The hospitality industry is all about keeping customers happy and comfortable. So when something goes awry, the business can suffer tremendously. That’s why high-quality insurance is crucial for anyone running restaurants, hotels or bed-and-breakfasts.
Oegema Nicholson and Associates can connect you with a variety of insurance products designed for those in the hospitality sector. The right coverage can give you the peace of mind necessary, so you can focus on catering to your guests.
What is hospitality insurance?
No insurance provider will offer a standalone policy known as hospitality insurance. They will instead bundle a variety of coverages together into a business owners policy, which is customized to suit the needs of the hospitality industry. From general liability insurance to commercial property insurance, Oegema Nicholson can introduce you to a number of useful coverages tailored to protect your unique business.
What types of coverages are available?
Whether you own a motel in western Quebec or a sprawling family resort in Niagara Falls, protect your most valuable assets with valuable hospitality insurance from Oegema Nicholson. Our expert advisers can determine the right types of coverage to suit your unique needs. Below are just some of the coverages everyone in the hospitality sector should consider.
Business Contents Coverage
Big or small, every hospitality business has valuables they must safeguard. That’s when business contents coverage becomes particularly useful. This important insurance benefit protects all the assets located inside your place of business. These assets can include IT equipment, office furniture, inventory and tools. Contents are usually protected from theft, loss or vandalism up to the limits of your policy.
Should you feel basic contents coverage is not enough, you can purchase upgrades to enhance your policy. These options include replacement cost reimbursement, flood protection and consequential loss coverage. Ask your insurance broker to help you determine if additional coverage is necessary.
Business Interruption Coverage
Also known as income coverage, this valuable benefit will replace lost income if your hospitality business is impacted by a covered peril. For example, let’s say your restaurant’s roof collapses during an ice storm and makes your office inhabitable. Business interruption coverage may provide funds for you to rent a workspace until the roof is repaired. It’s important to note this coverage is subject to limits, and you will have to pay a deductible in order to make a claim. The insurance advisers at Oegema Nicholson can help you understand the various limits of your policy as it relates to interruption coverage.
Host Liquor Liability
This unique coverage refers to your responsibility when providing liquor to patrons. As a ‘host’, you could be held liable if someone is injured or harms others after consuming alcohol at your establishment. Host liquor liability coverage would cover your legal defence costs in case the injured party decides to sue. Let your insurance broker know of all activities taking place at your business, so they can determine whether host liquor liability is necessary.
Do I need to insure my workers?
Worker’s compensation is beneficial if you have staff that could be injured on the job. No matter how careful you may be, accidents can still happen. This type of coverage provides wage replacement and medical benefits to those who are injured while working. Unlike general liability insurance, the employee must give up his rights to sue the employer for the incident.
Worker’s compensation is mandatory for all businesses in Canada. However, Canadian employers must purchase this insurance from their local worker’s compensation board. In Ontario, this would be the WSIB and in Quebec the CNESST. Penalties for non-compliance can be severe. Speak to an insurance expert at Oegema Nicholson to determine whether additional coverage is required to keep your employees safe.
Why trust Oegema Nicholson?
Whether your guests are coming to eat, sleep or play — rely on Oegema Nicholson to deliver a comprehensive policy for your hospitality business. We can help you develop an insurance coverage strategy that addresses risk and closes any gaps in your overall protection plan. Have peace of mind knowing your property and patrons are well taken care of in the event of an accident or emergency. Allow Oegema Nicholson to handle the insurance details, so you can continue to deliver an experience your guests won’t soon forget!
For more information on hospitality insurance, call us at 613-224-1455 or contact us here.