What’s the best hotel insurance plan in Indiana and Ohio?
If you own a hotel – and especially if you own several – you know that the insurance market for hotel insurance has changed drastically in the past ten years. Many owners have likely seen their costs rise considerably because of these changes. So with that in mind, how are you supposed to find the best hotel insurance in Indiana and Ohio? Where do you start? What do you look for? How do you cut costs? And when will you have any time at all to research this?
This is going to be a starting point to finding the right plan. Every hotel is unique, so each one will have different needs than the next. Some have restaurants. Some are franchised. Some have valets. Some are bed and breakfasts. Some have conference halls. Keeping these things in mind, I’ve tried to keep this article focused on things that may affect all hotel owners.
We’ll start with a few things you’ll want to look for in a policy, agency and company, then we’ll move into some ways to save money.
Hotel Insurance Necessities
- Property and Liability Insurance – Of course these would be listed! If the building burns to the ground, how quickly can you get it rebuilt? If a guest trips over a cord left out by the staff while cleaning, are you protected?
- Equipment Breakdown – If the heating, air conditioning, or even laundry machines broke down unexpectedly, you could have a huge problem. To keep the doors open, you’ll want to have these items repaired or replaces as quickly as possible, and the costs could be very high. Equipment breakdown coverage would offer protection in this type of scenario.
- Food Spoilage Liability – You do all you can to find reliable vendors and suppliers for your food, drinks and snacks, but if a sandwich is left on the shelf a bit too long and an unknowing customer buys it, there could be a problem. Do what you can to prevent that from happening, but be sure that when it does that you’re covered.
- Liquor Liability – If you sell alcohol, you already know how important this is. You’re already doing all you can to prevent possible claims, but make sure you’re protected when and if something should happen.
- Crime and Vandalism – For many, unfortunately this is a huge risk. Installing alarms, cameras, and implementing safety procedures is an excellent first step, but you’ll want to be ready in the event of burglary, robbery, vandalism, and employee theft.
Now let’s look at a few ways to save some money on your business insurance policy.
Ways to Save Money on Hotel Insurance
- Positive Google Reviews – Yes, this is actually becoming a factor now. Insurance companies are paying more and more attention to the online community and what they have to say about your service. Make sure those reviews are looking good, and do what you can to improve them and your insurance company may take notice.
- Building improvements – Insurance companies want to make sure everything is in excellent shape, so when you update the roof, or the plumbing, or the heating, etc, make sure you notify the insurance company. If you notice that the building is showing signs of wear, it may be a good time to invest in repairs.
- Loss Control – Most insurance companies look back a total of 3 years for your losses. No losses are obviously the best if you want the best price, but quite a bit of credit can be given if you’ve taken steps to avert further losses. If you were robbed, but then put in a security system, that would be reason for the company to meet you in the middle.
- Pay in Full – Many companies give significant discounts if you can pay your insurance on an annual basis. It’s always worth asking for more credit when you’re able to, so plan ahead so you can take advantage of this.
- Multi-policy discounts – Most people know this is true for homes and autos, but did you know it works for commercial accounts as well? Always ask!
- Experience – Credit can also be given if you’ve simply put in the time and paid your dues. You may not only qualify for better discounts, but better programs entirely if you have 3 or more years of experience as a business owner
- Insuring Everything with One Company – Just like buying in bulk, there are many carriers that will give more and more discounts if you place everything with them, much like the multi-policy discounts as mentioned above. If you own several stores, make sure to look into placing them with one carrier. If you operate in multiple states, it’s worth looking into whether or not your carrier can work for every location that you own.
Again, this is meant to simply be an introduction to some quick ways to find the policy right for you. Be sure to check with your agent for additional coverage and discounts that apply specifically to your business. Of course, you can always start a quote here as well and we can discuss what sort of plan would fit your business best.