Insurance Buying Checklist

Download Printable Checklist

Buying insurance for your business is more difficult than making the same purchase for your home. You should seek a professional that has expertise in the hospitality industry and a history of providing coverage for your specific type of business.

In an effort to make sure that hotels minimize the risk of not having adequate coverage, we recommend that you follow this checklist as you prepare for the insurance buying process.

_____ Locate an expert agent

_____ Start the process approximately 90 days prior to your closing or
           renewal date.

_____ If a renewal, request updated loss history from your
           agent/insurance carrier for the past 5 years - even if you
           have had no claims.

_____ Refer to www.bestchoiceinsurance.com to complete
           an application.

_____ Owners of older/smaller hotels should seek quotes from smaller,
           regional insurance companies rather than larger, national
           carriers.

_____ Find out if your carrier is going to provide a renewal quote.

_____ See a renewal quote from two or three different insurance
           companies through your hospitality insurance professional.

_____ Prepare to give more information than required in the past
           (more detailed property information, management specifics, etc.)

_____ Be prepared to submit financial information, if requested
           (balance sheet and income statement).

_____ Evaluate the benefit of higher deductibles.

_____ Review quotes carefully. Understand and compare changes in
           coverage.

_____ Make an educated decision based on coverage, limits,
           deductibles and the financial strength and quality of service
           of the insurance company.

Download Printable Checklist