If you’re over 50, you might have your eyes set on running a B&B or guest house in the near future. At Insure4Retirement, we think it’s a great idea. Converting your existing home into a guest house can be both rewarding and a great source of income.
Most of the customers that take out B&B and guest house insurance with us ask a lot of questions about what kind of insurance is needed. The fact of the matter is that if you’re opening your home up to guests, then your standard home insurance will be unlikely to cover your new liabilities.
In this article we’ll explain why standard home insurance doesn’t cut it, and give you tips on making sure you get the right type of cover.
The extra liabilities of a B&B or guest house
Running a B&B means ensuring that you have to look after your home as well as the safety of your guests and yourself as a business. There are a lot of differences between a residential home and a home that is a fully-fledged business. We’ve put a few of these differences below:
- You might have staff at your B&B, and therefore you’ll need insurance as an employer.
- You will have more money on the premises that may need protecting.
- Providing accommodation and breakfast to paying guests requires high standards and a specific level of insurance.
- You will have more more beds, chairs and TVs, and therefore need a higher level of contents cover.
- If a guest injures themselves in your B&B, they may try to claim against you, or rather the business. In this instance you’ll need insurance designed with businesses in mind.
- And if damage occurs to your B&B, such as a leak or roof damage, it will affect your guests as well as you, which could mean refunds and an interruption to the running of your business, as well as the actual cost of fixing the damage.
What does guest house insurance include?
Our B&B and guest house insurance contains the following types of cover:
- Public Liability cover
- Cover for your stock and your freezers
- Cover for accidental and malicious damage by guests
- Employers’ Liability insurance
- Money Cover
- Contents cover for your business equipment
- Business Interruption cover
- and of course Buildings and Contents Cover
Insure4Retirement provides specialist B&B insurance policies to over 50s customers all over the UK. Through our partners Intasure, we can offer cost-effective guest house insurance that covers all the needs of your guests, employees and business. Our aim is to give you peace of mind so that you can concentrate solely on the running of your B&B and guest house. We’ve designed our insurance policies with that goal in mind.
Whether you’re just starting out or you’re a seasoned professional, you can get a guest house insurance quote from us online, or you can call one of our friendly experts on 0800 470 2012. We look forward to helping you.