Hospitality Insurance in Ft Lauderdale and Miami, FL

As a hospitality business, you should prioritize risk management and loss control measures. Risks and exposures may abound whether your business regularly welcomes guests to your premises, offers food and drink, or provides other services. Even the most experienced and diligent organizations may not be capable of suppressing all eventual accidents or errors, and a single misstep could have dire financial ramifications. With that in mind, an adequate hospitality insurance portfolio should be a top priority. 

What Is Hospitality Insurance? 
Hospitality insurance may often not refer to a single type of coverage capable of accounting for all of your business’s potential risks and exposures. In many cases, you may need to compose your own collection of coverage to form a suitable financial safety net. Fortunately, by working with qualified insurance professionals, such as those at Bruening Insurance Agency, your organization can assemble and maintain an optimal package of policies. 

What Does Hospitality Insurance Cover? 
The hospitality sector includes many subtypes of businesses. As such, your company’s coverage needs may be quite unique. Still, several core types of insurance may be advisable investments for most members of the hospitality sector. Consider including the following when putting together your coverage portfolio: 

• General liability insurance—If your business is responsible for the losses of third parties, such as guests and passersby, this coverage may help insulate you from resulting financial ramifications.
• Commercial property insurance—This coverage may help pay to repair or replace your company’s physical property, including buildings, equipment, furniture, inventory, signage and landscaping.
• Business interruption insurance—This coverage may help pay for various expenses and losses following a disruption of your normal operations, including rent, payroll and reduced revenue.
• Workers’ compensation insurance—If an employee is injured on the job or develops a work-related illness, this coverage may provide financial assistance for their medical bills and lost income, as well as your company’s legal costs.
• Employment practices liability insurance—This coverage may insulate your business from legal costs and financial losses if sued for improper employer conduct, such as discrimination, harassment and wrongful termination. 

While these types of insurance may be a good start to your loss control measures, your company should also thoroughly analyze its operations and unique circumstances to identify any remaining coverage gaps. For example, businesses that use motor vehicles or serve alcohol may require commercial auto insurance and liquor liability coverage, respectively.  

Who Needs Hospitality Insurance? 
All hospitality businesses should strongly consider acquiring and maintaining a versatile and robust insurance portfolio regardless of specific circumstances. In some cases, certain types of coverage may even be required by law, such as commercial auto liability coverage and workers’ compensation insurance. Many landlords and mortgage lenders may also mandate commercial property coverage. Even in the absence of formal requirements, your company should highly prioritize effective hospitality insurance. Without sufficient coverage, a single accident or error could lead to catastrophic out-of-pocket financial losses that may stunt your finances and jeopardize your business’s future. 

Get the Right Coverage 
With over 50 years of service to businesses in Fort Lauderdale, Miami and throughout South Florida, Bruening Insurance Agency is well-equipped to address your company’s coverage needs. Contact us today to get started.