You'd imagine that having guests in your home – even when they're paying – could be covered by your normal run of the mill home insurance. But it’s probably not the case, and you certainly won't be covered for public or product liability. And that’s important if you don’t want to leave your business financially vulnerable.
What is public liability and product liability?
Public liability insurance covers you for claims made against your business where someone or someone’s property is damaged due to your actions. For example, if a guest trips and falls because of a slippery or uneven floor and becomes injured they can make a claim. If their property gets broken and you are to blame, they can claim for that too.
Product liability covers you for the things you may give to your guests. It could be the food, it may be the soap or even something on your tea and coffee tray. If your guests become ill because of something you provide, they may be able to make a claim.
In this current age of 'no win, no fee' many guesthouses choose public or product liability insurance. Even a small incident could turn into a large claim. Having the cover protects your business and can put your mind at rest.
If you have people working for you, even if it’s just one, then by law you must have employers’ liability insurance. This covers you if your employees are injured or become ill because you’ve been proven to be negligent as an employer.
Once you have a policy in place, keep up to date with health and safety at work regulations; if not, you may not be covered.
Making sure your contents are covered correctly
Normal contents insurance should cover your possessions against theft or damage, and that includes accidental damage if you opt for it. However guest house insurance can provide cover for your guests’ belongings and also your business equipment.
Don’t get into hot water
Guest house insurance can also cover your building, which is vitally important as it's your home as well as your business. You can also opt to cover things like boiler breakdowns, burst pipes etc., so that you're not left out of pocket calling an emergency plumber if there’s suddenly no heating.
Loss of income
This business pays your wages, so it’s worth thinking about whether you need to be covered for loss of income. If your business is unable to run for a while due to an incident or injury it's best to be safe in the knowledge that you and your family will manage financially.
If you want to compare guest house insurance we can help. Just request a call back by completing our online form and we'll get back to you to talk it through. By telling us about yourselves, your business and what kind of level of cover you think you'll need, we can find the most suitable guest house insurance quotes for your business at great value.