You Need to Get Insurance When You Buy a Hotel

When you buy a hotel, you’ll inevitably need to get some insurance policies. Any business requires insurance, but do you know exactly what kind of insurance you’ll need? It’s best to be completely prepared when you buy a hotel, so that’s why we want to make sure you’re informed as to the steps you’ll need to take to get your business going.

Business Insurance

Business insurance for hotels is specifically designed to protect you against the special circumstances that arise in hotels. Depending on the policy, your business insurance should include property insurance, liability, and guest protection. This insurance will protect you if your hotel is affected by natural disaster or other big issues. Liability will protect you if you’re sued by a guest for injury claims. Guest protection will make sure your guests are covered if their property is stolen or damaged. Not all of these are offered in every insurance policy, so make sure to extensively check the details of your potential insurance policies.

Medical Insurance

If you want to offer your staff medical insurance, you’ll need to set up a policy. If your hotel has 50 or more full-time employees you’re required to offer them health insurance. Shop around to find out what policy works the best for your business.

Unemployment Insurance

This insurance is also legally required of you and is paid to state and federal agencies as a tax. Make sure you set this up so your business is operating legally.

Other Options

Depending on the unique circumstances of your hotel, you may need to enact various other insurance policies. If you sell liquor from your restaurant or offer it for room service, you’ll need a liquor license. Liquor liability insurance protects you from the actions of intoxicated guests. Auto insurance may be needed if you offer airport pickup or shuttles. Talk to your insurance agent when you buy a hotel to help you decide what specific policies you need to best protect your business.

Buy a Hotel Through Southeast International

If you want to buy a hotel, make sure you buy a hotel through a trusted broker. Southeast International has been serving the hotel and motel industry for decades, so you know we can find you the perfect property. Contact Southeast International today or view our website for more information. We’ll be happy to answer any questions you may have and put you on the road to owning the hotel of your dreams.