The hospitality industry includes more than franchise hotels or all-inclusive resorts. There are countless mom-and-pop inns, independent hotels and bed & breakfasts scattered throughout New York.
If you are a bed & breakfast owner, then you must recognize that this property is one that blurs the line between private home and public lodging. As a result, you must institute strong risk management and compliance procedures, and part of this strategy must include getting appropriate insurance.
Lupton & Luce Insurance provides quality commercial insurance benefits for all New York bed & breakfasts. We’re committed to working with you to optimize your benefits in ways that will always fully protect your operation. Call us at (631) 727-4114 or request your free policy quote now!
Bed and breakfasts are private homes, even though they provide lodging to paying guests. They offer homespun experiences that are far removed from the services provided by the average hotel.
As a result, B&B owners have to insure not only themselves and their own property, but also insure their operation against the liabilities of having paying guests on the property. Depending on the unique features of the property and the services provided, the individual B&B’s insurance portfolio will be quite unique. Benefits are designed to protect the owner in the face of unexpected, expensive challenges.
A B&B, like any other home, is not immune to property damage. It also faces countless commercial risks that pose significant threats to the business’s financial security. If you want to protect both the property side and the commercial side of your enterprise, you need to have the right insurance in place. Your insurance will be there to help you so that your B&B will thrive despite the challenges you face.
Your B&B insurance portfolio will cover your home against the substantial risks faced through operating a home-based hospitality business. Essential coverage includes:
· Dwelling protection: Should an event like a fire, vandalism, severe weather or other hazard damage your house, this coverage can pay to help you repair the home.
· Contents insurance: Using this coverage, you can insure your belongings - including furniture, clothing, certain high-value items and electronics.
· Business interruption coverage: In the event of a sudden, unanticipated halt in operations, this coverage can help you receive payment for lost income and ongoing overhead costs that will beckon despite the fact that you are not open.
· General liability insurance: The commercial liabilities present in your B&B makes it necessary to buy more coverage than standard homeowners liability insurance. You will have coverage that insures third-party bodily injuries or property damage. However, you can also receive protection for personal injuries, product liabilities and other commercial risks. Your personal liabilities will remain covered under this benefit.
· Innkeeper’s liability insurance: This coverage specifically extends coverage to the owner’s duty to protect guests from risks related to crime.
· Crime insurance: When guests are victims of property or monetary theft, occurring on the property, this coverage will help you compensate them.
Other benefits might also be necessary depending on your specific operational risks, such as:
· Workers compensation insurance
· Equipment breakdown insurance
· Liquor liability insurance
· Special events insurance
· Employment practices liability insurance (EPLI)
· Commercial auto insurance
· Commercial kitchen and catering coverage
Various factors will influence the overall cost of your B&B insurance portfolio, but at Lupton & Luce Insurance, we understand that you want to make your benefits as affordable as possible. We are committed to working with you to develop a comprehensive benefits package that addresses your needs without causing you to face a significant cost burden.