Hospitality Risk Exposure and Opportunities
Today, the hospitality industry faces a myriad of risks, ranging from technological security risks, supply chain risks, economic risks, environmental and sever weather related risks, labor shortage, and to more traditional vulnerabilities associated with the industry.
While hospitality businesses are recovering from the recent pandemic and economic downturn, one aspect that remains certain is that recovery will correlate with consumer spending in the industry. Which is why more hospitality businesses are getting creative and innovative in developing attractions and incentives to draw in consumers. Increasing efforts through offering new and unique experiences or the use of technology in a variety of ways (i.e., automation, AI, robotics, etc.) to augment human services.
The opportunity for recovery and growth is present but it needs to be carefully managed by identifying vulnerabilities, reducing and mitigating risks that can erode growth potential and profits.
What does this mean for your hospitality business?
Your business needs may vary from the next hospitality business, which is why we are here to assist you to find the right risk management and insurance solutions to help you mitigate your risk and protect your guests, staff, properties, assets, liabilities, revenues, investments, and to capitalize on the opportunities.
Hospitality businesses we cater to fall within the lodging and accommodation, food and beverage, recreation and entertainment, health and sports, events (spaces), travel and tourism sectors.
Frequently Purchased Hospitality Business Insurance
Insurance solutions available to your business include the following, however, if your situation requires additional policies, we will discuss them with you when we review your business and exposures.
- • Business Auto Insurance
- • Business Income Insurance
- • Business Owner’s Policy
- • Commercial General Liability Insurance
- • Commercial Property Insurance
- • Cyber Risk Insurance
- • Directors and Officers Insurance
- • Employment Practice Liability Insurance
- • Garage Keepers Legal Liability
- • Inn Keeper’s Legal Liability
- • Liquor Liability
- • Workers’ Compensation Insurance
What information do you need to be insured?
- You will need to supply your most current exposure information for underwriting purposes. Contact us to specify which information is necessary as it will depend on the insurance you intend to purchase. Additionally, do remember to ask about our risk management consulting services.
At Axios Risk Solutions, LLC., we help small and medium-sized enterprises, families and individuals minimize and manage their business risks through tailored risk management strategies and protect their business and assets through a variety of insurance solutions in the market. To request a quote or speak to a broker, call (404) 480-0272.
Author: Sandra Owusu-Fianko
Sandra Owusu-Fianko is the Principal and Risk Advisor at Axios Risk Solutions, LLC.
She has extensive experience in the insurance industry and a MS degree in Enterprise Risk Management. She is passionate about finding appropriate risk management and insurance solutions for her clients.
