Bed And Breakfast Insurance Information For Owners

Why should you take B&B house insurance?
I know this may seem like a gray area sometimes, but I am here to assist you to make sense of the inside out of the type of cover the owner require for his B&B business. The standard house insurance is not fitting when you are letting paying guests or taking the risk to let other people stay at your home. This is because it naturally brings some dangers and responsibilities with it. For this reason, I have decided to write this article to help you if you are an owner, and you are renting your apartment to the visitors.
Coverage Central
The Commercial Insurance Policies present broader defense than the general policy of the homeowners. There are two major parts of the commercial policy; one is property, and the other one is the liability. Property coverage protects your building, the contents as well as your laptop/ computer or phone systems. The coverage of liability will also defend you if you are sued even by giving the lawyer to protect you in the court, paying the defense fees and also paying the settlement that is awarded by the jury. General liability is important for any business. It defends you if anyone claims that the negligence of the owner caused their damages of property or even physical injury. 
Other Insurances Available
There are different other types of insurance made for various types of business needs.
•    Commercial automobile insurance that covers the transport you utilized while doing your inn business.
•    Special event insurance protects the events like, wedding, reunion, etc. if conducted at your inn.
•    Business income insurance covers the entire lose of income you suffer because of the B&B is temporarily out of operation for a covered loss such as fire.
•    Completed/ products service insurance helps you if you perform a limited catering or a restaurant or gift shop.
•    The umbrella liability insurance gives you protection against damages caused by the catastrophic events. 
•    Flood Insurance is an essential coverage to consider because it can cause you a lot of damage to the area of your inn is located in flood prone area. Most of the commercial or standard policies will not cover you the flood water caused damages. 
The Insurance will Fail
The homeowners’ policy to protect your B&B or inn will not help you in certain cases like:
•    If a guest falls off the stairs, breaks feet or ankle and sues you for it.
•    If your property is already damaged
•    You lose income as you closed your inn for renovation purposes.
•    The guests become ill after eating the food you have cooked.
Finding an agent
Finding an agent is an important part. Find an agent who has experience in ensuring B&B and Inns and who knows the read and business insurance inside out and can also explain as well as advice you the coverage options available for your inn. If you do not have an agent available nearby then ask the B&B owners for a good recommendation.  

 

Leave a Reply

Your email address will not be published. Required fields are marked *