Being an innkeeper can be a stressful, gratifying experience. Among the traits shared by B&B owners, running a successful establishment requires patience, a love of people and a thirst for adventure. Although many business decisions are made on a daily basis, one of the most important can be about selecting the best insurance coverage for your property. Until a short time ago, there were two primary options.
- Standard homeowner’s policy with a rider. This may have been an expensive option that didn’t necessarily offer the type of full coverage needed. It typically protected the personal risk. Only liability was offered for the business side.
- Commercial insurance policies initially developed for small hotels and motels. The business side of the equation was covered but left the personal liability side at risk. Premiums were generally expensive.
Today, there are comprehensive insurance solutions that can be customized to meet needs of innkeepers.
- Property insurance can cover personal and business under one limit, including detached outbuildings such as sheds or garages.
- Liability products may protect against liquor-related lawsuits and copyright issues.
- Innkeepers legal liability policies cover guests’ belongings after a loss
- Business interruption coverage enables owners to collect lost income due to insurable catastrophic events such as floods, fires, storms, etc.
Business insurance in VA can be personalized based on the inn size and its needs. Specialized coverage may be available for those that arrange tours as part of vacation packages and those serving meals on-site.