Putting up a rental hall as a business can be a lucrative source of income, especially in a small town in which you have no competition. However, it is also good to place them in big cities where you can charge higher rates. Rental halls may be used for almost any important event you can think off. Weddings, balls, birthdays, and dances are just some of the examples of the events you can hold in a rental hall. Your hall may be catering food, alcohol or whatever services, but you will still need insurance for this type of establishment. Getting hold of rental hall insurance will look after you if ever any unwanted events occur. Damages that are caused by earthquakes, storms and accidents are just a few of those unwanted events. Sometimes, your rental hall might even incur damages in the course of your regular activities, such as small fires, and the like. So here are some guidelines on how to get rental hall insurance.
- Compile pictures of every part of your rental hall. This should include the kitchen, the bar, the dance floor, the entrance, and just about everything that can be found inside. Make sure to use a good quality camera or to light the areas you are taking pictures of so that the insurance company will have a better recognition of the possibilities of unwanted occurrences. This will also contribute to the determination of the coverage required.
- Compile all the balance sheets, the income statements, the licenses, the drink and food services, contracts, and every other paper that were required during establishment of your business.
- Search for various insurance companies online to get a hold of information quicker and for the benefit of you not having to go travel to various companies just to inquire about their coverage. It will save you a lot of time and relieve you from the hassle of going from company to company.
- Make sure that you accomplish the applications required by your chosen insurance company. Fill in your application with honest answers so that you will not be held liable for any wrong information given out. Also submit the copies of the papers you have compiled regarding your business.
- Find out the coverage the insurance company will give you. Read it through and through. On the other hand, the coverage will be determined by the size and facilities of your rental hall.
- Specify any other partners in the business that needs to be included as part of the insurance coverage. Usually, those partners or parties could be any person who invested financially in the establishment of your business. They could either be banks or those silent partners that do not take part in the actual operation of the rental hall.
- Compensate the premium and fulfill any finance obligations. Inform the company if you have purchased or sold properties or if you need supplementary coverages.
You should get your rental hall insured, whether it's a new building, or if the structure is already old. However, it is also good to get rental hall insurance as soon as you have already purchased that property, and have the business fully functional.