Follow this simple blog and understand from Emerald Life – one of the UK’s top award-winning insurers – what insurance cover you need as part of your guesthouse insurance.
You can get a business insurance quote relating to the hospitality industry by calling us on 0330 113 7109 and getting our first class service. You can also sign up for latest news and offers at our website www.emeraldlife.co.uk.
Table of Contents
Introduction
Guesthouse owners need to take the time to understand what they need in order to get business insurance for their guesthouses.
The following list should be helpful in understanding what is needed and why it needs to be done properly:
-Owners Need To Understand What Is Covered By Guest Home Insurance -What Is Not Covered By Accommodation Business Insurance -What Should Be Included In A Guest House Insurance Quote?
Guest house owners might be wondering what they need for to get a guest house insurance quote. There are several factors to consider when determining the type and amount of cover options you should get, such as your location, how many people will stay at your property on any given night, and whether or not you have a commercial kitchen and generally the type of insured event that you may want to cover. You’ll also want to find out if there are any limitations that will impact what policies you can buy, like required fire sprinklers or earthquake coverage.
Many people think that they are able to protect themselves and their home by having standard cover under their homeowner’s insurance. This is not the case when it comes to guest houses and that is unlikely to be a suitable policy. Guest houses need additional coverage for their property, which often includes business-related risks such as theft or vandalism, as well as the usual cover for, say, accidental damage, personal possessions and the like.
Guest House Insurance
As a guest house owner, you have an important decision to make. Do you need business insurance for your property? What type of insurance cover do you need? What is the legal requirement for minimum cover, and which companies provide cover that is suitable and feasible, with add ons
In this blog post we will discuss the different types of coverage that are available and talk about how they might affect your business.
What insurance do I need for B&B?
Guest house insurance can cover many eventualities that may affect the smooth running of your guest house. It is important to find an insurer who covers all of you needs so make sure you do not miss anything off – there are a number of different areas where guest house insurance can offer protection for property and business interruption, theft of takings, legal cover and employers’ liability.
What’s important to know when shopping for B&B insurance?
Insurance prices can vary dramatically depending what you want covered and where you live. Buying higher levels of protection means paying more every year but may be worth it in case something happens at your guest house that leaves you with significant expenses due to injury or property damage. Talk to an agent about how much coverage makes sense for your business before signing up for anything! You can sometimes do this remotely with a valid email address and you can just email over your facts, claims history etc so that you can compare quotes.
Public liability insurance
If someone is injured on your property then the legal costs could be huge, even for a small slip on a wet floor. This liability cover is fairly standard in most buildings insurance policies but make sure you get adequate coverage for using your property as a guest house. Otherwise, with a big claim, your business faces extinction.
Business contents and stock
Any items owned by the business such as catering equipment and furniture (and business money) should also be covered with guest house insurance for contents.
Guest effects
Guests could face losses from damage or theft of their own items and so a good guest house insurance policy should help with this.
Building cover
Buildings cover is one of the most important elements of any home insurance policy as it covers your financial investment in the physical structure of the building or if you have more than one building – although they may have to be on the same site.
Business Interruption insurance
Ideally you want some cover for business interruption so that if you are unable to take guests – for instance due to fire damage or a burglary – then you do not lose out on the business income.
Stolen takings
If you keep any cash on the premises of your guest house then you may want cover for this as well.
Food poisoning insurance:
Yes this can even be covered as an additional cover – just in case you have a dodgy sausage that a guest eats. That does not mean breakfast insurance though!
Legal expenses cover:
What if you get sued for a breach of copyright for your guest house logo for example? What if someone steals your identity or opens a rival guest house as you? This cover can help with your legal expenses and legal costs for such things as employment disputes.
Emergency repairs cover:
Many guest house insurance policies will have this as one of their optional extras/additional cover, but you may want to consider having it – for good reason.
Employers’ Liability
While public liability covers any accidents faced by members of the public it does not cover injuries faced by any members of your staff. Therefore employers’ liability could be a wise guest house insurance feature to make sure as many legal eventualities as possible are covered.
Insurance: Homeowners Insurance vs Commercial Property
How are they different? What’s the difference between liability coverage and home insurance coverage? What about crime coverage for guests who lose their items while staying at your B&B? How much cover should you provide for these possibilities?
Bed and breakfast owners are at a high risk of liability because they have the public (paying guests) coming in and out of their home on a regular basis. Public liability insurance is often overlooked by bed and breakfast owners, but it’s an important part to consider when running any kind of business that is open to the public.
Conclusion
When it comes to guest houses, the insurance requirements vary in different areas, but if you look online with the location of your premises then you may get tailored advertising that will help you in this case.
It’s important that you have a basic understanding of what is needed in your area for liability coverage because being a guest house owner can be hard—especially if something goes wrong on your property. The good news is that we can help with all this at Emerald. Contents cover, guests possessions, product liability and other protection are all things that you need to consider.
When it comes to running a guest house, there are plenty of things that can go wrong. But if you’ve made the decision to run one, then make sure your business is properly insured for all eventualities. We know how frustrating it can be when unexpected things happen and you don’t have insurance coverage.
That’s why our team at Emerald has created a guide with information about what types of coverages are needed for different aspects of running a guest house as well as tips on where to find them affordably so you’re covered no matter what happens. Check out our blog post today and let us know if this article was helpful or not by leaving feedback below!
Guest house owners need to think about what insurance they have in place for their guests. As a guest, you want to know that your host has the necessary coverage so if something happens on the property like an accident or fire or loss of money, there is someone who will be able to pay out any medical bills and cover damages incurred during your stay.
As for the cost of cover, the cost will depend on various factors, so for example if you have made a claim before then the cost of getting the right protection may be higher, but you still want to have your risks protected in the event of a claim against you.
Regulated Wording
Emerald Life is authorised and regulated by the Financial Conduct Authority with firm reference number 666615 with a registered office and trading in England and Wales. It is not regulated outside the UK.
