While running a guest house is a fantastic way to make an income, having others stay in your property can invite unexpected costs. Whether it is damage caused by a rowdy guest, legal expenses incurred as a result of an employee, or cover for stock in the form of food and alcohol, obtaining guest house insurance is the simplest way to make sure every aspect of your business is covered.
Running a guest house presents a unique set of challenges and we believe this should be reflected in your insurance. Whilst we aim to tailor your policy to your individual needs, most guest house cover will protect against the following:
One of the biggest risks associated with running a guest house is the damage that can be caused to its contents. Whether you have one bedroom, or fifty, it is important to make sure the contents within it are covered in the case of fire, or damage through events like flooding. Similarly, the outside of the building must also be covered against damage.
If you own a guest house that features a bar and kitchen, ensuring your stock is covered is also essential. For example, if your fridge breaks down, perishable items like meat and dairy will rot. Those who run a bar can obtain cover for wine, beer, and spirits, as well as cigarettes and tobacco if these are also sold. This stock can also be covered while it is in transit, protecting you against damage that could be incurred by those who are moving goods from the wholesalers to your premises.
Insurance Policies for Guest Houses
Like any business, guest houses are susceptible to interruptions in business. Events like illness, as well as other things beyond your control, can leave you losing out on money from prospective guests. Similarly, if you lose your license, you will be left without an income until you can regain it. Insuring against such circumstances will allow you to guarantee that your business has firmer foundations for its future.
Finally, as a business owner, your actions affect other people. You may find that your employees become disgruntled, or that guests’ property becomes damaged. In order to avoid paying for related expenses out of your own purse, insurance is the best way to protect yourself.
So who can benefit from guest house insurance? Any guest house owner can benefit from obtaining specialist insurance. Regardless of who stays in your guest house, there are aspects of business life that must be protected. No guest house owner can control everything that could affect their business, which means gaining sufficient insurance is essential.