Comprehensive Risk Management for a Multi-State Hospitality Group
Client Overview
A hospitality group operating 12 hotels across multiple states approached Skyscraper Insurance for a customized risk management solution. The client faced increasing insurance costs, inconsistent coverage across locations, and difficulty securing policies due to properties in high-risk flood zones and urban areas.
Challenges
1?? Rising Insurance Costs – Premiums increased due to the client’s exposure to weather-related risks, liability claims, and high property values.
2?? Coverage Gaps – The client had different policies for each location, leading to inconsistent coverage and administrative challenges.
3?? Business Interruption Risks – The group faced financial exposure in case of natural disasters, fire damage, or extended closures.
4?? Cybersecurity Threats – With online reservations and customer data storage, they needed Cyber Liability Insurance to protect against data breaches.
Skyscraper Insurance Solution
? Customized Hospitality Insurance Package – We consolidated multiple policies under a single, cost-effective master policy, covering property, liability, business interruption, and workers’ compensation for all 12 locations.
? Flood & Natural Disaster Protection – To secure coverage for high-risk zones, we partnered with top-tier underwriters to create a tailored flood and windstorm policy, ensuring full protection.
? Business Interruption & Income Protection – We added Business Interruption Insurance, ensuring that revenue losses from unexpected closures would be covered, minimizing financial impact.
? Cyber Liability & Data Security – To safeguard customer data, we implemented Cyber Liability Insurance, covering data breaches, ransomware, and regulatory fines.
? Risk Management & Loss Prevention – We provided the client with risk assessment strategies, safety training for employees, and legal compliance guidance to minimize claims and lower insurance costs.
Results & Impact
?? Reduced Annual Insurance Costs by 30% – By streamlining policies and securing competitive rates, we helped the client save hundreds of thousands in premiums.
?? Seamless Policy Consolidation – The new master policy structure simplified policy management and claims handling, reducing administrative burdens.
??? Enhanced Financial Security – With comprehensive business interruption coverage, the client ensured continuity in the face of unforeseen disasters.
?? Cyber Protection & Compliance – The client’s sensitive data is now protected, reducing exposure to cyber risks and potential financial losses.
Conclusion
By partnering with Skyscraper Insurance, the hospitality group gained a customized, cost-efficient, and risk-resilient insurance program, ensuring long-term financial security and operational stability.
?? Need a risk management strategy for your business? Contact Skyscraper Insurance today!
?? (877) 595-5002
?? [email protected]
