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Owning a business today means that you can be held liable for virtually anything and everything. This is even truer in the hospitality industry, where a business can be named in a lawsuit for an incident that occurred off the premises or if they were only vaguely connected to the actual establishment. If you purchase hospitality insurance you can provide peace of mind and assurance for yourself by knowing that you are protected in the instance of an unexpected claim.

3 reasons why hospitality insurance is important

The Coverage Is Affordable

One of the biggest liabilities that insurance will cover is liquor-related liability. This type of coverage is relatively low priced today and there are a number of businesses that can obtain this protection for less than what a single alcoholic drink would cost. However, the cost associated with not having this protection can be significant.

You can Purchase Comprehensive Coverage

There are a number of companies offering hospitality insurance that now offer comprehensive policies. This can be in any amount, which will usually be determined by the size of your business. The comprehensive coverage that you can purchase will vary from provider to provider. However, some of the general coverage you can expect to receive includes:

  • Coverage for commercial property, which includes loss of income and inventory and personal property and buildings.
  • General liability coverage.
  • Liquor liability coverage.
  • Excess coverage.
  • Both non-liquor and liquor coverage related to assault and battery charges.
  • Discounts based on certain business factors.

There is no real excuse for not having the proper type of coverage. This type of insurance is most beneficial to owners of package stores, caterers, restaurants, taverns, social clubs hotels and any other type of business that is selling or that is serving alcoholic beverages on a regular basis.

Protect Your Investment

When it comes to your business, you need to protect your investment. If you are still wondering what is the importance of think about how one lawsuit can ruin or bankrupt small businesses and significantly impact medium or larger businesses. This is why the investment in the insurance is actually low compared to the cost that you will encounter if you do not have it and are facing these types of claims. Keep this information in mind: you can protect yourself, your business, your employees, and even your patrons. This will undoubtedly give you peace of mind that you are protected.

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