Insurance For Bed and Breakfasts

Top 3 Recommended Policies

General Liability Insurance

Property Insurance

Worker's Compensation

General Liability Insurance

Every business, regardless of the industry, faces some type of risk at some point. Therefore, it is essential for you to be covered by insurance. Most business owners opt for the most common and comprehensive type of insurance – general liability. Here are some of the risks that general liability covers:

• Personal and advertising injury
• Property damage
• Legal defense and judgment
• Medical payments
• Bodily injury
  
  

Businesses, however, are not required to purchase general liability insurance, but it is still best to have coverage to prevent unexpected losses. If any of your customers or competitors decide to sue your business, you could end up facing lawsuits and hefty fines in hundreds of thousands of dollars. Thus, having sufficient insurance protection can help you compensate for the devastating damages.

Example of General Liability Insurance

Suppose one of your guests is walking around the hallway and accidentally slips and falls due to a wet floor. She breaks her ankle and holds you responsible for the injury and the cost of medical treatment only because you did not put up a ‘wet floor’ caution sign. In this unexpected scenario, general liability insurance can come in handy to cover the expenses.

Commercial Property Insurance

Commercial property insurance is the second most common type of coverage that is used to cover any business entity. Commercial property insurance primarily provides coverage to a commercial property in the event of a natural disaster, theft, or fire. There are various industries that rely on commercial property, including bed and breakfast businesses. You could bundle it up with other types of insurance policies, such as general property, to get more comprehensive and personalized coverage.

Commercial property insurance helps to protect the overall building or commercial space as well as the equipment, furnishings, and supplies inside the building from the risk of disasters. The cost of commercial property insurance is determined by several factors, such as location and size. In the event of theft, natural disaster, or fire, commercial property insurance will cover the cost of replacing or repairing your business property or equipment.

Example of Commercial Property Insurance

Let’s say you run a B&B business. One fine day your kitchen catches fire due to an act of negligence, and everything in the surrounding gets burnt and destroyed by the fire. The expense of damage caused by fire can be pretty high, and you may not always have enough resources to cover the cost out of your accumulated profits or your own pocket. Commercial property insurance can easily save you from facing all those heavy expenses.   

Product Liability Insurance

You may always strive to serve the best products and services to your guests, such as the meals you offer or the amenities you provide. But there is always a chance that one of your guests comes to you and complains about a certain product that has caused them harm. Even if it isn’t your fault and was merely an accident, the customer may pin the blame on you and demand you to pay for the damage. In the event of a lawsuit filed by an angry customer, product liability insurance could come in handy. 

Product liability helps to cover costs of legal claims that arise due to property damage, death, or personal injury caused by products or services sold by your business. It provides financial protection from unforeseen circumstances that even your quality control checks could not identify. 



Example of Product Liability Insurance

If you run a B&B business, you probably must have provided several facilities to your customers in the bedroom, including sockets to plug in phone chargers and other electronics. Let’s suppose that one of your customers accidentally gets electrocuted by one of the sockets while plugging in their phone, you will probably have to face a lawsuit for that. In such an event, product liability insurance could help pay for the expenses. 

Workers’ Compensation Insurance

If you have more than one employee working for your business, you will most likely need to get workers’ compensation insurance for both full-time and part-time employees. Workers’ compensation, also known as workers’ comp, is a type of insurance policy designed to protect both employers and employees from facing financial losses. It covers the cost of medical expenses in case an employee gets injured due to a work-related accident or suffers an illness that prevents them from working. It covers the medical bills and provides coverage for lost wages if an employee needs time to recover 

Example of Workers’ Compensation Insurance

Let’s suppose one of your employees is cleaning one of the windows of the top floor of the building and accidentally trips and falls. They suffered an injury and require medical treatment to recover. Workers’ compensation insurance will cover the cost of medical bills of the employee as well as lost wages for the recovery period.

Get started today!

Commercial insurance is crucial for almost every business, even if it is a small one. It provides ample protection from losses and risks that businesses may not be able to perceive. With adequate insurance, businesses can quickly recover from the losses without tainting their reputation. 

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