When you own a bed and breakfast, you are not just running a business, you are opening up your home and inviting guests to share it with you. With that invitation comes a level of responsibility and risk that you must be prepared for. As a B&B owner, you need insurance that is tailored to the unique needs of your business, and that is where Wister comes in.
Wister is a general liability insurance broker with over 100 years of personal service and public insurance experience. Our executives pioneered the modern bed and breakfast insurance policy, and we have been providing comprehensive coverage to B&B owners for decades. Our policies cover four essential areas: building(s), contents, income, and liability, but we also offer additional insurance options such as liquor coverage, workers compensation, commercial auto insurance, and more.
One of the biggest risks of owning a bed and breakfast is liability. When you open your home to guests, you are inviting strangers into your personal space, and accidents can happen. Slip and falls, drownings, equine and bicycle accidents, invasion of privacy, and assault and battery are just a few of the potential liability claims that B&B owners may face. Our experience in defending these claims can be your ally in making sure your insurance is sufficient.
When you own a bed and breakfast, you are also running a commercial enterprise. That means you need commercial liability insurance to protect yourself from business-related claims. But you are also living on the property, which means you need personal liability insurance to protect yourself from personal claims. Wister allows you to manage both types of protection with one policy.
It is important to understand the different types of insurance forms when choosing a policy for your B&B. There are two major forms: the special form (all-risk or exclusion-based) and the basic or broad form (named perils). With a named perils form, the insurance contract will ‘name’ or list what is covered. The basic form typically covers fire, lightning, explosion, windstorm or hail, smoke, aircraft or vehicle collisions, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, or volcanic action. The broad form covers everything the basic form does, but adds falling objects, the weight of snow/ice/sleet, water damage in the form of leakage, and collapse from specified causes. If your location has a peril and you file an insurance claim for anything not named above, there would be no coverage. Most B&B owners feel that this is a comprehensive insurance list, but the reality is that it can be misleading. Wister can help you understand your options and choose the best coverage for your business.
Another important consideration when choosing insurance for your bed and breakfast is the type of valuation used in the policy. Replacement cost valuation insurance means ‘new for old, without a calculation on depreciation in the event of a loss. Actual cash value insurance calculates depreciation and pays out less for older items. For example, if your roof is damaged in a hailstorm, replacement cost valuation insurance would cover the full cost of a new roof, regardless of its age. Actual cash value insurance would take into account the age of the roof and deduct the depreciation from the payout. Wister can help you understand the differences between these two types of valuation and choose the best option for your business.
At Wister, we understand that running a bed and breakfast is not easy. You have worked hard to turn your property into an income-generating asset, and we want to help you protect it. We will take the time to learn about your special project and review your current policy to see if it meets the unique needs of your business. We will then deliver our best custom comprehensive coverage and service specifically designed to suit your insurance needs. Let us help you protect your investment and give you peace of mind.