A security incident that involves unauthorized access to or disclosure of sensitive guest information, potentially resulting in identity theft, financial loss, and reputational damage.
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Glossary Term: Risk Management
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Measures taken to ensure the safety and well-being of employees traveling for business purposes, relevant when short-term rentals are used for corporate housing.
A documented plan outlining procedures and responsibilities in case of emergencies or unforeseen situations affecting the property or guests.
A plan outlining how a business will continue operating during unexpected disruptions, such as natural disasters or power outages, important for minimizing downtime and financial losses.
The system of rules, policies, and procedures that ensure the consistent and effective execution of all business processes related to a short-term rental operation.
The use of technology and software to automatically assess potential guests based on predefined criteria, helping hosts mitigate risks associated with renting to unknown individuals.
Insurance products or services that offer coverage for accidental damage caused by guests during their stay, providing financial protection for hosts.
A contract that provides coverage for repairs or replacements of appliances in a short-term rental property, protecting hosts from unexpected expenses.
The legal responsibility of short-term rental hosts and property managers for accidents, injuries, or deaths that occur in or around swimming pools, hot tubs, or other water features on their properties.
A legal document signed by guests acknowledging the risks associated with using pools, hot tubs, or water features at short-term rentals and releasing the host or property manager from liability.
Strategies and measures taken to safeguard personal and business assets from potential liabilities and lawsuits. This is particularly important for short-term rental owners who may face risks associated with property damage or guest injuries.
The essential protection for short-term rental hosts, encompassing liability coverage, property damage protection, and potential legal expenses arising from guest-related incidents.