Insuring Your Lodging Business
Are you planning to open up a lodging establishment, say, a hotel, motel, or an inn? You have to do lots of decision-making before you purchase a business insurance policy. Of course, you need to protect your building and all its parts. The type of business insurance you’d need depends on the size and type of establishment you own. You may also want to consider some factors like the value of your property. Consider the replacement value of your furnishings.
Usually, the policy does not cover fine art, antiques, or other things of high historic value. Most people pay the extra premium to get the coverage for these items. How will you serve food to your guests? Would you have a restaurant? Or just a simple café? Moreover, you need to consider getting compensation insurance for your employees, if ever you intend to get some. Check your establishment’s location. If it’s near the seashore (which, by the way, is prone to tsunamis), then be very particular with the type of policy you would purchase. Make sure it covers enough.