Insurance for Traveler Accommodations
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What Insurance Do Traveler Accommodations Need?
BOP Insurance protects restaurants against property damage or loss, such as damage from a fire or burglaries. BOP also covers liability claims related to injuries sustained while on the restaurant premises. BOP Insurance also covers business interruption losses if your restaurant is forced to close temporarily.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
This insurance covers a company in the event of a data breach in which sensitive customer information is leaked. These policies cover expenses, such as notification costs, credit monitoring, fines and penalties, defense costs, and loss resulting from identify theft.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Liquor Liability Insurance protects a small business that manufactures, sells or serves alcohol. Small business owners are protected from claims that occur when a customer drinks too much and injures himself or someone else.
Frequently Asked Questions
Why do Traveler Accomodations need insurance?
Establishments in this industry provide alternative lodging for travelers, vacationers, and students. Housing consists of off-campus dormitories, sorority and fraternity houses, RV parks and campgrounds, hunting and fishing camps, tourist homes and guesthouses.
Traveler accommodations need insurance to protect them from the many known and unknown risks. The insurance will cover the cost of the risks such as when your business is sued. The insurance will pay for the costly defense and court costs, and all it requires from you is a monthly fee.
What risks do Traveler Accommodations face?
Traveler Accommodations have plenty of unique risks. Below are some examples:
- One of your patrons drinks too much and causes a ruckus. As a result, a lot of property damage and some of your patrons and staff get injured.
- The vehicle you use to welcome travelers has been involved in an accident. It is concluded that your driver is at fault, therefore you face paying for the damages that your driver has caused.
- Your patron sues one of your employers because they got into a fight in which your employee said things to your patron that resulted in a libel lawsuit.
How much does insurance for Traveler Accommodations cost?
The cost of insurance for traveler accommodations varies because your business has its own unique needs. The size of your business, the coverage your business needs, and the number of employees are taken into consideration when calculating your calculation as well. Without taking these factors into account, below is the average cost of insurance for your business:
- General Liability insurance costs $500 in annual premiums.
- Commercial Property insurance costs $600 in annual premiums.