For those who are able and willing to operate a bed and breakfast out of their own home, a profitable business often awaits — at least, if all measures are taken into consideration.
Potential innkeepers should consider the various factors attributed to their bed and breakfast — such as how much they’ll charge guests and how they’ll interact with them — in order to ensure that the business is prosperous.
Among one of the most important components of running a bed and breakfast out of your home is that of the different insurance coverages that are required, and how much it may cost you. Despite running the business out of your home, this does not mean that extra insurance policies aren’t necessary. Given that you’ll be running your business out of your house, it is vital that innkeepers attain the coverage needed to protect themselves against any accidents or issues that may arise.
So before you get out your homeowners insurance calculator, check out a few of the extra insurance types you may need if you plan on operating a bed and breakfast out of your home:
Property Insurance Coverage
This one is important because it goes beyond the typical homeowners insurance coverage. Having property insurance when running a bed and breakfast protects you against any damage to the building that may occur, and property used for operating the business.
Things covered under property insurance include business papers such as receipts and invoices, tech equipment like computers, or any detached buildings you may be using to run the bed and breakfast, to name a few. Having these bases covered keeps you protected against any property-related complications. ...continue reading