Newfoundland Hospitality Industry Insurance
The hospitality business can be highly competitive in Newfoundland, and keeping up with the competition can be a full-time job. However, proper risk management is also an essential part of your business and unless you protect your investments, you could lose everything with just one lawsuit or disastrous event. That is why you need more than simple insurance coverage for your business. A policy that is customized to your needs will protect you against many things that you did not plan on. Here is a good example.
Nancy and Fred always wanted to have a business of their own. Both had worked for years in the motel industry, so they decided to open up their own motel. When an older motel in the area came up for sale, they immediately checked it out. The place would need some improvements but the price was very reasonable, so the couple applied for a business loan and were accepted. In fact, they were able to borrow enough money to pay for some major upgrades and within a few months time, they were open for business.
Fred went to his insurance broker to talk about his insurance needs and together they came up with a customized hospitality business insurance plan that would cover many different risk factors. In fact, his independent agent was able to provide Fred and Nancy with complete protection and save them a considerable amount of money on premiums.
About a month after their motel opened, a large storm caused a major power outage for almost a week. This happened during their peak season and they lost a great deal of business. Fortunately, their hotel insurance included loss of income due to unforeseeable events. This coverage option literally saved the couple's business and allowed them to continue. Today, they have one of the most successful motels in the city.
What is Motel Insurance?
When you run a motel or restaurant, you are in the hospitality business and you need hospitality industry insurance. This insurance is designed to cover the risk factors that these businesses face, and they can be numerous at times.
Who Needs Motel or Restaurant Insurance?
Any business in the hospitality industry should consider hospitality business insurance specifically designed for them. Here are some examples:
- Bed and Breakfast establishments
- Dance clubs
Are There Standard Insurance Policies for My Business?
Your insurance needs can vary greatly according to your business. For example, if you run a B&B you should have bed and breakfast insurance that fully protects you, and your needs can be much different than a standard motel, that does not serve food to guests. Every policy whether it's for a B&B, hotel, or restaurant, should include these things:
- General liability
- Commercial property insurance
- Commercial auto insurance (if you own company vehicles)
- Insurance for guest's personal property
- Building contents - this can include equipment, stock, tenant betterments, computer equipment, and security systems.
Options for Restaurant and Hotel Insurance
Your insurance options may be considerable and that is why you should consult an insurance professional with years in the business. Here are some of the options you may need, depending on your industry:
- Power interruption
- Outdoor features - may include walkways, parking lots, patios, and outbuildings.
- Endorsement for peak season limit increase - you probably need more coverage during the busiest time of year, and this is an excellent addition to your cafe or motel insurance.
- Loss of income - this could happen from a natural disaster or you might need to temporarily shut down for a food poisoning incident.
- Umbrella liability - covers you for a wide range of risk factors that could lead to lawsuits.
- Crime insurance
- Ordinance insurance - this can be part of your B&B or restaurant insurance and it protects you if you must make improvements or tear down structures to conform to local laws or building codes.
- Newly acquired or built property
- Direct damage endorsement - covers things like damage from infestation, food spoilage, or food damage.
- Liquor liability coverage
- Machinery or equipment breakdown
- Replacement cost coverage for damages
Where Can I Find the Best Hospitality Industry Insurance?
You may face complex issues in your business and a standard restaurant, motel, or bed and breakfast insurance policy may not be sufficient. That is why it's important to find an insurance professional with a great deal of experience and someone that can get you the best possible coverage.
Crosbie Job has been in the insurance business since the mid 19th Century. That's well over one hundred and fifty years of insuring people and businesses. In addition, we are an independent insurance agency and we can get you policies from some of the best insurance companies, both Canadian and international.
Instead of representing one insurance company, your insurance broker represents you. Your independent agent checks with many different companies to bring you back the lowest premiums with the most coverage options. In addition, years of insurance experience means you have the right kind of advice for taking care of all your business risk factors. We have 8 locations to serve Newfoundland.
To find out what Crosbie Job can do for your business, call us at locally at (709) 726-5414 or toll free (800) 563-7788 for information on hospitality business insurance, or fill out the Quote Form and we'll get back to you.