Top Insurance Coverages for the Hospitality Industry
When you started your business, you likely did not know where to start when it came to insurance. You likely knew you must have it, but with so many different types of coverages available, it can be challenging to know exactly what hospitality insurance you need for your Jacksonville business. We can help you find the right insurance coverage for your needs. Here are some policy types you might want to consider.
Commercial Property
This insurance covers your property. In the hospitality industry, this includes things like restaurant equipment, hotel furniture and fixtures in case of vandalism and property destruction. It may not cover acts of god unique to Florida, such as hurricanes and floods.
Specific Peril Insurance
Specific peril covers what every Jacksonville hospitality insurance policy should have. That is hurricane, wind, fire, and flood coverage. Florida is subject to these conditions, sometimes all at once. Hurricanes cause wind and flood damage, and lightning strikes cause fire damage.
Business Interruption Insurance
Business interruptions are inevitable in an area where storms are frequent. Having this coverage means peace of mind when bad weather, travel restrictions and other conditions strike. You will still be able to pay your bills and employees even when you can't have guests.
Commercial Theft or Crime Coverage
Most hospitality businesses deal with cash, checks and credit cards. This opens the door to theft and other crimes. Unfortunately, your commercial property insurance may not cover theft. This policy will cover you if an employee or guest steals from your business.
All Risk Insurance
All risk insurance covers what specific peril insurance misses. Sometimes specific peril and all risk coverage are bundled into one policy. Hospitality insurance for Jacksonville, Florida needs to have this provision in case-specific peril doesn't have everything you need for storms, thefts, and fires.
General Liability Insurance
General liability will not only cover you when one of your guests is injured at your establishments, it can cover your legal expenses as well. In some cases, it even covers the damages your reputation suffers from an accusation or lawsuit. This insurance works as an umbrella when someone claims damages against your company and is one of the most important policies you can carry.
Workers' Compensation Insurance
Workers' compensation is a critical component of hospitality insurance in Jacksonville. The State of Florida requires every business to carry workers' compensation insurance to protect their workers from an on-the-job injury or illness. It often includes:
- Lifting injuries
- Repetitive injuries
- Slip and fall injuries
- Medical treatment
- Disability and death benefits
This helps you protect and provide for your employees.
Restaurant-Specific Insurance
If you own a bar or restaurant, you will need spoilage coverage, contamination coverage and liquor liability coverage. Food spoilage covers you if your freezer goes down or other equipment breaks, and food must be thrown out. Contamination coverage protects you if an employee, purveyor, or other circumstance contaminates the food.
Liquor liability insurance is specific to establishments that serve alcohol. If a guest is served too much and gets behind the wheel of a car or injures someone while intoxicated, they can blame you. In the event this happens, liquor liability can cover the damages.
Commercial Auto Insurance
Some hospitality companies have automobiles, either to transport guests or provide goods and services to guests. This protects you and your guests if there is an accident with one of these vehicles. In some cases, it will provide a rental or cover a replacement vehicle. Florida requires commercial vehicles to carry at least $10,000 personal injury and $10,000 property damage insurance.