The crucial role of insurance in the hospitality sector

Safeguarding businesses is key

The crucial role of insurance in the hospitality sector

Hospitality

By Terry Gangcuangco

Remember that London nightclub which is being sued after patrons were harmed in an acid attack? It highlighted how crucial it is for such businesses to handle and mitigate all sorts of risks, not only to protect its clientele but also itself.

If you’re a broker whose clients include the owners of hotels and restaurants, the list of potential exposures could be long – from cyberattacks and business interruption to legal liabilities. MGM Resorts International, for instance, is facing multiple lawsuits for the mass shooting that took place in Las Vegas two months ago.

And if you’re in the business of tourism, or an agency trying to attract visitors to your community, having unprotected establishments is not good. Imagine confidential data, such as guests’ information or credit card details, being accessed by cyber criminals – like in the case of Four Seasons and Trump Hotels, which suffered breaches earlier this year.

NFU Mutual hospitality sector specialist Graeme Taylor, a keynote speaker at the recent Mid Wales Tourism and Business Conference, hammered home the importance of safeguarding businesses against multiple risks, including the threat of cyberattacks.   

“Those of us fortunate to live in this beautiful part of the country all have our own ideas about what makes the ‘Real Mid Wales’ so special,” said Rowland Rees-Evans, chairman at MWT Cymru, which organised the conference. “The challenge for the tourism and hospitality businesses is how best to share our enthusiasm to attract visitors.”

According to a release issued by the conference organiser, tourism businesses are encouraged to capitalise on the major events held in Mid Wales.


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