Owning your own business might be a dream come true. Running a hospitality business allows you to mingle with the people, get to know your customers, and offer a service that’s hard to find. However, how do you insure a hospitality business and why is it so important? What sort of insurance do you need? Isn’t insuring a hospitality company, restaurant, bar, catering house, etc. more complex than a simple office?
As you read further, take to heart that we understand the challenges facing your business and want to mitigate risk as much as possible. Partnering with us, then, allows you to move forward without worry.
Is Hospitality Insurance Affordable?
Yes! Hospitality insurance is, indeed, affordable. When you’re purchasing coverage, you can afford to cover all your bases, including:
- Personal injury
- Liquor liability
- Commercial property
- Commercial auto
- Professional liability
- Employment practices
- Workers’ comp
While this range of coverages sounds expensive, each one can be written in an affordable manner and customized to suit your needs.
Review the list above and remember that workers’ comp is required by law. EPL coverage is a must if you hire staff. Commercial auto is required if you use vehicles for work, and commercial property coverage is necessary if you own or rent a workspace.
Plus, liquor liability is a serious issue for hospitality businesses, and you must be covered because one successful claim could bankrupt your business.
How Do You Protect a Hospitality Business?
You cannot protect a hospitality business without a full range of insurance products. Moreover, you need business support that comes from our team and our partners at The Liberty Company. You can get help with:
- Leadership and management
- Safety training
- Educational support
When you take a holistic approach to managing your business, it’s safer, more profitable, and provides a better working environment for your team.
In short, a bodyguard and a savvy bartender aren’t enough (but they’re very helpful.)
Small Businesses Are Your Biggest Investment
Your biggest investment is your hospitality business. You’ve put everything into the company, and you must do all you can to protect it. This is why hospitality insurance is so important. It sounds like an afterthought, but it’s the most important suite of protections you can buy.
At the end of the day, premiums are cheaper than payouts, and your business—your legacy for your family—depends on how well insured it is.
Contact Cormarc Insurance for More Information on Hospitality Insurance
Contact our team at Cormarc Insurance right away if you need help with hospitality insurance. We have decades of experience working with specialty businesses just like yours. Plus, we offer a wide range of additional business services, safety support, claims advocacy, and more to ensure you are thriving.