State law (excluding Texas) will require that your company carries worker’s compensation insurance if you have a certain number of employees. Workers’ compensation insurance will provide compensation for lost pay and medical expenses to your employees if they become injured while working on the job.
Commercial Property insurance policies cover physical losses if the structure or its contents become damaged. It includes items like furniture, supplies, and some personal property of guests and employees. Additionally, your Commercial Property policy can provide coverage for lost revenues and payroll if your business is inoperable for an extended period of time. Talk to your insurance expert at El Dorado about what Commercial Property Insurance covers, as there are some exclusions.
An Umbrella insurance policy is used when additional limits of insurance are needed on your underlying, primary insurance policies such as General Liability or Commercial Auto. Umbrella policies work to stack limits on top of those types of policies in order to give the customer additional limits in the event that a claim amount exceeds the total limits of those coverages.
Equipment breakdown insurance covers you if your hotel experiences a sudden, unexpected equipment breakdown. This goes beyond the standard warranty coverage provided on most heating and cooling systems. There are three ways this type of insurance covers hotels and motels:
- Damaged equipment due to an accident
- Damage to other property due to equipment breakdown
- Loss of income because of damage to equipment covered in the policy
For example, if your heating/cooling unit suddenly breaks down and you cannot receive guests until it is fixed, your loss of income may be paid.
