If you own or manage a hotel in Kent, or anywhere in the UK, whether it’s a small guest house or a chain of hotels in several locations, you need a hotel insurance policy.
A wide range of UK insurance companies offer hotel insurance. There are policies for sole traders, partnerships and limited companies. Some types of cover are included as standard, others are optional.
Trying to work out exactly what insurance you need for your hotel, or which hotel insurance policy is best, can be tricky. There are lots of things to consider, such as:
- What are your legal obligations as a hotel owner?
- How do you make sure your hotel sums insured are adequate?
- Do you have to declare that part of the hotel has a flat roof?
- What if the hotel has a swimming pool, gym or golf course?
- What if the hotel offers meeting rooms , business facilities or has a conference centre?
- What would happen if you were to lose your alcohol licence?
- Does your hotel need business interruption cover and how do you decide what indemnity period you need?
- Which parts of the hotel should be insured under 'tenant’s improvements'?
- Is there cover for glass in the hotel?
- Is there a minimum security or alarm condition on the hotel policy?
- What if a guest or a member of staff falls over and is injured in the hotel?
- Do you need cover for extra stock at busy periods?
- What is a reasonable excess on a hotel insurance policy?
It is important to make sure that you have the right hotel insurance cover at a competitive premium. It is usually best to speak to an independent business insurance broker who understands hotel insurance and the issues you need to deal with and can advise you which types of insurance cover you need. They have access to many different insurance companies and will compare the market on your behalf.
A specialist commercial insurance broker will advise you about any policy conditions and warranties you should be aware of and will be on hand throughout the year to help you if you need to make changes to or have any questions about, your insurance. More importantly, perhaps, they’ll be there to help you if you need to make an insurance claim.
Look for a local insurance broker that specialises in business insurance and offers a personal service. They will usually compare several quotes from different insurance companies, on a no-obligation basis, and then recommend the product that best fits your requirements.
You can go on the internet and get cheap hotel insurance quotes online but you’ll need time to fill in all the forms and you’ll need to decide for yourself if the cover is right for your business. If you do this, you'll usually also be on your own when it comes to making a claim.
The types of insurance cover you might include in a hotel policy include:
- Insurance for your hotel building
- Insurance for hotel contents (including art and valuable furniture)
- Business Interruption Insurance (loss of income after such things as a flood, fire or break-in)
- Guests Personal Effects Insurance
- Household goods and personal effects (if the hotel is also someone's home)
- Loss of Licence Insurance
- Public Liability Insurance
- Product Liability Insurance
- Employers Liability Insurance
- Glass Insurance
- Goods In Transit Insurance
- Money Insurance
- Personal Accident Insurance
- Commercial Legal Expenses Insurance