Insurance for Hotels and Hospitality
As a Lockton hospitality insurance and risk management client, you will benefit from our extensive experience in risk management which comes from working with some of the world’s largest hotel management companies and real estate investment trusts. Our in-house risk management and claims cost control specialists provide all the resources you need on a global scale for hospitality and hotel management. Our involvement in the American Hotel and Motel Association (AHMA) and other hospitality-related organizations around the world keep us current with today’s ever-changing risk issues the hospitality industry experiences.
Hospitality and Hotel Risk Management Expertise
Our experience in the hospitality industry indicates that controlling the impact of claims costs can critical in improving your financial performance. Net profit margins are typically razor thin in the hospitality industry. Recent growth in average revenue per available hotel room has driven profit margin improvement within 5%-7% range from a low in 2009 of -5%.
Further, hospitality companies can be highly susceptible to significant claim activity given that hospitality workers engage in injury-sensitive activities such as housekeeping, food and beverage, and maintenance.
It is important to develop thoughtful pre- and post-loss strategies to reduce expenses in a hotel or other hospitality company. Lockton Risk Control professionals in both the pre- & post-claim disciplines have deep experience in developing client specific loss cost reduction strategies addressing such issues including:
- Medical cost containment
- Claim expense controls
- Lag reporting practices
- Hospitality ergonomics
- Improved employee selection and onboarding
Lockton understands the hospitality industry, the financial pressures and claims impact and clients depend on our team as a valued risk partner to help reduce claims and their impact on your balance sheet.
You will benefit from our expertise in hospitality risk management and insurance coverage including:
Service starts with listening. We take the time to understand your specific goals, design a program that fits your needs, aggressively negotiate coverage, and implement a service plan. You will have the same dedicated service team throughout the entire process which allows us to anticipate your needs and create accountability.
It’s all about you. As a private, family-owned company, all our Associates focus solely on you, our client, rather than public shareholders.
Long-term thinking. Clients stay with us based on our expertise, creative solutions, seamless global resources and outstanding service. Our client retention rate of 95 percent reiterates our commitment to each and every client.