Talk to our team
Contact our team today to learn how we can help your business make better risk and people decisions
Contact UsHospitality & Leisure & Entertainment
Industry-Specific Knowledge
The entertainment, real estate, hospitality, and leisure industries are inherently risky, with various factors contributing to their vulnerability. Market fluctuations can impact property values and rental income, while natural disasters such as hurricanes and floods can cause damage or destruction to properties following by serious business interruption. The pandemic especially Covid 19 has also highlighted the risk of disease outbreaks, which can severely disrupt operations and affect profitability heavily.
In addition, the hospitality industry is exposed to risks such as over-supply, declining demand, and increased competition from online travel agencies. The leisure industry is also susceptible to changes in consumer behavior and preferences, such as the shift towards experiential travel and online booking platforms. Furthermore, companies in these industries must also consider the risk of liability to third parties, which can arise from accidents or injuries occurring on their premises.
To mitigate these risks, the owners/property management companies are now more proactive in managing risk and implementing strategies to reduce their exposure, such as diversifying investments, hedging against market fluctuations, and implementing robust risk management systems including but not limited to insurance.
Insurance Solutions Recommended
Cyber Liability Insurance (CLI)
Protects against data breaches and cyber-attacks leading to increasing IT costs, ransomware, business interruption, reputational damage etc…., which are increasingly relevant for firms storing and processing client sensitive data and operating on a worldwide internet/digital environment like professional services firms
Learn moreFinancial Institution Professional Indemnity Liability Insurance (FIPI)
Covers errors and omissions while providing professional services, including mistakes, missed deadlines, and cost overruns. The policy pays for both legal costs and reimbursement amount or indemnification according to final adjudication.
Learn moreEmployer Liability Insurance (ELI)
Covers employers' legal liability for work-related injuries or illnesses to employees. It provides financial protection against employee claims, including medical expenses, lost wages, and rehabilitation costs. ELI also covers claims related to employee death, disability, and mental health issues.
Learn moreParametric Insurance
Provides coverage based on specific, measurable events, such as earthquakes, hurricanes, or floods, lack of wind, lack of solar, pandemic…. Policies pay out a fixed amount based on the intensity of the event, rather than the actual damage caused. This model provides rapid and transparent payouts, often within hours of the event, with reduced administrative costs.
Learn more
Let's connect