Flickr photo credit: Ed Bacchus

If you’re shopping for insurance through an agency or insurer that handles any number of policy types and industries, you could be under-insuring. That’s because general insurance agents, while understanding the broader aspects of covering commercial entities, are hard pressed to fully understand the risks unique to the hotel business. As a result, you may not be covering all the risks you can.

Instead, look for hotel industry specialists. These are folks like me, who understand the hotel business, and who have expertise in locating the right policies for your needs. Your general insurance agent may understand how to cover slip-and-fall injuries, general liability, or theft, but does that agent understand what hotel insurers require in terms of modern facilities, safety requirements, or management policies?

For example, not all general insurance agents get that your policy is going to come with minimum requirements on occupancy, nor do they understand the nuances of how your hotel’s restaurant, pool, or recreation areas operate and what laws must be followed. Does your agent know the requirements surrounding hotel safes and guest property? Can that agent locate enough competitive bidders in order to afford you the best policy at the best possible price? Does your agent know the changes in pool safety regulations and what your requirements are in order to be compliant? It’s true that many risks are shared across the industry, but too often risks are unique to your establishment’s location, amenities, business practices, and property condition. A generalist is not in the position to understand and address these fully.

As with any industry, the hotelier industry is constantly evolving. It takes more than just standard coverage to meet the demands of both federal regulations and insurance company requirements to adequately cover your business. While many general agents can do a fair job addressing these areas, a specialized agent doesn’t have to learn your business from square one in order to provide you with comprehensive coverage.