We’re pleased to note that our own Melissa Donaldson was featured in a recent NIBA Insurance Adviser national industry magazine for her tourism and hospitality insurance expertise. See below for a few excerpts of her quotes and comments from the article.
Making sure clients are fully insured against more possible outcomes
Melissa was the very first quote in the article, noting “We as brokers have increased opportunities to make sure clients are fully insured against more possible outcomes, as many clients only take the basics of cover.” She stressed that in regards to liability, “We’ve seen more and more liability claims, many are simple trip and falls.”
There’s more to tourism insurance than just liability insurance covers
But insurance can do more than protect your business from customers tripping or falling on your premises, Donaldson says, “Having the right insurance can also cover the ‘products’ clients make (such as wine) and things like product recalls.”
Asking the right questions is vital, according to Donaldson. She asks clients things like “Do you have the public on site? Do you attend trade shows, markets or festivals? Can you afford to replace your business assets in the event of an accident or extreme weather event?” These answer to these questions all factor into putting the right insurance solution together.
Cyber risk and tourism insurance?
With many travel and tourism operators doing business over the internet, the increase in cyber-related events is a genuine concern. Data breaches, system hacks and malware risks have the potential to put tourism companies either temporarily or permanently out of business.
Donaldson states: “More automation and technology bring increased risks, with more businesses selling online and having a web presence, nearly every business faces at least some level of cyber risk.”
To sum it up
“Putting together a good insurance solution, including things like key person insurance, good life policies, management liability, D&O insurance, natural disasters and business interruption insurance helps to position the business to financially survive.”