Those in the hospitality industry provide some of society’s most essential services and attractions. Operating a business that is open to the public, however, comes with serious responsibility. Most venues work with insurance providers to ensure all of their coverage needs are met, but including some of the most foundational policies in those packages can help hospitality businesses avoid financial devastation.
1. General Coverage
General liability covers the medical and legal fees of any accidents that occur on business premises. If a customer obtains an illness or injury on your property, for example, general liability can ensure that finding adequate legal representation and paying off exorbitant healthcare bills don’t bankrupt your business.
2. Workers’ Compensation
Similar to general liability coverage, workers’ compensation protects your business from the fallout of employee illness or injury. Additionally, it often helps employees by covering bills and ensuring proper accommodations for work-based accidents.
3. Liquor Liability
Any venue which serves alcohol runs the risk of legal culpability for overserving customers who leave your establishment and get behind the wheel of a car. Whether these customers find themselves face-to-face with the police or, even worse, a tragic accident, your establishment may find itself at the center of costly accusations.
Without sufficient insurance coverage, restaurants, bars, and entertainment venues are susceptible to financial devastation in the face of unexpected accidents. Insurance for the hospitality industry is therefore critical for businesses looking to attain long-term success.