Everyone who walks in your door has baggage, needs, expectations and behaviors that will influence your relationship. As a hospitality business, you cater to their needs and attempt to prevent negative experiences. Expect the same from your insurer.
A risk management program should be designed for a general set of anticipated exposures a hotel, inn, bed and breakfast, restaurant or other hospitality company faces. But it should also be tailored to the specific needs of the client since cookie-cutter approaches go only so far. An insurance team, from broker to underwriter to claims staff, should be staffed by hospitality experts who have an underlying knowledge of the industry and an openness to each client’s particular circumstances. What is your loss history? Can your insurer help you do better? A comprehensive assessment of your loss exposure—both historical and future—is part of the full treatment.
Properties, employees, guests, investors and temporary staff are part of an array of concerns for both general safety and intricate human resources and contractual issues.
Your insurer should know your business well enough that it can aptly assess your likelihood of a claim and price your policies accordingly. Occupancy, loyalty programs, staffing, location, properties, spas, food service, average daily rates, accessibility and supply lines all factor into your risk of loss. It may seem like a hassle to answer a ton of questions, but your responses allow your underwriter to develop the best insurance coverages and services for you.
Beyond quoting and placing a policy, your insurer should provide claims assistance and crisis management because even the best-run establishments have accidents and make mistakes. At Starr, we work with our hospitality clients to prevent and respond to incidents through superior loss-control programs. And we are always innovating with products, professional partners and strategies that evolve with the hospitality industry.
Click here to read the article “Choose an Insurer that Treats Hospitality Clients like Guests.”