Hotel and Guest House Insurance

Hotel and Guest House Insurance

As the owner of a hotel, guest house, holiday let, airbnb or B&B, having the appropriate insurance is imperative to make sure your hospitality business, staff and customers are protected. With a number of risks that could potentially affect your business, such as theft, flooding and compensation claims from customers if things go wrong, you need to make sure that you have the right cover in place.

A robust risk management and insurance programme can help your hotel, guest house, holiday let, airbnb or B&B business to respond quickly, maintain continuity and manage your reputation.

Find out how The Yorkshire Broker can help you to manage any potential risks and protect your staff, customers, buildings and equipment within a comprehensive insurance solution.

Types of insurance cover your hotel, guesthouse, holiday let, airbnb or B&B business may require

Insurance programmes for hotel guest house, holiday let, airbnb or B&B would typically include a combination of the following cover:

  • Buildings insurance: If you own the freehold for your hotel, guest house, holiday let, airbnb or B&B then you need to take out buildings insurance to protect your most expensive asset. The policy will provide cover in the events such as flooding, a fire or theft.
  • Business contents insurance: It is important to have insurance in place to protect the interior contents of your hotel, guest house, holiday let, airbnb or B&B. This can include things such as fixtures and fittings, equipment and any furniture – for example carpets, lamps, beds, tables and glasses. When taking out a policy of this type, make sure you add up the value of all items, as this could be a costly mistake in the event of a claim if you do not have enough cover in place.
  • Business assets and equipment insurance: Provides cover for the things that your hotel, guest house, holiday let, airbnb or B&B business needs to operate, such as computers, cleaning materials and stock,
  • Public liability insurance: Provides protection if you an individual suffers an injury during a stay at your hotel, or if their property is lost or damaged in your pub, it will give you some protection in the event of a claim.
  • Employers’ liability cover: This is a compulsory type of insurance for employers, regardless of whether the member of staff is permanent, temporary, volunteer, contractor or freelancer. The minimum level of protection is £5m, which will cover the cost of compensation claims if staff get injured or fall ill as a result of carrying out their required duties.
  • Business interruption insurance: Provides cover for financial losses if your hotel, guest house, holiday let, airbnb or B&B business can’t operate from its normal premises due to perils such as fire, major theft or a flood. This includes things like loss of income and rent and will help to keep your business operating if the worst should happen.
  • Stock insurance: Provides cover in the event that your stock (such as food and drinks) is damaged through events such as fire or flooding, or if it is stolen.
  • Theft of takings: If you take payments in cash, then you may want added protection in case of theft from you, anyone working for you or your premises.
  • Cyber insurance: Provides cover against data breaches or cyber hacks that affect your computer systems and networks.
  • Glass cover: This type of policy can provide protection in the event that the windows of your restaurant or takeaway, shop front and glass displays are damaged maliciously through vandalism.
  • Loss of licence: If you serve alcohol in your premises and lose your licence for reasons outside of your control, this will ensure your business can operate as usual.
  • Goods in transit cover: This will provide cover if your stock is damaged or lost while being delivered by post or courier.
  • Legal Expenses: Cover in the event of employment disputes, legal defence costs, contract disputes, Tax, VAT, PAYE and NIC investigations and more.
  • Goods in Transit: This will provide cover if goods are damaged whilst in transit to and from your premises or lost while being delivered by post or courier.

These are just examples of some of the types of hotel, guest house, holiday let, airbnb and B&B insurance covers that we look after at The Yorkshire Broker.

What insurance do I need for my hotel, guest house, holiday lets, airbnb or B&B business?

For hotel owners and landlords, employers’ liability insurance is the only type of business insurance that you are legally required to have if you employ staff (regardless of whether they are permanent or temporary). However, the other types of hotels, guest house, holiday let, airbnb and B&B insurance can help to provide important financial reassurance in the event of things going wrong, even if they aren’t mandatory, and should be considered in order to ensure that your business is properly protected.

If you are responsible for the running of a hotels, guest house, holiday let, airbnb or B&B business of any kind you should consider taking out a tailored insurance programme. The wide variety of risks to both the staff and customers create the need for an insurance solution that provides comprehensive protection.

We know that no two hotel, guest house, holiday let, airbnb or B&B businesses are the same, so speak to us today to find out which policies will best meet your needs.

The cost of hotels, guest house, holiday let, airbnb or B&B insurance

The combined premiums that you will pay for your hotel, guest house, holiday let, airbnb or B&B insurance programme depends on the level of cover that you need and the breadth of risk that your business is exposed to.

It is crucial to ensure that you are properly protected in the event of an incident occurring. With that in mind, at The Yorkshire Broker we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.

Importantly, we work tirelessly on your behalf to present your business to potential insurers as accurately as possible so that premiums are completely appropriate to your risk exposure.

Insuring your hotels, guest house, holiday let, airbnb or B&B business

The Yorkshire Broker is well placed to provide you with the professional support to review your current insurance programme and assess where you might be at risk from underinsurance, or even paying for excessive cover.

We understand that hotel, guest house, holiday let, airbnb and B&B businesses face unique risks and challenges on a day-to-day basis, and that you need bespoke insurance that works for you and gives you the level of cover that is appropriate to the risks that you face.

Give your business the protection that it deserves today – if you want to find out how much peace of mind costs, contact The Yorkshire Broker by calling: 01924 929070.

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