Protect your inn or small hotel with quality inn insurance is crucial to ensuring the short, mid and long term financial stability for any inn owner due to the many risks associates with operating an inn. ALIGNED can help you find the coverage you deserve to safeguard your business from the expected and unexpected that is custom built to meet your needs, operations and budget.
What is covered by inn insurance?
Inn insurance policies vary, but typically include some or all of the following coverage types:
- Commercial general liability insurance: Commercial general liability insurance, also known as slip and fall insurance, protects your inn from claims of third party bodily injury and property damage. If a third party claim is brought against your inn, your insurer may cover the cost of the lawsuit, as well as any necessary medical expenses, repairs, etc.
- Product liability insurance: Under your commercial general liability insurance policy, you can add product liability insurance. Product liability insurance may be important for inns that sell souvenirs or serve food and drinks to guests. For example, if you serve breakfast each morning and a guest had an allergic reaction to the food, they could sue you. But with product liability insurance, your insurer may cover any applicable legal fees, medical fees, etc.
- Commercial property insurance: Commercial property insurance aims to protect your inn and its business-related content from damage caused by an insured peril. Windstorms, fire, theft, water damage, and vandalism are just a few examples of covered losses that your inn insurance policy may include. In addition to coverage for direct property damage from an insured peril the typical inn property insurance policy should include business interruption coverage which can help replace lost revenue and help with post loss expenses in the event a claims reduces or eliminates an inns ability to generate revenue.
- Commercial auto insurance: Commercial auto insurance might be important if your inn uses vehicles for business purposes, such as to transport guests to and from the airport or other nearby attractions. Commercial auto coverage may include third party liability coverage, comprehensive coverage, uninsured automobile coverage, accident benefits coverage, collision coverage, and more.
- Professional liability insurance: if your in directly or indirectly through contractors provides services to guests like massage, nails, hair, makeup etc. professional liability insurance is highly recommended which can cover the bodily injury and/or allegations of financial loss associated from guests who purchased these services.
How insurance premiums are calculated for inns
Insurance providers take many factors into account when calculating insurance premiums. Inn owners might find it helpful to understand exactly which details come into play when an insurance company is determining their rate. The following is a list of factors that may come into play for inn insurance:
- The location and size of your inn
- Your insurance claims history
- The policy coverages, limits, and deductibles you choose
- Other uses for your inn (e.g. as a wedding or event venue)
- The scope of services your in provides guests
- The annual and projected revenue of your inn
- The number of employees at your inn
To learn more about the cost of inn insurance, contact ALIGNED. Since rates can vary considerably, even among inns located in the same areas, the best way to find out how much inn insurance will cost you is to contact ALIGNED and request a quote. We will take the time to understand the unique circumstances of your inn so that we can provide you with an accurate and competitive estimate.
ALIGN your inn or small hotel with inn insurance
Want to learn more about inn insurance? Contact ALIGNED today. We can answer your questions, explain how inn insurance can protect your inn, and break down your coverage options. Plus, if you enlist our help, we will compare policies to ensure you find the best coverage at a competitive rate. Get in touch today to learn more about how ALIGNED can help you find insurance for your inn, or get started now by clicking here for a free quote.