Insurance is risk management against contingent and unforeseen loss. An insurer is the company who manages this risk and an insurer is the person who buys this insurance policy. Any risk which can be calculated can be insured. There are various types of insurances like auto insurance, health insurance, accident insurance, unemployment insurance, life insurance and property insurance. Property insurance is the protection for calculated risks to property like fire or theft. The term property insurance is wide in definition and people who own hotels would definitely have a surge to have a hotel insurance policy in UK.
While confirming your hotel insurance policy, be sure to choose the right one. The drastic growth in the number of hotels in UK has increased the need of insuring hotels. As an insurer you must first estimate the amount of insurance required for your hotel. It is prudent to take up a policy which covers all possible damages. There are many possible damages like property related damages, customer liability claims, employee liability claims and business interruption insurance.
Each of these damages are important to be covered under one policy. Property related damages include risk due to floods, earthquakes, fires, theft etc. Customer liability claims are legal claims by customers of the hotel. If due to any accident, a customer slips on the hotel’s floor then the hotel may become liable for the compensation for the injury or damage. Such customer liability claims must be covered in the insurance policy. Employee liability claims is the risk of compensation demanded by the employee or the family of the employee in case of any injury or on-job accident of the employee. Business interruption insurance is to ensure the smooth running on the business in serious cases like death of the owner.
A holiday flat is a flat used by vacationers on rent in the UK. The entire duration of the vacationers stay, they are allowed to do anything as if it is their own home. Holiday flats are commonly found in the UK and can be booked either directly from its owner or through any real estate agent. Such privately owned vacation or holiday flats are calculated with unforeseen risks like theft, fire etc.
In addition to above, a hotel insurance policy must cover damages to stock, loss of license, goods in transit etc.
Michle Ada
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