Whether you’re just starting out in the bed and breakfast business or you’re an experienced operator, you need to make sure you’re adequately insured to protect yourself and your guests. Proper insurance should be an integral part of any bed and breakfast business, and understanding what types of coverage you need and how much it will cost can help you make an informed decision.
Bed and breakfast insurance is typically tailored to the needs of a standard B&B operator. It can include coverage for property damage, personal injury, and even liability for beds and breakfasts that serve alcohol. Bed and breakfast insurance can also provide coverage for lost income due to weather-related closures, as well as any legal fees that might be incurred as a result of a guest’s injury or illness.
Who Needs Bed and Breakfast Insurance?
If you own a bed and breakfast, it’s essential to make sure you have the right insurance coverage in place. Additionally to B&B owners, anyone who provides accommodation to paying guests should consider getting bed and breakfast insurance. This includes Airbnb hosts, as well as those who offer short-term vacation rentals.
Types of Bed and Breakfast Insurance
Bed and breakfast insurance typically includes various coverage options, including property damage, personal injury, and liability. Depending on your needs, you may also want to consider getting additional coverage, such as business interruption insurance, to protect against lost income due to weather-related closures.
Property damage coverage protects you from any damage to your bed and breakfast property, including damage caused by guests. Personal injury insurance covers medical expenses if a guest is injured on your property, while a liability coverage policy protects you from any legal liability you may face as a result of a guest’s injury or illness.
In addition to these coverages, you may also want to consider purchasing additional coverage, such as business interruption insurance, to protect against lost income due to weather-related closures.
How Much Does Bed and Breakfast Insurance Cost?
The cost of bed and breakfast insurance can vary depending on the type of coverage you choose and the amount of coverage you need. Generally speaking, the more coverage you purchase, the higher the cost of your policy. The size of your bed and breakfast, the type of activities you offer, and the location of your property can also affect the cost of your insurance.
Bed and Breakfast Insurance Requirements
In addition to purchasing the right coverage, it’s essential to make sure you meet all of the required insurance regulations for your area. Depending on where you live, you may need to obtain a specific license or permit to operate a bed and breakfast. Additionally, you may need to carry a certain amount of insurance in order to comply with local laws.
Commercial Insurance And Business Industry Classification
- SIC CODE: 7011 Hotels And Motels
- NAICS CODE: 721191 Bed-and-Breakfast Inns
- Suggested Workers Compensation Code(s): 9052 Hotel – All Other Employees & Salespersons, Drivers, 9058 Hotel – Restaurant Employees
Bed and Breakfast Insurance – The Bottom Line
Extensive insurance should be a crucial part of any bed and breakfast business, and understanding what types of coverage you need and how much it will cost can help you make an informed decision. With the right bed and breakfast insurance policy in place, you can rest assured that your B&B operation is adequately protected.