Category

Hospitality & Restaurants

Coronavirus Pandemic
Hospitality & Restaurants

Stakeholder Considerations for the Hotel Industry Amid Coronavirus Pandemic

The coronavirus pandemic has upended industries across the globe with the hospitality sector among the hardest hit, with personal and business trips coming to a halt due to travel bans and restrictions and major conferences and events cancelled or postponed. Many hotels have been forced to make difficult decisions amid the crisis. The economic fallout is far-reaching with the hotel industry seeking government funding in the stimulus package being hammered out in Congress in order to allow hotel owners to continue to make loan payments, support employees who are being laid off, and pay suppliers.

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Restaurants Data Breaches
Hospitality & Restaurants

Restaurants Data Breaches on the Menu of Top Risks

Restaurants, even small establishments, are vulnerable to data breaches because of the large number of on-line credit card transactions they handle daily. Experts say that point-of-sale restaurant data breaches are the “single biggest” cyber threat to the restaurant sector, as they offer the most direct route to credit cards and financial gain. It’s estimated that the 54% of cyberattacks against small businesses are in the Accommodation and Food Services industry, with restaurants accounting for 95% of those businesses hacked.

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Crisis Management
Real Estate, Hospitality & Restaurants, Community Associations

Preparedness Leads to Successful Crisis Management

Property owners face many different types of risks, including liability events that can result in media scrutiny and negative publicity, reputational damage, and additional loss of revenue. From a pool drowning at a condo to sexual assault in an office-building elevator, a deadly shooting at a mall, or allegations of tenant discrimination at a co-op that results in a multimillion-dollar lawsuit, without the right crisis management in place, a company’s potential liability can escalate in the wake of an incident.

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Crisis Response Coverage
Real Estate, Hospitality & Restaurants, Community Associations

Understanding the Importance of Crisis Response Coverage

From a balcony collapsing at an apartment complex to sexual assault in an office building, the fallout from catastrophic events can quickly draw media attention. Property owners and managers must take action immediately to minimize reputational damage and protect their financial welfare. If not handled properly, losses to the company can be devastating.

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avoiding electric shocks
Hospitality & Restaurants

Avoiding Electric Shocks

Getting an electric shock is not something that most hotel staff or guests prepare for.

When an unexpected zap occurs, injuries can range from mild to severe. An electrical shock could result in burns, shortness of breath, chest pain, nausea, and even unconsciousness and death. In the hospitality industry, opportunities for electrical shock can present themselves in many different locations on-site and should be managed before they cause a life-threatening problem.

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Hotel Data Breaches
Hospitality & Restaurants, Risk Insight

Hotel Data Breaches, Other Attacks Underscore the Need for Cyber Insurance

In mid-February, MGM Resorts confirmed that, in the summer of 2019, the personal data of some 10.6 million guests was exposed on the dark web, potentially for hackers to abuse. The leaked data, according to ZDNet, included guests’ names, addresses, phone numbers, emails, and birthdates. MGM in its statement said, “It was confident that no financial, payment card or password data was involved in this matter…and that [it] promptly notified guests potentially impacted by this incident in accordance with applicable state laws.” MGM also said that it had retained the services of two cybersecurity forensics firms to investigate last year’s server exposure.

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Sex Trafficking
Hospitality & Restaurants

Risk Management: The Key to Mitigating Sex Trafficking at Hotels

A lawsuit filed in U.S. federal court in Ohio in December against a number of high-profile hotel groups alleging they profited from sex trafficking on their properties puts the focus on this hidden crime. The hotel chains, according to Reuters, are accused of “knowing and ignoring warning signs that women and children were sold as sex slaves on their premises.”

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small business liability insurance
Hospitality & Restaurants

Umbrella Insurance Offers Added Protection for Small Businesses

For small businesses, including those in the hospitality sector such as restaurants and limited-service hotels, Liability insurance is critical in protecting their assets against lawsuits that can arise from guests and other third parties. Small business liability insurance (Commercial General Liability/CGL) provides coverage for third-party claims of bodily injury and property damage, and pays for the cost of obtaining legal defense as well as any settlement made or judgment rendered up to the policy limit. Under a Commercial General Liability policy, small businesses are also covered for libel, slander or copyright violation.

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Hotel Casino Risk
Hospitality & Restaurants

Inside the High Stakes of Liability Risks for Hotel Casinos

Liability risks for hotel casinos run the gamut – from a third-party vendor’s wrongful actions to public security and safety during an event, cyber crime, and premises slips and falls – that can end up costing the house a fortune. Sean Young, Associate Vice President, Distinguished Programs, in his recent article, “Four Risks on Which Hotel Casinos Can’t Gamble,” in Hotel Business Review, explores these risks and the steps that operations should take to reduce their exposures. Continue reading
small business insurance
Real Estate, Hospitality & Restaurants, Community Associations

Risk Management Programs Critical to Help Keep Small Business Insurance Costs in Line

How much small business insurance costs depends on many different factors, including the type of operation and its location, its exposures, the industry served, claims history, etc. The coverage features and policy terms in an insurance program, along with its policy limits, of course, also affect the cost of coverage.  Additionally, today’s firming insurance market is impacting the cost of insurance across the board, including in all industry sectors.

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tamper-resistant receptacles
Hospitality & Restaurants

Child-Proofing Hotel Guest Rooms: Ensure Your Clients are NEC-Compliant

The National Electrical Code (NEC) issued an update in 2017 requiring all new and renovated hotel guest rooms and suites to have tamper-resistant receptacles (TRRs) placed on all outlets. TRRs are designed to prevent electrical hazards, particularly for young children who tend to stick things into outlets. This most recent update by the NEC expands its requirement of TRRs from homes to other types of new and renovated properties, among them hotels and motels.

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Business Interruption for Restaurants
Hospitality & Restaurants

Business Interruption for Restaurants: Opening the Doors After a Loss

After Super Storm Sandy hit the East Coast five years ago, many restaurants suffered devastating property damage. But even more restaurants experienced significant business interruption losses including those resulting from downed power lines and outages. In addition to securing responsive Commercial Property insurance to step in to help a restaurant rebuild after a property damage loss, ensuring that Business Interruption coverage is included as part of a comprehensive program can be the difference between closing down for good or hanging up the welcome sign again.

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