Insights and liability tips on how to protect your inn or bed & breakfast, giving you and your guests peace of mind.
When it comes to maintaining or upgrading your property, hiring contractors is often unavoidable. However, the decision to hire an uninsured contractor could put your entire business at risk. From liability issues to financial losses, the consequences can be severe and far-reaching.
As a property's exterior and interior components begin to wear, aging systems, including electrical systems, can fail. Electrical systems must be well-maintained, otherwise, they can become a severe hazard to the property and the inhabitants.
As time passes, roofs can deteriorate, causing leaks, structural issues and an overall decline in your property's integrity. However, with routine maintenance and the right roofing systems, these aging properties can be revitalized and their functionality preserved.
Moving into 2024, bed and breakfast employers are urged to prepare for impending legal changes including potential overtime rule shifts and evolving employee benefits requirements.
Have you taken the time to walk around your inn and identify all the valuables you have collected, inherited or purchased over the years? You may be surprised if you take the time to do so, as most owners don’t realize the number of valuable items they possess.
With thorough protocols, a well-trained staff and staying vigilant with billing, you can protect your inn from falling victim. Here are some best practices for preventing fraud at your inn:
insurance buyers are facing the hardest property insurance market in a generation, with historic inflation and natural disaster losses causing “significant pressure.”
Building and construction projects are complicated with no shortage of things that can go wrong. Builders risk insurance, also sometimes referred to as course of construction insurance, is extremely important if your inn is under construction.
Many inn businesses employ at least one individual who is essential to the company’s success. This person may be a partner, owner or another individual who is crucial to the inn. If this person unexpectedly leaves the organization—due to a death, disability or immediate resignation—it may be hard for the bed and breakfast to survive.
Selecting the right business structure for your Bed & Breakfast is important. As a small business, you may be trying to determine the right business framework for you — likely either a sole proprietorship or limited liability company (LLC). For many owners, minimizing risk is top of mind, and an LLC is a way to gain added protection in addition to innkeepers insurance.