For many, just the mention of the word is enough for eyes to glaze over and minds to wander. Bring it up as fodder for cocktail party conversation, and the universal response is oftentimes a collective yawn. But insurance, though much maligned and not the sexiest of topics, is a critical cog in the wheel of commerce, and one that cannot be ignored. And that is because this intangible product is an invaluable tool that allows businesses, including those in the hospitality space, to manage the risk of financial loss – catastrophic and otherwise – by transferring it to third parties (read: insurance companies).
By Dana A. Kravetz
Hotel Business Review