Insurance for a bb always a major consideration for anyone running or considering running this type of business. A suitable bb insurance policy should be arranged to protect not only the fabric of the home and it’s contents but any additional business contents and stock not forgetting of course the essential liability covers required to run a business of this nature.
Often, the first starting point is to contact the bb insurance provider, as after all, most bed & breakfast businesses are carried out in the owners home and therefore, this avenue is the logical choice for insurance. However, most people quickly find that almost all home insurance providers are unable to insure a property where there is any business activity (or certainly any activity other than that of a clerical nature being carried out). The correct course then is to locate an insurance company that are happy to insure a property that is being used as a home with the addition of a bed & breakfast business being operated from the premises. At Assetsure, in conjunction with our partner Intasure, we are able to offer bb insurance policies for owners and operators of a bed & breakfast business. Our policy is designed for a premises that has up to eight letting bedrooms and we are able to offer cover for a wide range of perils.
Buildings insurance is a must even if you do not have a mortgage on the property, the building itself is likely to be an owners most valuable possession and protection is required against a wide range of perils. Our policy provides an automatic sum insured insured of £1,000,000, a useful feature if you are unsure of your properties actual rebuilding cost. If you do have a mortgage on the property then the lenders interest can easily be noted. As well as all the usual perils you would expect to receive under a buildings insurance policy, the bed & breakfast wording includes Accidental Damage caused by your tenants ( Optional) as well as Accidental Damage to fixed glass, wash basins, splash backs, pedestals, sinks, lavatory pans, cisterns, bidets & baths.
The contents contained within a bed and breakfast business, will vary a little from that of a domestic dwelling house, as well as all the normal furniture, you are also likely to have business equipment and stock which will also have to be covered. Our policy provides flexible contents cover for these items and you are free to pick and choose your own sum insured on a replacement as new basis. Automatic Accidental Damage cover is provided for the owners as well as the family. As most B&Bs will also be the family home, as with a standard home insurance policy there is the ability to arrange cover for items taken away from the home on an All Risks basis. The policy also covers Money up to £500n in any one period of insurance
The policy will also provide indemnity cover for Public and Products Liability to provide you with cover in respect of all sums you are legally are obliged to pay for negligence,cover of £5,000,000 is automatically provided. Employers Liability insurance is also included with a limit of £10,0000. Business Interruption cover up to £25,000 will help guard against loss of profits if you are unable to trade or trading is interrupted following an insured loss at the premises. The policy is underwritten at Lloyds of London and is available to purchase on an Interest free monthly direct debit basis.
