Once you have the proper coverage through a financially solvent company, ascertain that the amount of the coverage meets your needs. To ensure that you fully understand how much you actually have for the entire period, it is critical that you become familiar with the following concepts and terms: per occurrence, aggregate and umbrella or excess insurance.
You must also be aware of “claims made†policies. The term “claims made†means that the coverage is only available if an actual claim is brought to the attention of the insurance company during the policy period. Usual insurance policies cover claims that occur during the policy period, although they are not brought to the attention of the insurance company until after the coverage period has elapsed.
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When you buy liability coverage for your hotel or restaurant operation, you should receive a measure of protection and peace of mind, but for some reason you remain with that gnawing feeling that all may not be well with your insurance portfolio. You think you did what you were supposed to do. But did you? Do you have enough insurance? Do you have the right kind of coverage to cover possible accidents, incidents and catastrophes? Employer’s liability? Liquor liability? Auto insurance for employees who drive a car on behalf of the business? Do you know where your liability insurance policy is? When was the last time you read it? Do you understand the fine print? Do you know who the underwriter is – not the agent, but the company that is supposed to pay in the event of a claim? Do you know whether the insurance company is financially solvent?
Insurance Policy Coverage Checklist
1. General Liability (fire and casualty for the premises and hotel operations)
2. Employers Liability (discrimination claims)
3.  Workers’ Compensation (injury on the job)
4.  Liquor Liability (dram shop liability)
5. Â Swimming Pool/Spa/Workout Area Addendums
6. Â Golf Course Operators Liability
7.  Employee Security Bonds
8. Automobile Liability (autos, motorized carts, shuttle service, etc.)
9.  Outdoor/Water Activity Coverage Addendum
