Hospitality & Restaurants

umbrella insurance market
Real Estate, Hospitality & Restaurants, Community Associations, Market Insights, Restaurants

Navigating Today’s Umbrella Insurance Market

In our previous article, we discussed what factors are driving rate increases, capacity restrictions, tighter underwriting, and program structure changes in the Excess Insurance market. It’s important to note that prior to the COVID-19 pandemic, carriers were already tightening underwriting in the Excess/Umbrella market, specifically in the hotel, restaurant, and habitational sectors. In recent months, however, these changes have become even more pronounced. Here we take a more detailed look at the firming market and how COVID-19 has impacted certain industry sectors. We also provide you with advice on how to manage client expectations and navigate the disruptive Excess/Umbrella insurance market.

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number one insurance claim
Real Estate, Hospitality & Restaurants, Community Associations, Cultural Institutions, Risk Insight, Restaurants

Preventing the number-one Insurance Claim: Slips, Trips, and Falls

Year after year, slips, trips, and falls remain the number-one insurance claim for property owners. More than three million people visit the emergency room each year because of falls, according to the CDC (Centers for Disease Control and Prevention). The average hospital visit costs $30,000 to $50,000. Add in factors like ongoing medical bills and lost wages, and the cost of claims mount. Serious slip-and-fall losses, in fact, have plagued the habitational and hospitality sectors, with negligent awards running into the millions. Yet most if not all of these claims are preventable.

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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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Preparing Hotels for Re-opening
Hospitality & Restaurants

How Hotels Are Securing Properties While Closed, Preparing for Re-opening

COVID-19 has hit few industries as hard as the hospitality sector with a large percentage of hotels temporarily closed while others have pivoted to provide services and emergency housing to healthcare workers and first responders. The industry will recover eventually as lockdown restrictions relax slowly across the country and we get back to business. In the meantime, hotels are securing their properties while the doors are shut and preparing for the time when guests and visitors will once again walk through their entryways.

For a downloadable guide to re-opening click here.

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Cyber Attacks as Businesses Go Remote
Real Estate, Hospitality & Restaurants, Community Associations, Market Insights, Risk Insight, Cyber Liability

Digital Thieves Ramp Up Cyber Attacks as Businesses Go Remote

Hacking activity is up, with cybercriminals taking advantage of remote work vulnerabilities amid the COVID-19 crisis. There are approximately 85 million Americans working from home. In fact, researchers cite that activity against corporations in the United States more than doubled by some measures in March, with malware infections, phishing tactics and ransomware running rampant. That’s because it’s harder to protect data when managed on home computers that use widely varying setups and on company machines connecting remotely.

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COVID-19 Issues
In the Press, Hospitality & Restaurants

COVID-19 Issues, Impacts, and Solutions: Experts Weigh In

As the world grapples with the impact of the COVID-19 pandemic, virtually no one has been left unaffected. As we all work to adjust to this “new normal,” virtually every profession, trade, and industry is struggling with unprecedented challenges. Our industry is not immune to such challenges, and is constantly working to adapt to the changing political and economic landscape.

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Covid Rent
Real Estate, Hospitality & Restaurants

Can’t make your rent or mortgage payment due to COVID-19? Here’s what you need to know

Since the beginning of the Coronavirus shutdowns, over 26 million workers have filed unemployment claims in the United States. As cases of COVID-19 spread and people across the country find themselves homebound due to shelter-in-place and stay-at-home orders, the retail and restaurant industries have been hit especially hard. 

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Covid-19 Crime Prevention
Real Estate, Hospitality & Restaurants, Risk Insight, Restaurants

Covid-19 Crime Prevention: The Need to Step Up Security of Unoccupied Establishments, Limited Operations

In response to the COVID-19 pandemic, across the country local and state decrees have mandated non-essential businesses to close or limit operations, including restaurants and bars, in order to help prevent the spread of the virus. In addition to having been hard hit by the loss of income and employee layoffs, a spike in burglaries is also unfortunately another fallout of the COVID-19 crisis for many of these businesses.  

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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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