Hotels are exposed to a wide range of risks by the nature of what they do, and it’s important to protect the sizeable investments that are poured into a hotel from those risks whenever possible. For hotels in Massachusetts, purchasing hotel insurance often plays an integral role in protecting against many of the risks that come with this industry.
Hotel insurance is specialized commercial insurance for hotels and similar businesses. Since these businesses face many different risks, policies are usually underwritten as package policies that bundle several coverages together. In most cases, hotels can choose the precise combination of coverages that are included in their policy.
Most Massachusetts hotels and motels can benefit from having motel insurance in place. Businesses shouldn’t get hung up on whether the insurance is referred to as “hotel” or “motel” insurance, for the two are essentially interchangeable because the different businesses often have nearly identical insurance needs.
Other businesses that offer lodging might have similar insurance needs, but not quite as similar as hotels and motels. Bed and breakfasts, multi-site short-term rental operators and glamping companies all face slightly different risks that sometimes necessitate a slightly different policy, for example.
An insurance agent who specializes in motel insurance can help lodging businesses decide whether this or another insurance option best meets their needs.
While the exact protections that motel insurance policies make available can vary, most offer a variety of property and liability coverages. The former of these normally safeguards assets that a hotel owns, and the latter generally protects against third-party claims that could be filed against a hotel.
Some of the property coverages that are frequently available and purchased include:
Some of the liability coverages that are frequently available and purchased include:
There are still more coverages that policies can offer. An experienced insurance agent can help sort through all of the available ones.
Insurance companies look at many different factors when calculating premiums for hotel policies. A hotel’s location, number of rooms, additional amenities, annual revenue and claims history are merely some of the factors that can influence cost. An independent insurance agent can show hotels how much insurance will be in their particular situation.
For help insuring a hotel or motel that’s in Massachusetts, contact us at The Feingold Companies. Our independent insurance agents will help you review your hotel’s coverage needs, and we can show you multiple policy options that meet those needs. Since we’re an independent agency, our team can recommend the best available hotel insurance options regardless of what insurance company offers them.