Guest house insurance can provide protection to yourself, your business, your staff, your property and your guests against any risks that will not be covered by your home insurance policy. Regardless of how minor the incident is, there is a possibility that it can result in a huge claim. Hence, if you are running a guest house with paying guests then make sure that you are covered with the right guest house insurance.
If you are an owner of a guest house, then you need to consider what insurance cover you need which can help in protecting your business, your property and its contents as well as your guests and employees.
Why you need a guest house insurance?
Guest house insurance is a unique kind of insurance that is designed for guest house owners as well as owners of Bed and Breakfast and even Boutique Hotels. When you are facing different types of hazards while running your business, then the right insurance can cover you against these risks!
The precise guest house insurance policy can be tailor-made so it can meet your needs as well as your budget. Aside from protecting you against accidents, injuries, theft, fire, flood, storm, and other disasters, it can also create a huge impact on other aspects of your business such as marketing and the rating of your guest house.
What type of insurance do you need for your guest house?
Public Liability Insurance
If your guest or a member of the public was injured at your guesthouse or their property was damaged, then public liability insurance can cover for the legal costs and compensation, in the event that they decide to take you to court.
Product Liability Insurance
You provided your guests with a lot of things such as food, soap, tea, and others. But what if they become ill due to the things that you have given them. If your guest decides to make a claim due to this incident, then product liability insurance can cover for the expenses incurred including the legal fees and any settlement that will be awarded to the guest.
Employers’ Liability Insurance
If you employ staff in your guest house, then you are required by law to obtain an employers’ liability insurance. Having this insurance in place can give you peace of mind because you know that you are protected if a member of your staff gets injured or obtain an illness while working for you in your guest house.
The most apparent risk will likely be to your guest house building and its structures. Typically, a guest house insurance policy can cover the main building as well as its outside buildings including its fences, gates, and walls.
If you are the owner of the building that you’ve used as a guest house, then you should consider having buildings insurance. This can cover the cost of the repair or reconstruction of your building if necessary.
Aside from the building, you also need to get a cover for the contents of the building. This includes your furniture, equipment, and other possessions. Contents insurance can protect these belongings against theft, fire, flood, and other damages.
Business Interruption Insurance
If you temporarily close your guest house because it was greatly affected by an unforeseen incident, then business interruption insurance can cover you. It can pay for the salaries and any other overhead costs. However, there are also insurers who can pay for the loss of income during the closure.
Things to consider when choosing guest house insurance
Every guest house is unique with regards to their features and risks. That is why each guest house insurance policy is also unique. Most likely, your insurance policy will greatly depend on a lot of factors such as the number of employees that are working for you, the number of rooms in your guest house, as well as the food that you serve to your guests, the cost for each room and any other factors. All of these can create a great impact on the level of cover that you want for your insurance policy.
Other factors to consider are the length of period that your business has been operating, the number of properties that you own, for instance, you might be using more than one building for your guest house. Your claims history is also another basis for your level of coverage.
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