a business owner in the hospitality industry, you are likely already very familiar with the ins and outs of what goes into operating a safe and secure place of business for your guests and your staff. To help ensure everyone involved is will protected, here are some important insurance coverage areas to consider.
Business Liability Coverage
Having business liability coverage is likely to be at the top of your list as it can help safeguard your business, in the event you are at fault for causing property damage and/or bodily injuries to a third-party individual.
This area of coverage in particular, can help with any substantial legal expenses your business could be faced with, and as a result this type of insurance coverage can be an extremely important part of your insurance plan.
Building Property and Contents Coverage
A second area of coverage worth mentioning is business property insurance. Not only does this cover the business property itself, it can also account for your business assets and equipment. Should the business property and its contents need to be repaired or replaced, business property coverage can help with these significant costs.
Business Interruption Coverage
Additionally, business interruption coverage will help protect your hospitality company from the any unexpected and unfortunate times when the business may have to be shut down for a variety of reasons. To avoid financial ramifications that can result from business interruption, this facet of insurance will enable you to continue to cover these potentially damaging costs.
Under the similar area of coverage, we also have Equipment Breakdown insurance. This may also be a necessary add-on to your hospitality policy, as this could very well be one of the contributing reasons why your business may encounter some form of disruption or closure.
Host Liquor Liability Coverage
Another type of insurance coverage that is unique to the hospitality sector, is Liquor Liability coverage. If your business will be manufacturing, selling or serving or even facilitating the purchase of alcohol, as the host, you will be responsible for a range of outcomes that can occur.
For example, in the event a guest becomes intoxicated and becomes injured or injures someone else, having liquor lability insurance will be an extremely important part of your insurance policy and will add yet another layer of protection to your business.