You may not automatically think of better hotel risk management as a way of boosting your annual hotel revenues, but it is actually a very important aspect of the hospitality business. Preventing risk as well as buying insurance that is designed to cover your specific needs can save you a great deal of money which results in more capitol to invest in other aspects of your hotel.
Making Hotels Safer for Both Guests and Employees
A safe hotel is one that does not need to spend money fighting lawsuits or paying for the support of injured employees or guests. Proper hotel risk management includes:
- Preventing Unnecessary Risk
- Accident Prevention
- Accident Investigation
- Workers Compensation
- OSHA Compliance
- Claims Management
Impacting Your Bottom Line
In the dog-eat-dog world of business, few actions are taken from a purely philanthropic desire to protect people. Most things are done with one eye on cost and the other on profit. Fortunately, good insurance and hotel risk management is an expense that not only protects individuals and the hotel as a whole, but it is also an asset to the budget. Spending less cash to correct dangerous or hazardous situations means that money a hotel may have earmarked for emergency situations is now available to spend or invest in a different manor. Also, getting a specific insurance plan that is designed for your needs, rather than a generic insurance policy, will assure that you are not wasting funds paying for unnecessary coverage. These as well as several other reasons are why a good risk manager and insurance portfolio are necessary for your hotel.