These parties might be injured on your premises or suffer property damage. In such cases, a third party may hold you liable for any injuries or property damage. General liability insurance can protect your business from such losses. However, you must be aware that this insurance has specific requirements and costs. To avoid losing money, read on to learn more about what bed and breakfast insurance covers and what you should look for.

Coverage varies by type

Different types of bed and breakfast insurance provide different levels of coverage. A basic policy covers the building, but it is not adequate for covering the contents inside. The policy does not cover theft, vandalism, or other forms of damage to guests' property. Other types of coverage, including general liability and property damage insurance, can help protect a bed and breakfast business against these risks. Bed and breakfasts should also purchase insurance for their autos.

Cost

In addition to property coverage, bed and breakfast insurance also protects your guests and employees from lawsuits. Even if you are not liable for accidents, damage to property can affect your ability to serve your guests. Property coverage covers damages to the building and any other structures on the property. It will also pay for any repair costs that are caused by a hazard. It is important to choose a policy that suits your needs.

Requirements

If you own a bed and breakfast, you need to be covered with the right insurance. Because this is a business that operates out of your home, you need specific insurance to cover the property and contents. Bed and breakfast insurance also covers liability risks. Make sure to discuss these issues with your insurance agent. They can help you determine the best policy for your needs. For example, you should make sure your policy includes liability coverage for any injuries sustained while operating the bed and breakfast.

Rates

Rates of bed and breakfast insurance vary depending on the type of business, location, and number of guests. The cost of a typical policy ranges from $70 per month to $840 per year, but you can increase your coverage for other reasons. Depending on where you're located, you may also wish to purchase additional coverage such as commercial property insurance and business interruption insurance. Business interruption insurance can help you recover lost revenue in the event of a loss of business.

Extensive coverage

When choosing a bed and breakfast insurance policy, make sure to choose one that covers the risks your business faces. The types of risks your business faces include liability for property damage and personal injuries caused by your guests. You should also consider the risks associated with the ancillary services and goods you provide alongside your bed and breakfast operation. Most states require that you take reasonable care to protect guests and tenants. This coverage can reimburse you for any losses due to covered perils.