Hospitality.

Hospitality insurance is a type of insurance coverage specifically designed for businesses in the hospitality industry, such as hotels, restaurants, bars, and event venues.

Hospitality insurance is typically a package policy that includes several different types of coverage to protect the business from a wide range of risks.

Hospitality insurance is important for businesses in the hospitality industry because they face a wide range of risks, including physical damage to the property, liability claims, and interruption of business operations. Without adequate insurance coverage, these businesses could face significant financial losses.

Hospitality businesses need insurance for a number of reasons. One of the primary reasons is to protect against financial losses that could result from a wide range of risks and hazards. These risks can include physical damage to the property, liability claims, interruption of business operations, and other unexpected events that could impact the business's ability to operate.

There are several steps that hospitality companies can take to get the right insurance for their business:
Identify your specific needs: Consider the type of business you operate, the risks you face, and the types of coverage you need. This will help you determine which insurance policies are most relevant for your business.For example, if your hospitality business serves alcohol you will want to make sure you have liquor liability coverage.
Work with an insurance broker: An insurance broker can help you navigate the different insurance options available and find a policy that meets your specific needs. They can also help create risk management plans for your business and assess and review risks with you.
Review and update your insurance regularly: As your business grows and changes, it's important to review and update your insurance coverage to ensure it continues to meet your needs. Make sure your broker talks with you a few times a year to determine if any changes need to be made to your policy to cover any additional risks.
Consider additional coverage: In addition to traditional insurance coverage, you may also want to consider additional coverage such as event cancellation insurance, business interruption insurance, or terrorism coverage, depending on the specific needs of your business.
Review exclusions: Review all exclusions listed on your policy with your insurance broker. For example, if you are a bar and have bouncers that have the authority to remove patrons, you will want to make sure there is no forcible ejection exclusion listed on your policy.

There are several steps that hospitality companies can take to mitigate their risk:
Implement safety measures: Implement safety measures such as employee training, safety protocols, and emergency response plans to reduce the risk of accidents and injuries.
Manage your business's reputation: Monitor and manage your online reviews, as well as your interactions with customers. This can help prevent negative reviews and protect your business's reputation.
Purchase insurance: As mentioned above, purchasing the right insurance coverage can help protect your business against potential losses. Your broker should also be a valuable risk management partner, helping you navigate risk and advising on how to mitigate it.
Establish partnerships: Establishing partnerships with other businesses or organizations can help spread risk and reduce the impact of any potential losses.
Implement risk management strategies: Develop and implement risk management strategies to identify and mitigate potential risks to your business. This can include conducting regular risk assessments, implementing risk controls, and establishing a process for managing and monitoring risks.
Stay up to date: Stay up to date with industry trends and best practices to ensure that your business is operating in a safe and compliant manner. This can help prevent potential risks and protect your business.

If you want to work with a commercial insurance brokerage that puts people first and values transparency, sustainability, ownership, and impact, then Summit is the right choice for your business insurance needs.

At Summit, we craft innovative insurance solutions that are custom tailored to your business, giving you the confidence you need to succeed. Our team is dedicated to building trust and creating value through open and honest communication. We are in it for the long haul and strive to make a positive impact in everything we do.

So if you want a business insurance partner that shares your values and is committed to helping you succeed, consider working with Summit.

Hospitality insurance typically covers a wide range of risks that are specific to businesses in the hospitality industry, such as hotels, restaurants, bars, and event venues. Some of the common types of coverage included in a hospitality insurance policy include:
Commercial Property: covers damage to the physical property, such as the building, furniture, and equipment.
General Liability: protects the business against claims for bodily injury or property damage that occur on the premises. This can include slips and falls, food poisoning, and other incidents that occur on the business's property.
Business interruption insurance: provides financial protection if the business has to close temporarily due to a covered event, such as a natural disaster. Many hospitality businesses need a longer period of indemnity as business interruption claims can drag out over long periods and it may not be possible to move your operations elsewhere.
Cyber Insurance: covers the costs associated with a data breach or cyber attack, including the cost of notification, credit monitoring, and legal fees.
Liquor liability insurance: protects the business against claims related to alcohol served on the premises, including accidents that occur as a result of overconsumption.

In addition to these common types of coverage, a hospitality insurance policy may also include coverage for other risks specific to the business, such as loss of income due to a power outage or coverage for equipment breakdowns.

It's important for businesses in the hospitality industry to carefully review their insurance needs and ensure that they have adequate coverage to protect against the risks they face.

Business insurance should never be sold solely on price. You are protecting your most important asset. Our mission is to find you the perfect coverage but also find the best priced policy with that coverage.
The exact cost for your insurance policy varies according to factors such as:
Industry
Risk Exposure
Years of Experience
Location
Number of Employees
Revenue
Claims History

Liquor liability insurance is an important type of coverage for hospitality companies, such as bars, restaurants, and hotels, because it helps protect against the financial consequences of serving alcohol.

When a hospitality company serves alcohol, it assumes a certain level of responsibility for the actions of its patrons. If a patron becomes intoxicated and causes harm to themselves or others as a result, the hospitality company may be held liable for any damages or injuries sustained. Liquor liability insurance helps cover the costs associated with defending against and settling such claims, protecting the financial health of the hospitality company.

Without this coverage, a single incident could potentially bankrupt a business. It is important for hospitality companies to carefully consider their risk exposures and consider purchasing liquor liability insurance as part of a comprehensive risk management strategy.

A good risk management plan for a hospitality business should contain the following elements:
A risk assessment: This should identify the potential risks faced by the business and assess the likelihood and impact of each risk.
Risk controls: This should include the measures the business will take to mitigate or eliminate identified risks, such as implementing safety protocols, training employees, and purchasing insurance. Your insurance broker can advise on risk management practices and how to implement them.
Risk monitoring and review: This should include a process for regularly reviewing and updating the risk management plan to ensure that it remains effective in addressing the risks faced by the business.
Communication and training: This should include a plan for communicating the risk management plan to all relevant parties, such as employees and partners, and training them on how to implement the plan.
Emergency response: This should include a plan for responding to emergencies, including procedures for evacuating the premises, contacting emergency services, and communicating with employees and customers.
Record keeping: This should include a process for documenting and tracking the implementation of the risk management plan, as well as any incidents or accidents that occur.

By developing and implementing a comprehensive risk management plan, hospitality businesses can better protect themselves against potential risks and losses.