Running a bed & breakfast can be a wonderful experience. Meeting new people and providing them a welcoming place to stay can be very enjoyable and exciting. It can be easy to forget that running a bed & breakfast also brings new and different risks into your home.
The fact that bed & breakfasts are routinely cozy, small accommodations for only one to four people in someone’s home can make it easy to forget that you need insurance cover for things that you may think only big businesses need to worry about. The experts at Prosura will discuss what your B&B involves, then help you put together the perfect insurance package to secure your business. Do not make the mistake of believing your home insurance cover will provide the protection you need. You require more specific insurance to stay safe.
Insurance to cover your property is a must. If you own the property and building(s) that house your B&B you need proper cover. You will want insurance for buildings that will provide the full rebuilding cost in case your property is totally destroyed. This type of insurance should cover costs of debris removal, architect’s fees, and all materials and labour so that you can recreate the property that has been lost. Remember, too, that if you have a mortgage on the property, the mortgage company will likely insist on proper insurance cover for any property losses.
You may believe that if you lease the property and building(s) that you use for your business that the owner will have adequate insurance cover. This may be true but if you have made improvements to a building so that it better suites your needs those changes may not be covered by the owner’s insurance. Be sure to talk with Prosura to help determine exactly what you need to cover with your own insurance.
Having insurance cover for all of your contents as well as items you stock specifically to run your business is an absolute necessity. Determining what you need to have cover for can be tricky but our expert insurance agents will help you pick the right cover for your needs. You will want to have cover for both your personal and business belongings. It may be best to cover both types of items under one policy, instead of trying to figure out what may already be covered by a homeowner’s policy. Businesses like bed & breakfasts that are run in your own home make for a tricky intertwining of business and personal insurance that we will help you with, so do not fear this issue. We know how to keep all of your items from breakfast foods to personal toiletries covered.
B&B insurance is incomplete without necessary public liability cover. You cannot use home insurance to cover guests of your business staying in your home. Prosura makes sure you are covered for any guest injuries. Accidents can become expensive quickly but you do not need to worry when properly insured.
Personal effects of your lodgers need to be insured. We know which policies cover this and which policies require an extra charge. Some policies do not cover your guests’ personal belongings so we help you avoid those.
Business interruption insurance may be important to you. If your property is damaged by fire or natural causes you may be unable to let rooms until all is completely repaired. Depending on the extent of damage it could be a year or more before your business income returns to normal. If the income from your B&B is a very integral part of your personal income you may not want to risk the income loss. This is where the right insurance for business interruption will help as it can cover continuing fixed expenses of the business as well as the income loss to you.
Whether you are running a bed & breakfast, a guest house, or a boutique hotel, Prosura can help ensure that you have the right insurance cover.
Prosura Ltd (Authorised and Regulated by the Financial Conduct Authority) is a trusted business insurance broker based in Yorkshire that specializes in FEC Insurance, Soft Play Centre Insurance, Insurances for Surveyors , RICS Surveyors Insurance, Distillery Insurance, Petrol Station Insurance, Brewery Insurance, Nightclub Insurance, insurance for architects, Bed & Breakfast Insurance, takeaway insurance, insurance for pubs, café insurance, Restaurant Insurance, commercial property insurance, Professional Indemnity Insurance, Landlord Insurance, HMO Landlord Insurance, HMO Insurance, Student Landlord Insurance and more.
To inquire about any of the services mentioned here (or on the website), call Prosura on 01924 562777 any weekday between 9am and 5:30pm.