We’re pleased to note that our own Lyn Sickerdick was featured in a recent NIBA Insurance Adviser national industry magazine for her tourism and hospitality insurance expertise.
Liability insurance and risks regarding tourism and hospitality businesses
In the article, Lyn notes “We always recommend people be extra aware of their public liability risks because that’s where the biggest claims tend to come from.” She stressed that brokers should advise people who are thinking about setting up B&Bs, to be wary of things like supplying playgrounds for young children, and that pools and spas can create additional risks or insurance considerations even though they might be attractive to visitors.
Tourism, natural disasters and business interruption insurance
Additionally, in regards to natural disasters and business interruption insurance, Lyn said “Our clients seem to be more aware of the impact of natural disasters, they do seem to happen more frequently than ever before and areas aren’t immune to multiple disasters. Therefore business interruption is becoming more front-of-mind than ever before.”
Cyber risk and tourism insurance?
With many travel and tourism operators doing business over the internet, the increase in cyber-related events is a genuine concern. Data breaches, system hacks and malware risks have the potential to put tourism companies either temporarily or permanently out of business.
Sickerdick says there’s slow take up of cyber insurance covers, but she is trying to get clients to pay attention because there have been a number of attacks impacting local tourism and hospitality businesses.
“We’ve seen denial of service attacks, where local businesses have their website or emails held hostage. Some have paid and gotten access again (after sometimes a second increase in the ransom price), and others have lost their emails or website functionality altogether. It can and does happen and we hope that even in our regional areas people will start to mitigate and insure against this risk.”