Hotel owners much like resorting owners, facing an enormous amount of exposures due to the nature of their business need to have insurance to address their concerns. After all, you’re responsible for the health and safety of many customers and employees, and you need several policies from an Albuquerque insurance agency that cover different aspects of the hospitality market in order to be properly covered.
Fire is one of the top concerns, especially considering the difficulty of evacuating hundreds of guests safely. Having a swimming pool lends itself to pollution issues from the chemicals being used. Resorts with golf courses also need coverage for pesticide and herbicide applications.
You also have to protect yourself from the people in your employ. Employee dishonesty is a concern for practically any type of business. People you entrust to help run your operations could be taking advantage of you, the hotel guests, or anyone else you engage in business with. Insurance helps solve many of these problem areas.
Other areas where coverage comes in handy
Most full service upscale and luxury hotels and resorts offer valet parking services and need to be sure they are covered properly for accidents, injuries and theft. In addition, there is a need to comply with the Fair Labor Standards Act (minimum pay, overtime pay, equal pay, child labor), protect against claims of denial of services to guests (perceived as illegal discrimination), food contamination issues, and security concerns, just to name a few.
All hospitality businesses should carry a policy that addresses abuse and molestation claims. This can be an important coverage that is overlooked; therefore agents and clients need to address this exposure. Running a clean facility is vital, so avoid being negligent in the maintenance of the premises and take proper care in eradicating the possibility of bed bugs and other pests.
The insurance considerations that pertain to the hospitality services industry are extraordinarily unique and complicated. The risks and operations of these businesses require study by a professional to appreciate how the insurance should be placed and property insurance claims handled. The last thing you want to end up with is hospitality insurance coverage with gaps, leaving you uninsured or underinsured, leaving potential victims who decide to file lawsuits.
Participation in loss control surveys and claim review meetings can be very beneficial. Useful information from an agent at a local Albuquerque insurance agency can be very helpful in reducing incidents and claims.