Useful Tips to Find the Right Insurance Broker for Your Hotel Business [Guest Blog]

Reading time 3 mins

Category:

It might be difficult to find the right insurance broker for your hotel business, but it pays off in the end.

It’s always better to spend some time searching for the perfect one, rather than choosing the first one you run into.

A wrong choice can easily bring everything you did down and left you with irreparable damage. Here are a few useful tips to find the right insurance broker for your hotel business!

Determine your hotel insurance needs

Before you set out on your search for the perfect insurance broker, you need to ask yourself what kind of insurance your hotel needs.

Take a look at everything involved with your hotel and make a list – for example, you may need affordable auto insurance if you have transport or shuttle vans.

Create a list of insurance brokers offering hotel insurance

The brokers you look at should be specialize in providing hotel insurance.

Make sure you ask for references of other hotels like yours that they have serviced – and follow up on those references.

Take your broker to task

Before settling on any one broker, try to see how well each would handle the situation.

Show them everything that needs to be insured and carefully observe how they act. It’ll help you to assess their level of experience.

Determine whether they have business sense

Not all brokers know how to conduct business. You might find one that will request outrageous amounts of money to provide insurance for your property.

You shouldn’t need to haggle with insurance brokers, so having a few competitive quotes at hand is best practice.

Assess their claims management skills

If you hire a broker that isn’t good with managing claims (handling the situation in the event of loss of property, compensation, etc.) – you won’t be happy with how things turn out.

Ask their references how well they’ve managed claims in the past. Nothing short of a good track record is acceptable.

Be prepared for loss

As scary as it seems, understand that losing your property or income is a possibility that you should be prepared for.

Look for experienced agents

People that have experience and those that know what to do, even if more expensive, is the best bet for your accommodation business.

The more experience the agent has, the more money they will cost – but they will also do their job better.

Finding the perfect insurance broker takes research

You can’t expect to find the right insurance broker instantly. Sure, you might run into one that’s excellent very quickly. However, there might be better alternatives. It’s smarter to spend more time doing research about brokers!

Final words

If you’re a small hotel, your budget is limited, so you needn’t find a the most expensive or most experienced broker.

These expensive brokers usually work for very popular, and big companies so try to find one that has the best mix of price, experience, and service. Good luck!

Author Bio

Joel Cordle is CEO of review leap. He is serious about his online presence. He likes to be active in social media market so he always keeps himself updated about the strategies used for presence. As he enjoys reading and writing about marketing and online reputation, his hobby is to write different blogs about reviews, ratings, negative feedback, gain loyalty, etc. He is a good advisor and he keeps suggesting people about how one can develop his online personality.

Share with your community:

We recommend the following articles for you
Hotel photography: How to get your marketing right and win more bookings on your website
Get more bookings
Hotel photography: How to get your marketing right and win more bookings on your website
‘Messy to master’ On-Demand: Make running your small hotel easy
Get more bookings, Increase your revenue, Running your property
‘Messy to master’ On-Demand: Make running your small hotel easy
All the ways your hotel can take advantage of Black Friday sales
Get more bookings, Increase your revenue
All the ways your hotel can take advantage of Black Friday sales
Back to top

Join 20,000+ hoteliers and get weekly property management tips & insights.

Send this to a friend