Specialist insurance for hospitality and short-term rental businesses
Hospitality is not like other businesses and the insurance shouldn’t be either.
Whether you operate a guest house or B&B, short-term rental, lodge, boutique hotel, restaurant or other hospitality business, welcoming paying guests onto your property changes the risks you face and the insurance cover you need.
At Incompass, hospitality insurance has been our speciality for more than 20 years. Our Knowledge Centre is designed to help you understand those risks, the cover available and the questions worth asking before you need to claim.
Why specialist hospitality insurance matters
A property being used to accommodate paying guests is very different from a property being used purely as a private home. Likewise, a hospitality business has risks that aren’t always addressed by a standard commercial insurance policy.
The right insurance needs to consider how the property is actually being used, who stays there, what services you provide and where your potential liability lies.
Depending on the business, this can include cover for:
- Buildings, contents and business assets
- Accidental or malicious damage
- Theft, including risks associated with paying guests
- Public liability and guest-related liability
- Business interruption and loss of income
- Guest property and personal effects
- Equipment, solar installations and power-related risks
- Property managers and the additional liabilities that come with managing properties on behalf of others
Just as importantly, your insurer needs to know and accept how the property is being used. Discovering a gap in cover after a major loss is far too late.
Short-Term Rental Insurance
The short-term rental market has changed dramatically, and properties listed through platforms such as Airbnb and Booking.com bring risks that ordinary personal insurance was not necessarily designed to cover.
From guest-related damage and theft to liability, buildings, contents and loss of rental income, we look at what STR owners and property managers should consider when arranging cover.
Guest House & B&B Insurance
Guest houses and B&Bs have been at the heart of what we do for more than two decades.
Operating a business from a property (particularly when it is also your home), creates a combination of personal, commercial and hospitality risks. The right policy should recognise all three.
Our guides explain the important covers, common insurance gaps and practical risk-management considerations for guest house and B&B owners.
Hotels, Lodges & Hospitality Businesses
No two hospitality businesses operate in quite the same way.
Boutique hotels, lodges, restaurants and other hospitality businesses may need cover ranging from property and business interruption to liability, equipment, stock and industry-specific risks.
We help you understand what should be considered and where specialist hospitality cover can make a difference.
Property Managers
Managing short-term rental properties on behalf of owners creates another layer of responsibility.
Insurance needs to consider not only the properties being managed, but also the potential liability of the property management business itself, including circumstances where it may be held responsible for the actions or omissions of people working on its behalf.
Our Property Manager Knowledge Centre looks at these risks and the insurance solutions available to help protect both the management business and the properties under its care.
Understand Your Cover Before You Need It
Insurance wording can be complicated. We don’t think understanding your cover should be.
Throughout our Knowledge Centre you’ll find straightforward explanations of hospitality insurance, common exclusions, liability, claims, risk management and the issues we regularly see affecting hospitality and short-term rental businesses in South Africa.
And if you’re not sure whether your current policy is suitable, we’ll happily help you compare it.
Not Sure Whether Your Current Insurance Is Right?
If you’re already insured, you don’t necessarily need to start from scratch.
Send us your current insurance schedule and we’ll help you identify the cover you have, potential gaps and areas worth reviewing. If you’re looking for new cover, we can also provide a quotation based on how your property or business actually operates.
CONTACT US HERE TO DISCUSS YOUR GUEST HOUSE INSURANCE REQUIREMENTS
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