Your dream to open a bed and breakfast – B&B – has come true. Congratulations!
It’s an exciting business venture that is also a great deal of work and commitment – and there can be a steep learning curve to get started. How much money can I make? Can I run a bed and breakfast and still have a life? How do I get people to come? It also includes making sure you’re protecting yourself with the right insurance coverage. Some cities and towns now require owners to carry liability insurance as part of their municipal/township by-laws.
When you run a B&B there are unique risks involved, which is why coverage for your B&B is different from your home insurance. Getting the right insurance package is essential for your protection; after all, you are opening your private home to provide accommodation to strangers.
Your B&B insurance policy will differ significantly from standard home insurance coverage, and even that of a home-based business (for example, a hair salon), because as well as insuring your home, you are also effectively insuring a guest house as a business. So the insurance requirements for any bed and breakfast business need to be quite specific. It’s best to seek the right help to make sure you are covered from events you don’t expect.
Is it a B&B or a guest house?
How much you pay for your B&B insurance will depend on several factors, including the number of letting rooms you have and of course the value of your contents. Additional cover will enable you to insure against theft, accidental or malicious damage. If you have part-time employees it’s best to get advice from your Broker on how best to protect yourself and them.
Your B&B is a business
Your bed-and-breakfast insurance quote will include public liability cover for you with respect to your guests, as well as the usual types of cover that you would expect from a normal household insurance policy.
In addition, features of a B&B package can include:
- Bed and Breakfast Liability Extension
- Innkeeper’s Liability Extension
- Coverage for Theft/ Vandalism by Guests
- Building and Contents Coverage
- Goods Held for Sale
- Crime Extension
- Equipment Breakdown Extension
- Business Income Extension
- Identity Theft Coverage
- Bed and Breakfast Additional Living Expenses Extension
- Garden Tractors and Accessories Coverage
- Bed and Breakfast Replacement Cost Coverage
It takes hard work and money to get your B&B up and running. So take away some of the stress by knowing your investment is protected. Speak to one of our knowledgeable Brokers. They will provide clear answers to your insurance questions and will give you the solid foundation for understanding the issues that will impact your success as a B&B owner.
Ask your Broker about having one of our Risk Assessment Specialists visit to identify hazards and prevent potential losses for your B&B operation.