Insurance Cost For Bed and Breakfast Businesses 

Innkeepers pay between $1,500 and $5,000 a year for combined liability insurance. Rates vary, depending on the size and type of inn. You should compare rates and coverage to get an accurate quote. Learn how to protect your business against unexpected expenses. Then, read on to learn more about insurance for bed and breakfast businesses. Then, decide how much coverage you need to protect your business. After reading this article, you should be well on your way to protecting your property and your guests.

(Looking for insurance for innkeepers liability? Contact us today!)

Innkeepers pay between $1,500 and $5,000 annually in combined liability insurance 

Innkeepers need to understand the differences between their commercial general liability and their liability policies. While they may seem similar, both have different add-on coverages. In addition to commercial liability, innkeepers also need commercial property insurance. Innkeepers should have comprehensive all-risk property coverage, which covers their building and contents, regardless of what they offer. 

The costs of bed and breakfast insurance coverage can vary based on the finer details of the operation. Innkeepers should consider the number of employees, vehicles, and amenities they offer. A typical innkeeper pays between $1,500 and $5,000 a year for coverage. Some policies even cover commercial kitchens. For example, they may also offer liquor liability insurance to guests. 

Rates vary based on the size of the inn 

Both inns have three-tiered pricing based on room size. The discounted rates do not include the 11.7% hotel tax. Rates are for one or two people per room. Additional guests incur a $20 per person fee. STANDARD rooms come with either one queen-sized or full-sized bed. A QUEEN-sized bed measures 152x203cm, while a full-sized bed is 137x191cm. These rooms start at $169/week. 

Coverage offered by insurers 

A bed and breakfast inn offers a more intimate setting than a standard hotel. As such, it has similar insurance needs to that of a larger hotel, but the requirements may be different. Expert-tailored insurance coverage can help protect your business. Here are some factors to consider when choosing a policy. The first factor to consider is how much property you have. You may need a higher level of coverage than a standard hotel. 

The next step is to determine which type of insurance is right for your bed and breakfast business. You can start with a liability policy. Most businesses carry some form of liability insurance, and this policy will provide coverage for property damage caused by guests. The cost of this type of insurance is usually between $350 and $700 a year for one million dollars in liability. Depending on the location of your bed and breakfast, you may also want to consider a business interruption policy. This will help you recover revenue lost during the closure of your business. 

Type of inn insured 

Getting the right insurance coverage for your bed and breakfast business is essential. Inns are unique and need different insurance coverage from a standard home. A standard home insurance policy will not cover things like liquor or guest injuries. A commercial insurance policy will provide comprehensive coverage for your business. To find the right policy for your inn, contact a local independent agent. They will help you determine your needs and choose the best policy. 

In addition to protecting your property, bed and breakfast insurance will cover the belongings of your employees and guests. You can talk to a commercial insurance agent to get an idea of how much coverage you’ll need and how much you’ll need to pay. As a business owner, you face many risks, such as lawsuits and unexpected events. With the right insurance coverage, you can avoid having to worry about unexpected expenses and keep your business afloat.