October 17, 2019

Getting the Right Insurance Policy for Innkeepers and B&B Owners

An important aspect of owning an inn or bed and breakfast is about getting the right insurance. You need to think of what kind of policy is best for you, and what are the things does it cover? And most of all, how about the price of such?

However, there are some key things that you should know that an insurance policy won’t cover on your inn or bed and breakfast, and these are:

Guests got into an accident inside your home and sued you for negligence.

Your business property is damaged.

Losing income because of renovation purposes.

Guests became ill from the food you prepared.

When it comes to insurance policies, Commercial Insurance Policies offers more than what a homeowner’s policy can provide. There are two main parts a commercial policy covers, and these are:

Property coverage: covers your building inside and out including your phone and electronics

Liability coverage: protects you if you’re sued by providing lawyers for you. It also covers you financially by paying your defense fees and other assessments in the court.

Another thing is the General Liability (GL) where it protects you in case a guest claims your negligence caused for their injury or their damaged property while staying at your inn. There are also lots of insurance that you can consider that is suitable depending on your business and these are:

Special events insurance – covers you if you host events such as weddings or reunions, etc.

Business income insurance – protects you from loss of income because your inn/B&B operations come to a halt because of issues such as fire or storm damage.

Commercial automobile insurance – covers every vehicle you use in operating your business.

Flood insurance – this insurance is crucial if your inn/B&B is located on an area that is prone to flooding.

Umbrella liability insurance – this one provides extra protection for environmental damages that are catastrophic.

Products/completed operations insurance – protects you if your business includes limited catering or you’re running a gift shop or a diner.

Finding the Right Agent

Now that you have decided what kind of insurance policy to get, the next thing to do is to find the right agent to help you to do just that. Look for an agent that has expertise in managing policies for inns and B&Bs. Make sure that the agent you’re scouting is approachable and can adapt on what you want for the betterment of your business. Your business grows, and so is your insurance. So find an agent that can help you along the way as your business progresses.

Comparing them from One Another

You should not only look at the cost of such insurance if you opt for one. There are plenty of other things that you need to look upon before purchasing such as:

Coverage

Limits of liability

Deductibles

Exclusions

Other policy terms

At the end of the day, buy a policy that suits your business better. Not the one that is commonly used by the crowd because of its popularity or affordability. There’s nothing wrong on spending a buck in such. What’s important is that it protects your business and also yourself.