Why You Need the Best Motel and Hotel Insurance in North Carolina

If you are in the hospitality business in North Carolina, you know how competitive it can be. You have to outwork and outthink the competition if you want to get ahead and stay ahead in the business. One of the most important features of a hospitality type business is proper risk management and most of this can be covered with the right motel or hotel insurance in place. However, the best policy does not have to cost you an arm and a leg once you know where to go for insurance. Let's take a look at some common risk factor for hotels and motels.

What's the Difference Between Hotel and Motel Coverage?

Today, many people assume the words "hotel" and "motel" are interchangeable but this is not the case. Although both hotels and motels provide long and short term lodging, hotels offer more amenities and services on average. As such, hotel coverage can be more involved than motel insurance. First, let's check out all the things these two insurances have in common.

Standard Coverage

Both businesses need standard insurance. Here are some of the things you'll find in both hotel and motel policies:

Separating Motel from Hotel Insurance - Coverage Options

As a general rule, hotels have many more services, so they face more risk factors. However, today's motels are offering more and more services to customers and this increases their need for more insurance.

Options for Motel Coverage

  • Restaurant insurance - if your motel also has a restaurant, you may need all the protection of food service. This includes liquor liability and product liability.
  • Fire liability insurance
  • Downtime insurance

Hotel Coverage Options

As a hotel owner, your risk factors may be many. Here are some insurance options you might need:

  • Valet insurance - what would you do if your valet wrecked a customer's car. Car's need to be protected from damage and theft.
  • Day spa insurance - make sure your liability risks are covered
  • Special event insurance - you'll need extra coverage if you provide concerts, business conferences, or meetings.
  • Commercial vehicle insurance
  • Umbrella insurance - important for hotels because their liability needs can sometimes be extensive.
  • Cyber insurance

Motel Hybrids

Do you know why it's so hard to sometimes tell a motel from a hotel? Many fine hospitality services are offering the drive up features and easy entry access of a motel with the excellent amenities of a hotel. These businesses need customized hotel or motel insurance to make sure they have all of their risk factors covered.

If you run a motel with many features of a hotel, you need the same protection hotel coverage provides. In addition, since there are no "standard policies" it's important to have insurance customized to your business and the risk factors you must assume.

What Can Possibly Go Wrong?

Perhaps you think you have all risk covered with your hospitality business. However, there are so many things which can go wrong, you should consider professional assistance. Here is an example.

James R ran an excellent hotel and business was very good. In fact, during the tourist season customers had to book far in advance to get a room at this hotel. James didn't know everything about hospitality risk management so he sought out the services of a trained insurance professional. This was a smart decision because the following year, something most unexpected occurred.

One day, James was contacted by the local authorities. A number of people were dealing with issues like identity theft and fraudulent charges on their credit cards. James' hotel was the most likely source, because all the victims stayed there during the months of July and August.

When James contacted his manager about the problem, he soon learned they had been victims of cyber attack and someone had stolen important information from many of the customers. Fortunately, James had the right hotel insurance coverage thanks to his independent insurance professional.

Had James not taken out cyber insurance, his company would have been legally liable for the security breach, even though he was part of a major hotel franchise. Plus, his insurance covered notification costs and crisis management, which turned out to be significant.

Finding the Best Way to Insure Your Hospitality Business

There are two important factors when it comes to hospitality insurance:

  • Cost
  • Covering all your risks

Naturally, the best strategy involves covering all the bases at an affordable cost. But how can you do this? Charlotte Insurance has agents trained in the aspects of South and North Carolina business risk management. They are there to go over all your risk factors and help you choose the right options.

As an independent agency we can get you the lowest premiums with the best coverage, because we are not tied to any one insurance company. Imagine having someone that knows all your insurance needs. Plus, this person is there to comparison shop so you do not have to. In addition, these services cost nothing extra, and in fact, they can save you a great deal of money on hotel or motel insurance. These are some of the reasons many businesses are turning to Charlotte Insurance.

Whether you’re a world-class, five-star destination or a family-run motel, we’ll give you great service and the policies that you need. To speak to one of our agents, give us a call or stop by one of our offices in North Carolina. Our agency also makes it easy to get a free, no obligation quote. Join with Charlotte Insurance and get your coverage taken care of today!