Hotel Motel Insurance North Carolina. Hotels provide lodging to the general public. Rooms may be rented on a short-term or long-term basis. The hotel may offer a bar or lounge (sometimes with live entertainment), beauty or barber shops, child or pet care, full-service restaurant, gift shops, laundry, and dry-cleaning, limousine services, spas, or various recreational attractions. Many hotels also offer meeting facilities for seminars and conferences.
Motels tend to be less than four stories high with doors opening to the outside rather than the inside of the buildings.
The hospitality industry is not immune from litigation, and hotels and motels are at risk to facing claims for liability that often lead to bankruptcy or at least financial distress for the hotel owner or company. For instance, when a hotel manager went into labor while on duty in North Carolina City in 2011, giving birth to her child in one of the hotel's guest rooms, she filed a $10 million lawsuit against the hotel.
In her claim, the manager said that her supervisors rushed her out of the establishment following the birth, did not grant her maternity leave, and terminated her employment a short time afterwards. Scenarios such as this one are not uncommon.
Hotel motel insurance North Carolina protects your business from lawsuits with rates as low as $67/mo. Get a fast quote and protect your property now.
Hotels, motels, and other businesses in the hospitality industry face various risks that can lead to financial trouble. Even something as innocuous as an unauthorized guest in a hotel room can lead to litigation if the guest becomes injured while on the premises.
NC hotel owners must be prepared for any potential situation that arises, since they can be held liable for anything that happens on their properties. The hospitality industry is faced with many high-profile claims, so it makes sense to protect your individual business with a comprehensive hotel motel insurance North Carolina policy to cover your financial obligation if a suit is decided against you.
Although your specific hotel motel insurance North Carolina insurance needs are based on your particular circumstances, there are some types of universal hotel motel insurance North Carolina coverage that all hotel/motel owners and businesses need. Some of these include:
Protecting your hotel's assets protects the investment you have made in the property. Some coverage types to consider include:
These are some basic coverage types for hotels; the list of potential policy addendums and add-ons is lengthy. Your particular hotel motel insurance North Carolina policy should be tailored to your needs, risk tolerance, and assets that you need to protect. Work with an agent to determine what your specific risks are and how you can protect yourself from potential loss.
Premises liability exposure is high due to the number of guests and visitors. The motel should meet all life safety codes to assure guest safety. To prevent trips, slips, and falls, the motel must be well maintained with floor covering in good condition. The number of exits must be sufficient and well marked, with backup lighting in case of power failure. Steps should have handrails, be well-lighted, marked, and in good repair. Balconies should be regularly inspected and maintained.
Swimming pools, exercise facilities, and playgrounds should be limited to guest use only, and be properly maintained. Parking lots and sidewalks need to be in good repair, with snow and ice removed, and generally level. Access to rooms should be through an electronic keying system that changes codes for each guest to prevent unauthorized access. Employees who have access to universal access codes and cards should be monitored for the protection of the guests. Personal injury losses may occur due to alleged wrongful eviction, invasion of privacy, or discrimination.
Products liability exposures can be high if the motel has a restaurant or lounge. Employees should be trained in the proper handling of consumables to prevent foreign objects in food, food poisoning, or the spread of other transmissible diseases. Other product liability exposures can arise from vending machines and gift shops.
Workers compensation exposure is moderate. Cleaning and maintenance operations can result in lung, eye or skin irritations and reactions. Slips and falls, back injury, hernias, sprains and strains from lifting or working at awkward positions are common. The parking lot and sidewalk snow removal may be handled by employees or outside contractors. If employees are responsible, there are potentials for strain and fall injuries. Food preparation operations can result in cuts, scrapes, and burns. Interaction with guests can be difficult. Employees should be trained in dealing with rowdy guests. Animals owned by guests can bite, scratch, or kick workers.
Property exposures are due to the high combustibility of contents and the multiple sources of ignition. Electrical wiring, plumbing, cooling, heating, and laundering systems must be adequate and meet current code. Hard-wired smoke detectors should be installed in all guest rooms and common areas. Cooking equipment must meet all NFPA requirements.
Flammables should be stored properly. If there is a pool, chemicals used to treat it should be stored separately. Business Interruption exposure can be substantial due to lack of backup facilities and the seasonality of some motel operations.
Equipment breakdown exposures include breakdown losses to the heating and air conditioning systems, cooking equipment, laundry equipment, hot water systems, electrical control panels, and other apparatus. Breakdown and loss of use could result in a significant loss, both direct and under time element, if replacement parts are unavailable or repair time is lengthy.
Crime exposure includes employee dishonesty and money and securities. References and background checks should be conducted on all employees. Cashiers' drawers should be kept stripped with regular deposits made throughout the day. A minimal amount of cash should be kept overnight. Monetary transactions must be monitored and audited on a regular basis to prevent employee theft.
Money-handling responsibilities should be separated, with no employee handling both receivables and disbursements. Guest property coverage is important to protect guests' property from theft by employees, other guests, or trespassers. Coverage is provided for each room and for items in lock deposit box. Controls should be in place to verify guest identity before permitting access to lock boxes.
Inland marine exposure comes from accounts receivable if the motel bills for services, computers, and valuable papers and records for contracts, guests' and suppliers' information. Duplicates must be made and stored off site for easy restoration. There may be commercial articles floater for cameras, audiovisual equipment, and musical instruments, contractors' equipment for exterior maintenance, or a special floater for items used off site.
Business auto exposure is generally limited to hired and non-owned liability for employees running errands. If there are owned vehicles, such as those used for servicing the property, any driver should have an appropriate driver's license and an acceptable MVR.
Vehicles must be maintained and records kept in a central location. Some motels may contract with a service to transport clients to and from their premises. If so, it is important to determine the contractual relationship between the motel and the transportation service.
For business-savvy individuals who are looking to establish operations for their corporation in North Carolina, having a firm understanding of the economic status of the state is essential. It's also crucial that business owners understand what the regulations and limitations for commercial insurance in the state. Below, we offer an overview of the economy and insurance requirements in the Tar Heel State.
For any business owner who is thinking about establishing a NC based organization, it's essential to first understand if the state is considered a healthy location for your enterprise. Before you set up shop, understanding key details that are related to the economy of the state, in addition to what type of commercial insurance is mandated is essential.
Job growth is promising in NC. Between 2017 and 2026, it is estimated that 389,000 jobs will be created within the state. In 2017, the unemployment rate within the state continued to fall at a steady rate; however, as of March, 2019, the state's unemployment rate rose 0.1 percent, a slight increase. Though the unemployment rate in North Carolina is slightly higher than the national average (0.2 percent higher), the forecast is positive, with rates holding steady in the coming years.
As of January, 2019, the unemployment rate did increase in all 100 North Carolina Counties; however, the rate is still lower than it was during the early 2000s. With an unemployment rate of 3.6 percent, Asheville had the best labor market in January, 2019, while in Rocky Mount, the rate was 6.0 percent, the highest in the state.
It is predicted that the following industries will contribute the most to NC's labor market through the year 2026:
Every industry is required to comply with state-mandated commercial insurance regulations in the state of North Carolina. According to state law, all businesses that employ three or more workers must carry workers' compensation insurance. Businesses that rely on vehicles for their operations must also carry commercial automobile coverage. Organizations that operate in areas that are prone to flooding must also carry commercial flood insurance. Additional forms of coverage may be required, as well, depending on the specific industry that a business operates under.
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Request a free Hotel Motel Insurance North Carolina quote in Albemarle, Apex, Archdale, Asheboro, Asheville, Belmont, Boone, Burlington, Carrboro, Cary, Chapel Hill, Charlotte, Clayton, Clemmons, Clinton, Concord, Cornelius, Davidson, Dunn, Durham, Eden, Elizabeth City, Elon, Fayetteville, Fuquay-Varina, Garner, Gastonia, Goldsboro, Graham, Greensboro, Greenville, Harrisburg, Havelock, Henderson, Hendersonville, Hickory, High Point, Holly Springs, Hope Mills, Huntersville, Indian Trail, Jacksonville, Kannapolis, Kernersville, Kings Grant, Kings Mountain, Kinston, Knightdale, Laurinburg, Leland, Lenoir, Lewisville, Lexington, Lincolnton, Lumberton, Matthews, Mebane, Mint Hill, Monroe, Mooresville, Morehead City, Morganton, Morrisville, Mount Airy, Mount Holly, Murraysville, Myrtle Grove, New Bern, Newton, Oxford, Pinehurst, Pineville, Piney Green, Raleigh, Reidsville, Roanoke Rapids, Rockingham, Rocky Mount, Salisbury, Sanford, Shelby, Smithfield, Southern Pines, Spring Lake, St. Stephens, Stallings, Statesville, Summerfield, Tarboro, Thomasville, Wake Forest, Washington, Waxhaw, Waynesville, Weddington, Wesley Chapel, Wilmington, Wilson, Winston-Salem, Winterville and all other cities in NC - The Tar Heel State. Call us (704) 703-1413.