Getting involved in the hospitality business involves more than just the running of the business. You need to have the right insurance during the construction of the hotel and when you are getting renovations done. Not having the adequate coverage can be detrimental to you in case an accident or any damage occurs.
Different types of insurance for hospitality construction and insurance for hotel renovations should include:
- Protection of property and building materials, also referred to as builder’s risk insurance
- Liability insurance in case the construction or renovation of the hotel damages someone else’s property
- Losses due to delay when damages occur that causes additional downtime that results in a loss of profits
You should also check to see what type of insurance the contractor and sub-contractor have. If there are any gaps in their insurance policies which doesn’t cover certain aspects of the hotel construction or renovation, it is a good idea to increase your coverage so you don’t experience any losses if damages should occur. Also go over your existing insurance policies with your agent to ensure you are completely covered when you start your hotel operations.
For more information about hospitality insurance, please contact Parkwest General Contractors.