Hotel Risk Analysis:
The reduction of various kinds of physical and liability risks associated with the hotel business is one of the most significant aspects of managing and operating a hotel. This process of risk management requires risk analysis, which is the process of examining the hotel's risk exposure and developing appropriate strategies for lessening and preventing those risks. This risk management and analysis process also involves developing a program for minimizing the business' exposure to risks through supplementing insurance protection in case the incident takes place. A hotel manager would enhance the effectiveness and profitability of the business by eliminating every possibility of incidents occurring on the property. However, this is not always possible since the hotel manager does not have control over certain incidents (Rushmore, 2010, p.18). This paper discusses the appropriate insurance for a hotel through examining importance of property insurance, difference between independent agency and exclusive agency systems, and insurance policy by Delta insurance. Consequently, adequate insurance protection offers a suitable means of reducing exposure to financial losses when an incident occurs.
Self-insurance vs. Property Insurance:
As part of determining the most appropriate insurance strategy for a hotel, it is important to understand all the probable areas of exposure. This is followed by an understanding on how insurance policies are configured to address the unfortunate risks that are likely to occur (Rushmore, 2010, p.18). Some of the primary areas of concern for hotel insurance include the property itself, automobile liability, premises liability, and employee compensation. These primary areas are the foundation with which insurance companies structure different insurance policies and strategies for unfortunate risks.
The other important measure in this process is to lessen the business' insurance cost in order to achieve an effective risk management strategy. The ability of a hotel manager to save the hotel's insurance costs requires a good insurance broker who totally understands the exclusive risk exposure of the hotel. The insurance broker should also be able to offer advice on an effective...
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