Insurance considerations for the Leisure and Hospitality industry
Broadly speaking, the industry can be broken down into 5 broad categories, – Food and beverages, lodgings, recreations and travel and tourism. But they all share similar challenges;
- Changing customer expectations
Technology has totally changed how you deal with clients and customers. Streamlined on line ticket purchases and seamless check ins are the new norm, and you need to think about the damage that could be done not only to takings, but to reputation, too, should something go wrong.
- New, innovative business models
The hotel and B&B market was transformed overnight by the arrival of Airbnb and the like. The sharing economy has seen businesses in the sector have to react and change their existing practices really quickly – of itself a risk that needs mitigating.
Increased digitisation has meant the emergence of new legislation around consumer data. GDPR law saw businesses scramble to make sure they were compliant without being stifled. It has become vital to ensure you have cover in place in the event of a breach or investigation.