To correctly cover any Hotel will require an individualised approach to their insurance – one size does not fit all.
Insurers base their premium on a number of factors however initially they will consider the description of your business and what you do. It is important that the information you give them incorporates all your activities. Do you organise activities outside the Hotel (eg. Horse Riding)
Typically a Hotel will require cover for the following:
Including Buildings, Fixtures & Fittings, Contents, Stock and Computers.
Covering your loss of Profit and also may include the additional expenditure required to get you back to a trading position you had prior to a loss
Insuring your cash, cheques etc. at the office or in transit to the Bank. The policy can extend to include Personal Accident Assault which covers injury to an employee in the course of a transit.
As an Employer you may be held liable for an injury to an employee. Cover for this eventuality is usually included for a limit up to € 13,000,000
When Insurers are calculating the premium to be charged they apply a rate on employee’s wages. It is important to split your employee’s into categories if possible as the rates vary. For example the rate for a Clerical employee would be lower than for a Manual employee.
Public / Product Liability
Public Liability protects you in the event of a claim from a member of the public whether it is in injury, property damage and associated financial loss. Generally the limit covered is € 2,600,000.
Is Loss of Licence cover required?
Other covers which should be considered are:
Employment Practice Liability (EPL)
Covering issues like sexual harassment, bullying, discrimination or other similar employment related issues.
Misappropriation of money or goods by dishonesty or fraud by an employee
Covers legal expenses in defending an action brought by a customer or employee