As a bed & breakfast owner, it is important to make sure you have the right coverages in place to protect you and your business. A commercial insurance policy offers more comprehensive protection than a typical homeowners' policy covering you in the event of a liability claim or offering loss of income if you have to make repairs due to a covered cause of loss like a fire or hail storm.
Insurors Indemnity insures a number bed & breakfast owners through our independent agency force and offers additional coverages so the policy can meet the individual needs of each owner.
Coverage for your buildings, furniture and fixtures, machinery and equipment, office supplies, inventory, personal property owned by you and used in your business, betterments and improvements and additional structures on your property to name a few.
This coverage protects you (the “insured”) from the risks of liabilities imposed by lawsuits and similar claims for a covered cause of loss.
Being sued is not something you anticipate, but everyday legal actions are taken due to negligence, personal injury, libel, slander, errors, omissions, faulty products, advertising misprints, etc. General liability coverage plays a major role in providing protection for your financial assets in case of a law suit. Defending a suit, as the policy makes clear, includes the costs of investigating the claim against the insured and handling negotiations with the claimant that may lead to a settlement rather than a court proceeding.
Equipment Breakdown – This coverage pays to repair or replace mechanical or electrical equipment due to mechanical breakdown.
Business Income – This coverage provides protection against loss of income, or profits due to property loss or damage from a covered peril, such as a fire, windstorm or natural disaster. It can also compensate you for rental income you receive from property you own and rent/lease to others. Payroll is also included in your continuing normal operating expenses.
Extra Expense – This coverage compensates you for additional expense needed to avoid or minimize the “suspension” of business and to continue “operations”.
Hired Auto Liability – This insurance provides coverage for “bodily injury” or “property Damage” arising out of the maintenance or use of a “hired auto” by you or your “employees” in the course of your business.
Non-Owned Auto Liability - The insurance applies to "bodily injury" or "property damage" arising out of the use of a "non-owned auto" by any person in the course of your business.
Many optional coverages can be considered including Back up of Sewer or Drain, Spoilage, Money and Securities, Employee Dishonesty, Outdoor Signs, Employee Tools at Described Premises, Fire Extinguisher Systems Expenses, Reward Payment Money Orders and Counterfeit Money, Forgery and Alterations just to name a few.
In the event you are found liable for a loss and the financial settlement exceeds the liability limits of coverage found on your primary policies, your Commercial Umbrella Policy is designed to provide an extra layer of coverage.