Does Your Business Need Hospitality Insurance?

Managing a restaurant, planning weddings and other similar services provide for rewarding careers. But dealing with so many customers—who often have constantly changing opinions of what they want—can open up your business to some very unique risks. Fortunately, a custom tailored hospitality insurance policy can provide the financial protection you need to run an effective business.

Your independent insurance agent can personally assess your needs and recommend coverage options that directly apply to your business. But in meantime, here’s a brief overview of what you should look for in a policy.

Property

Between table settings, computer systems, speakers and everything owned by your business—including a building if applicable—there’s a lot of physical stuff that needs protection from theft and damage. Acquiring these items took a sizeable investment, and losing them could spell disaster. Ensure that your policy’s property coverage has a limit large enough to cover all of these assets.

Liability

A liability is a risk faced by a customer or other third party. Someone may get injured on premises or get sick from the food served. Every business should have general liability insurance, which covers injuries and property damage experienced by third parties. But your hospitality business may require additional types of liability coverage. Your agent can help you select the right protection.

Commercial Auto

Any cars, trucks or vans you operate as part of your business will need to be insured according to state law. You may also wish to consider protection for your cargo, such as catered meals or DJ equipment. Additionally, if your business makes use of valet services, you should also consider non-owned auto liability coverage to protect customers’ vehicles that are temporarily in your possession.