Motels require many of the same insurances as other businesses such as general property coverage, workers compensation, employment practices liability, crime coverage and many others. However, there are other coverages needed specifically for hotels. Getting the best motel insurance in Chatanooga, Tennessee requires going over your needs and acquiring a full amount of coverage.
Event Cancellation Insurance
If there are banquet halls in your hotel, you rely on those for additional revenue. In the event that something happens to those halls that necessitates a cancellation of an event, you could be out thousands of dollars. Event cancellation insurance will help cover the damages as well as some of the revenue that would have been generated as a result of the event.
Reservation Cancellation Insurance
Similarly, if something happens to a room to make it uninhabitable, you will need to be covered to protect yourself against that loss revenue and to also accommodate those guests. A utility outage or even a fire could necessitate relocating guests, and your hotel could lose a good deal of money trying to assist your clients.
The lodging industry is a unique business due to all the various services they provide, and all those services bring up some unique risks that motels need to be covered by. Get motel insurance in Chatanooga, Tennessee that protects you against all those risks so that you can continue to operate for many years to come.