A commercial package policy is an excellent option to offer your hotel and motel clients to cover their liabilities. Hotels offer a range of services to guests, but with each service comes the potential for risks. For instance, a guest could sue a hotel if they suffer an injury during their stay. There could also be a claim if they lose their personal belongings or someone damages them during a break-in. Also, hotels serving food could face accountability for any food-borne illnesses caused by their dishes, and those with swimming pools could face liability for accidents in the pool area.
Forming a Commercial Package Policy
Given the numerous risks hotels face exposure to, it’s an absolute necessity for them to have comprehensive and robust hotel and motel insurance policies.
Hotel insurance is a specialized type of insurance created to address hotels’ particular needs. It usually comes as a Commercial Package Policy that contains several individual coverages within a single policy. Likewise, the policyholder can customize it for a particular hotel’s unique situation.
Commercial General Liability (All Motels and Hotels)
General Liability Insurance covers personal injury, bodily injury, and property damage that may occur due to business operations. It protects against claims made by third parties who have suffered harm due to something your client or their employees did or didn’t do.
Cyber Liability (For Medium and Large Hotels and Motels)
A cyber liability insurance policy can mitigate financial problems from cyber-attacks or data breaches. A policyholder can customize it to cover various risks, such as ransomware attacks that shut down operations or data breaches.
Commercial Property Insurance (All Motels and Hotels)
Commercial Property Insurance safeguards a business’s building, contents, business income, and rental income by protecting against a range of commonly experienced losses, such as fire, vandalism, theft, explosion, pipe bursts, and more.
Equipment Breakdown (Most Hotels and Motels)
Equipment breakdown coverage protects against power surges or sudden accidental damage resulting in the impairment of expensive equipment essential to the building’s operations.
Garagekeepers & Non-Owned Liability (For Hotels and Motels with Valet Services)
Garagekeepers insurance protects the vehicles of the hotel guests while they are in the hotel’s possession. Typically, this policy includes collision coverage for damages caused by an employee and comprehensive coverage for other types of damage.
On the other hand, non-owned liability insurance covers liability associated with vehicles the hotel does not own. For instance, if a hotel employee were driving a guest’s car and caused an accident in the hotel’s parking lot, it would be covered under a non-owned liability insurance policy.
Other coverage includes Commercial Auto for hotels and motels with owned vehicles, Liquor Liability for establishments that serve alcohol, and Workers’ Compensation for all businesses with employees.
About Snyder Specialty
Snyder Specialty, LLC is a New York-based underwriting facility that provides a range of property and liability solutions for personal and commercial lines. Specializing in coastal properties and hard-to-place risks, Snyder Specialty expands your current capabilities with proven solutions for complex risks. Find out more about the company’s range of services by calling (718) 362-8039
