For most bed and breakfast owners, their establishment is only their livelihood, but also their home. From the decorations and furnishings to the buildings and grounds, there is a lot to protect in order to keep your business thriving as it should be. That is why you need bed and breakfast insurance in one comprehensive and affordable package.
In addition to providing you with a B & B insurance policy that is customized to meet your unique needs, Doug Mahany of Putnam Record Insurance Agency has extensive experience in loss control, risk management, claims and underwriting. You can rest assured that he will go the extra mile in order to serve you and protect your establishment from the ambiguity of impending loss. Best of all, this can all be done at a price that will not break the bank.
Available Coverage Options
Bed and Breakfast insurance is unique coverage that combines all of the options that you may have under a business owner’s policy, but with some additional coverage that is specific to your industry.
- Bed and Breakfast Amendatory – The will cover the theft of jewelry, precious stones, semi-precious stones, watches, silverware and gold.
- Bed and Breakfast Property Liability – This option is necessary to protect household personal property that is usually used within the dwelling, as well as the expenses that are incurred from a loss to the dwelling or household personal property, including property damage or bodily injury that occurs due to activities other than conducting business on the premises.
- Building and Content Replacement – With the actual cash value option included in your inn insurance policy, you will receive the actual cash value for covered items that are damaged less depreciation, which means you may not have enough to replace those items. With replacement cost coverage, you will receive the amount of money necessary to replace the lost items at the current market cost.
- Business Owner Extension – With this option included in your policy, you money and securities, outdoor property and outdoor signage will be covered.
- Commercial Auto – This is liability coverage for all non-owned and hired vehicles. If your business owns vehicles, you will need to make sure that you are properly covered for all automobile exposures.
- Liability – When you run a business where guests are coming and going all day and all night, you face a greater risk than that of other business types. This liability coverage option features property damage, bodily injury and even liquor liability.
- Loss of Income – A major loss, such as a fire, can be financially devastating and it can take quite a while for your business to return to profitability. Therefore, you will want to include this coverage options in order to continue receiving an income to aid you in the recovery of your inn.
- Personal Property – Because your business is also your home, you will need to make sure that all of your personal property on the premises is adequately covered against loss or damage.
- Umbrella Coverage – You may want to include umbrella coverage in your inn insurance policy, which will kick in once the limits of your original policy have been exceeded by a covered loss or claim.
The Rising Need for Coverage
The competition among businesses in the hospitality industry, especially in the bed and breakfast sector, is really heating up these days. Many have begun to add more activities that promise greater adventure for their guests. With these new offerings also comes increased risk exposure.
With the economy down, more people are moving away from expensive airline travel and major hotel chains. Instead, they are staying closer to home, traveling by car and favoring local activities. This crowd is being targeted by inns, which are offering grand adventures such as hot air balloon rides, ATV trails, zip-lines, hiking and more. They are also providing the comforts of home in the form of organic meals from local farms and local winery tours.
Along with these new adventure offerings comes the need for additional structures. More and more bed and breakfast owners are building stables, henhouses, spas and the like on their properties to cater to their more active clientele. With each of these expansions and accommodations comes an increased risk of liability. Therefore, it is more crucial than ever to make sure that you are covered with the right B & B insurance policy effectively in place.
Do not wait until a guest takes a fall or a storm blows away your newly-built stables to determine if you have the right type of coverage for your bed and breakfast. All you have to do to get started with a complete and affordable package from Doug Mahany and Putnam Record Insurance Agency is to click on the quote request button. Act now before it is too late and make sure your assets are covered.