If you have a spare couple of bedrooms in your home, it’s now becoming increasingly popular to open up your house to paying guests. If you have space, the why not utilise it as a B&B and earn some extra capital? Whether you’re just dipping your toe into the hospitality water for the first time or are an expert Bed and Breakfast owner with years of experience, it’s crucial that you have the right insurance protection. And that’s where Park Insurance can help.
B&B insurance for local businesses
Over the last three decades, we’ve been working with the businesses of Bristol to deliver bespoke, tailor-made insurance packages that are customised to fit your exact needs. Whether you only have one room on offer or have a small hotel offering 5-star B&B accommodation, you need to protect your assets – and your finances.
At Park Insurance, we’ve built our reputation on delivering practical and affordable insurance cover for small businesses of all types. We have a particular affinity with hospitality businesses, giving us a unique insight into the challenges that these operations face on a daily basis. We know that tight profit margins and high overheads mean there’s very little spare cash to go around, so we make sure essential insurance cover is affordable and won’t impact on your finances.
Getting the right cover
If you’re opening up your home to paying guests then you are effectively running a business from your property. That means things such as buildings and contents insurance will need to be changed to ensure you have the right cover. Your ordinary home insurance won’t cover you for business activities, so you will need to update or even completely change your policy. If you don’t then your home and contents may not be covered if they are damaged by a guest, for example.
You will also need to take out public liability insurance to protect you and your business financially against the legal cost of compensation or injury claims.
Other cover that you could include in your b&b insurance package might include:
- Guests’ belongings cover – to protect you against any financial claims from guests who may suffer loss or damage to their belongings while staying at your B&B
- Employer’s liability insurance – essential (and a legal requirement) if you employ anyone within the context of your business operations, even if it’s a family member or on a part-time basis.
Personal liability insurance – to protect you as an individual against any legal costs in the event of a compensation or injury claim
- Loss of bookings cover – this provides financial cover should you have to cancel any bookings as a result of an unforeseen event such as a fire, flood, burst pipe or other natural or unavoidable incident.
- Legal protection – this is often overlooked or left out because it adds a few extra pounds to your annual policy payment, but it could be some of the most important insurance you take out. Never skimp on legal protection, as legal costs could cripple your business if you have to pay them out of your own pocket.
Find out more from Park Insurance
At Park Insurance we pride ourselves on providing no-nonsense advice and great B&B insurance cover at an affordable price. To find out more, simply complete the Contact form or call us direct and talk to one of our team today.
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