The hotel bar has become quite the scene. There are many upscale restaurants that are now found in almost any level of any hotel. They are host to many brands of liquor and provide guests and visitors with a nice place to spend time between engagements often offering additional services. And many patrons are not actually guests of the hotel, but the place is instead filled with locals making the hotel part of the local social scene.
Whether located on the ground floor or on a rooftop with a scenic view of the city, many hotels have designed their bars and restaurants to be a destination point of their own, a place to see and a place to be seen. Often there is even a wait, with long lines of throngs of people waiting to get in, some even using velvet ropes to suggest they are swanky and hip. Long gone are the days where most hotel bars are simply offering a lunch counter and a lounge.
The insurance considerations that pertain to the hospitality services industry are extraordinarily unique and complicated. There are hospitality insurance programs that help owners deal with the issues that they may face.
Unique risks and exposures
Serving food and alcohol can present issues that range from food contamination to over-serving of patrons. The legal fallout could be financially ruinous. The risks and operations of these businesses require study by professionals to appreciate how the insurance should be placed and ensure that property insurance claims are handled properly. Insurers understand the issues facing the operators and owners of these businesses.
There is a need for insurance agents and brokers who specialize in only this industry, because without such specialization, insurance agents would be much more likely to sell insurance coverage with gaps leaving hospitality policyholders uninsured or underinsured.
Speak to an insurance agent or broker who works with hospitality insurance programs and thoroughly understands the hospitality industry. Most owners are not aware of all the risks facing them and coverages needed to properly insure their business in order to help avoid the negative impact of exclusions and limitations contained in some policies.