Hospitality Leaders Are Constantly Faced With Rising Business Insurance Costs

The hospitality industry has grown tremendously over the last few years, bringing new changes and challenges along the way. From enhanced technology, reputation management, recruitment and retention, increased client expectations for personalization, safety concerns, increased competition, and more, leaders are constantly looking for ways to stay at the top of their game and ensure success for years to come. The COVID-19 pandemic also created even more changes and challenges within the industry.

Whether you are a hotelier, restauranter or others, these changes mean it’s even more important than before to ensure you have the right margins, focus company resources where it matters most and work to reduce unnecessary spending that will protect the bottom line. The good news is there are tons of ways that hospitality leaders can lower their costs, particularly when it comes to business insurance and getting the best policies at a competitive cost. 

At RateCraft, we understand that business insurance is a must for hospitality companies, in large part because of the importance of protection for your property, clientele, workforce and more. And we’re here to help leaders understand the ins and outs of how to get the best bang for their buck when it comes to this coverage. 

Of All Your Line Items, Commercial Insurance Doesn't Need To Be The Biggest

Better protections do not have to come with higher costs. In fact, there are tons of savings that can be found within your commercial insurance policies without you needing to lose any important coverage areas, including group health insurance. With rising group benefits, property and casualty insurance needs, liability concerns, changes to health insurance and more, your budget is probably being stretched pretty thin. That means now is the time to negotiate these costs, and ensure you’re saving dollars wherever you can so that money can help support other areas of your business that will ensure long-term sustainability, not just staying in survival mode. 

At RateCraft, we understand just how important protecting your bottom line is, as well as the needs specific to hospitality companies – from property and casualty insurance, liability insurance, group health insurance, workers’ compensation, cyber liability, and more.

The Business Insurance System Is Broken, But It Doesn’t Have To Stay That Way

We know that’s a bold statement, but unfortunately it’s the truth. The current commercial insurance system is designed for your insurance agent to profit more if your premiums are higher. Not only that, but certain carriers also offer incentives for agents to specifically work for them, meaning you’re likely not getting a view into all the available options for your needs. It shouldn’t, and doesn’t have to be this way though. 

We want to make sure that your money isn’t being spent in areas it isn’t needed. To do that, it means ensuring your agent is providing you quotes from numerous commercial insurance companies and not just the policies that best support their interests.

Solid Coverage At Affordable Rates Is Attainable

As an unbiased, third-party advocate, our team of experts helps hospitality leaders find the best policies for the best rates on a daily basis. We start with only taking two hours of your time to understand your specific needs, and then work with your agent to ensure they present multiple quotes from numerous carriers. We’ll help you think of questions to ask along the way, specific to the hospitality industry and what will help you uncover even more savings within your policy. From there, we review your quotes and negotiate on your behalf to get you the most savings possible. Unlike your agent, our team only gets paid if you save, not if you spend. We’re proud that our expertise is proven, with an average savings per business of 35%, and as much as 74% in savings to-date.

Insurance Carriers Need To Understand You. We’re Experts In Hospitality and Here to Help You.
  • Short and Long-Term Lodging
  • Restaurants, Cafes and other Food & Beverage Providers
  • Caterers
  • Theme Parks
  • Nightclubs
  • Bowling Alleys and Other Recreation Facilities
  • Entertainment Venues and Concert Halls
  • Health and Sports Facilities
  • Travel and Tourism Companies
  • Arts and Culture Venues 
  • And More

To learn more about how hospitality companies can save significant money on existing insurance policies and better protect cash flow, contact us here.