For cycle tourists, backpackers, and budget travelers, hostels provide a temporary shelter that is cheaper than hotels. Hostel dwellers have the opportunity to travel more affordably and meet fellow hostel dwellers that share the space. While hostel owners know that their customers come to them looking for affordable, short-term housing, they also understand the importance of having insurance to protect their business. Over the years, hostels have evolved to more than simply cheap living accommodations for budget travelers. People who crave adventure love the ability to meet new people, and hostels often offer amenities like lounges, business centers, barbershops, and more.
With hostel insurance from ALIGNED, hostel owners can protect their business against risks of liability and litigation.
Why is Hostel Insurance Important?
As with any business, there are risks involved and accidents that can happen unexpectedly. Especially for a business in the hospitality industry, where service and interactions with guests are the most important factor, even one small accident can cause big repercussions.
- Guests staying in your hostel have their belongings stolen on your premises.
- Employees cleaning the hostel rooms accidentally damage the belongings of your guests.
- Your website used for bookings could be subject to data breaches and other cybercrimes.
- Guests could fall and injure themselves on your premises.
- The facilities of the hostel could be damaged because of a natural cause or a fire could break out.
When major perils happen, the resulting financial loss can be substantial. With the right hostel insurance policy from ALIGNED, hostel owners don’t have to worry.
What Does Hostel Insurance Include?
Commercial General Liability Insurance – commercial general liability insurance provides coverage for injuries, bodily harm, and property damages occurring to a third party during your business operations or while on your premises. For example, if a guest slips and falls, you are covered for lawsuits, losses, and medical expenses.
Commercial Property Insurance – your hostel relies on your building and its contents to operate successfully. It’s important to ensure your assets are protected in the event of a fire, vandalism, flood, or other natural peril beyond your control.
Cyber Insurance – hostels have websites where guests can research the place and make bookings. Cyber insurance will protect your business and customers against the damages caused by cyberattacks, such as data hacks, network intrusions, loss of information, stolen data, etc.
Employee Theft Insurance – theft is always a concern for hostels, whether it’s occurring to the business or the guests. Employee theft insurance covers any losses caused by employees stealing money and property from the business or the property of guests.
Find the Right Hostel Insurance with ALIGNED
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Contact an ALIGNED commercial insurance specialist for a free quote, or use our free online tool.