Owners of successful hotels have to be aware of a number of threats to their business on a daily basis. From your building to your customers, tons of different hazards could turn your cozy establishment into a danger zone at any moment. Fortunately hotel insurance takes all these risks into account and provides the protection you need.

Even better, South Carolina independent insurance agents can help your business get equipped with the right hotel insurance to do the job. Having the proper coverage can keep your hotel’s doors open to the public for many years to come. But before we get too far ahead of ourselves, here’s a deep dive into this important coverage.

What Is Hotel Insurance?

Hotel insurance in South Carolina is set up to cover the needs of hotels and their owners. A hotel insurance package is basically just a special form of South Carolina business insurance that focuses on perils unique to hotels. Hotel insurance cloaks your business with many essential coverages to protect against dangers ranging from property threats to legal risks. This insurance package conveniently provides all these protections together in one place.

How to Insure a Hotel in South Carolina

In order to get your South Carolina hotel the coverage it needs, you’ll want to find the right policy tailored to your specific business. Your greatest ally in this search is a South Carolina independent insurance agent. They’ll not only be able to identify the types of coverage your hotel needs, but can also get you set up with a package that protects against all its foreseeable threats. Together you’ll assemble a policy that leaves you feeling safe and secure.

What Are the Biggest Risks Hotels in South Carolina Face?

When considering which coverages your hotel needs, it’s helpful to know the biggest threats all hotels in South Carolina face. Here are just a few of the most common risks to hotel owners in South Carolina:

A South Carolina independent insurance agent can help you prepare your hotel for these common threats and much more.

What Does Hotel Insurance Cover in South Carolina?

According to insurance expert Paul Martin, hotel insurance policies in South Carolina are highly customizable, and you’ll assemble your package based on the needs of your specific hotel. Your policy will include the basic protections provided by a business insurance policy with additional, hotel-specific coverages on top. Martin provides a few examples of these important coverage options for hotels, such as:

• Guest relocation services: This coverage reimburses for fees stemming from on-site incidents that force your guests to be relocated.
• Event cancellation: This coverage reimburses for unexpected event cancelations that result in a financial loss.
• Umbrella coverage: This coverage provides a buffer against excess liability charges that reach beyond your built-in liability limits. Up to $100 million in this coverage can be added.
• Worker's compensation: This coverage protects your business if your employees get ill or injured on the job, or die from a work-related incident. Coverage is mandatory for most businesses in South Carolina with at least four employees. 
• Property Insurance: This coverage protects your hotel against damage to its physical structures as well as the contents inside (e.g., furniture, carpeting, electronics, décor, etc.) following a covered disaster like fires, vandalism, etc. Coverage limits are often $250 million per hotel. 

Your South Carolina independent insurance agent will work together with you to get your hotel covered against all its unique hazards.

What Doesn't Hotel Insurance Cover in South Carolina?

Hotel insurance provides tons of critical protection for hotels and their owners, but like all forms of insurance, it comes with its own set of exclusions. These disasters are most often excluded from hotel insurance policies in South Carolina:

*In South Carolina, a coastal state that’s prone to flooding, hurricanes, and other natural disasters, you’ll probably want to purchase a South Carolina flood insurance policy for your hotel. Actually, you may even be required to have it by your business’s mortgage lender. Your South Carolina independent insurance agent can provide you with more information about finding coverage.

How Much Does Hotel Insurance Cost in South Carolina?

The cost of your hotel insurance in South Carolina unfortunately isn’t that easy to estimate, since it’s determined by a whole bunch of different factors. However, to give you a ballpark estimate, Martin says that smaller hotels in sparsely populated towns could pay as little as $5,000 per year, while larger chain hotels in major cities could pay up to $1 million per year or even more.

Your hotel insurance package’s cost will be based on several factors all together, such as:

• Your hotel’s age: Newer construction is less risky to insure, so if your hotel’s construction is more recent, you’re likely to experience lower premiums.
• How many employees you have: The more employees your hotel has, the more worker's comp. coverage you’ll need.
• How secure your hotel is: Your insurance company is likely to discount your coverage if you have security features like alarm systems to protect your property.
• The size of your accommodations: The bigger your hotel is, the more guests you can accommodate, which of course means the greater risk your business is to insure.

Your South Carolina independent insurance agent will help you get equipped with coverage that fits within your hotel’s budget. They’ll also be able to hook you up with any discounts you qualify for.

Here’s How a South Carolina Independent Insurance Agent Can Help

When it comes to protecting hotels and their owners against hazards like lawsuits, fire, data breaches, and other disasters, no one’s better equipped to help than an independent insurance agent. South Carolina independent insurance agents search through multiple carriers to find providers who specialize in hotel insurance, deliver quotes from a number of different sources, and help you walk through them all to find the best blend of coverage and cost.