Insurance for B & B2022-10-31T07:06:27-06:00
The Nation’s Most Experienced Bed and Breakfast Insurance Coverage Program
Wister general liability insurance broker executives pioneered the modern bed & breakfast insurance policy, and it starts with four coverage areas: building(s), contents, income, and liability. Each policy is unique and may require different insurance options, such as liquor coverage, workers compensation, commercial auto insurance, and so much more.
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We Identify, Customize, and Deliver The Best Bed and Breakfast Insurance In The Industry For Clients
At Wister, we want to earn your business.We understand the value of B & B properties to the industry and the challenges related to insuring them. Let us take the time to learn about your special project. We will review your current policy specifically to see if it meets the unique needs of your business and deliver our best custom comprehensive coverage and service specifically designed to suit your insurance needs.
When You Own A B & B, You Are Opening Yourself Up For Business Commercial Liability Claims
We often tell our clients that the #1 liability exposure in life is driving your car, and heaven forbid you injure someone while driving. Auto insurance is vital. As well as homeowners insurance. Then we ask, what is your #2 liability exposure in life?
The answer is…
When you open your home to guests, you have now crossed into the world of complicated law and legal terms such as ‘reasonable care’ and ‘assumption of risk’. Our insurance company has over 100 years of personal service and public insurance experience, we have seen and defended virtually every liability claim conceivable that a hospitality business needs.
This includes standard slip & fall, drownings, equine and bicycle accidents, invasion of privacy, assault & battery, and so much more. Our experience is your ally in making certain your b&b insurance is sufficient. Call us today for a free analysis from the experts at Wister Insure.
You have worked hard to turn your B & B into an income-generating asset. Now let Wister protect it.
You have worked hard to turn your B & B into an income-generating asset, now let Wister protect it.
One Policy Covers Both Public Liability Insurance & Personal Use of Your B & B
In the past, many owners were forced to manage commercial property insurance and personal policy. Bed & breakfast insurance does not fit into one category as the guests pose a business risk, while the owners fall under personal risk. Wister allows you to manage the protection with one policy.
The Wister Difference
Highlights & Options:
Building
Amenities & Activities
Personal Liability
Employee Benefits Liability
Cyber Liability
Inland Marine
Foodborne Illness
Homeowners
Personal Property Damage
General Liability
Contents
Small Business Insurance
Umbrella
Workers Compensation
Equipment Breakdown
Crime & Fidelity
Bells & Whistles
Business Risk Management
Liquor Liability
Income
Whole Life
Professional Liability
Crisis Management
Directors & Officers
Best Prices
Home
Other coverage available
+ More
Highlights & Options:
Building
Amenities & Activities
Personal Liability
Employee Benefits Liability
Cyber Liability
Inland Marine
Foodborne Illness
Homeowners
Personal Property Damage
General Liability
Contents
Small Business Insurance
Umbrella
Workers Compensation
Equipment Breakdown
Crime & Fidelity
Bells & Whistles
Business Risk Management
Liquor Liability
Income
Whole Life
Professional Liability
Crisis Management
Directors & Officers
Best Prices
Home
Other coverage available
+ More
Exclusion-Based Insurance vs Named Perils Insurance for Your B & B
Many owners are unaware of the difference between the two major insurance forms; the special form (all-risk or exclusion-based) and the basic or broad form (named perils).
The coverage forms are the foundation of every insurance policy; what is included?
Named Perils: The insurance contract will ‘name’ or list what is covered with a named perils form. There are two types: basic and broad.
Basic names 11 offer fire, lightning, explosion, windstorm or hail, smoke, aircraft or vehicle collisions, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, or volcanic action.
Broad names everything basic does but adds 4 more – 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 this is a comprehensive insurance list, but the reality is it can be misleading.
Special Form:What Wister offers is labeled a special form or an exclusion-based form. What this means is everything is covered unless it is specifically excluded. A few standard exclusions include wear and tear, intentional damage, earth movement, flood, fraud, war, and a few more.
However, special form coverage is far superior to named perils for a B & B property owner. Not one named peril is excluded, and you receive coverage for things such as spillage of paint or wine, or wild animal damage, as again, if it is not excluded, then it is covered!
Replacement Cost Valuation Vs Actual Cash Value Insurance
Every B & B owner should have replacement cost valuation insurance.What this means is ‘new for old, without a calculation on depreciation in the event of a loss.
A great example and common claim would be hail damage to your roof. Assuming total damage to your roof, even if it is 15 years old, with replacement cost, you would be covered for the full replacement of your roof.
This same example with actual value insurance would not pay for the full roof. It would calculate the 15-year depreciation, then pay you the difference. Given most roofs have a 20-year life expectancy, you would only be paid 25% of the replacement expense.
At Wister, we understand you are in the b & b business, not an insurance company. That is what we do. Our job is to educate you on insurance details and then deliver the right solution at the right premium.
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Find The Right Insurance Package Today
As a seasoned insurance professional with a wealth of experience in the industry, I bring forth a depth of knowledge and expertise in the realm of bed and breakfast (B & B) insurance. My background includes a thorough understanding of the intricacies involved in crafting comprehensive insurance policies tailored specifically for B & B establishments.
The article you provided discusses Wister, a general liability insurance broker that claims to have pioneered modern bed and breakfast insurance policies. Let's break down the key concepts and information covered in the article:
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Four Coverage Areas: Building(s), Contents, Income, and Liability:
- Wister offers insurance coverage in four main areas: building(s), contents, income, and liability. This comprehensive approach addresses the diverse risks associated with running a B & B.
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Additional Insurance Options:
- The article mentions that each policy is unique and may require additional insurance options, such as liquor coverage, workers compensation, and commercial auto insurance, among others. This demonstrates the flexibility of their insurance solutions to cater to various needs.
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Liability Exposure for B & B Owners:
- The article emphasizes the significant liability exposure for B & B owners, especially when opening their homes to guests. It mentions various liability claims that Wister has experience in handling, including slip & fall, drownings, accidents, invasion of privacy, assault & battery, and more.
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Combined Public Liability and Personal Use Coverage:
- Wister allows B & B owners to manage both public liability insurance and personal use coverage with a single policy. This addresses the dual nature of the business, where guests present a business risk, while owners fall under personal risk.
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Insurance Coverage Highlights & Options:
- The article lists a variety of coverage highlights and options offered by Wister, including building coverage, amenities & activities coverage, personal liability, employee benefits liability, cyber liability, inland marine, foodborne illness, homeowners insurance, and more.
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Exclusion-Based Insurance vs. Named Perils Insurance:
- It explains the difference between exclusion-based (special form) and named perils insurance. Wister's approach is exclusion-based, meaning everything is covered unless specifically excluded, providing broader coverage compared to named perils insurance.
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Replacement Cost Valuation vs. Actual Cash Value Insurance:
- The article stresses the importance of replacement cost valuation insurance for B & B owners. It contrasts this with actual cash value insurance, highlighting the benefits of receiving coverage without depreciation calculations in the event of a loss.
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Educational Approach by Wister:
- Wister takes an educational approach, aiming to inform B & B owners about insurance details and deliver customized solutions at the right premium. This indicates a commitment to empowering clients with knowledge about their insurance coverage.
In summary, Wister positions itself as an industry leader in providing specialized insurance for bed and breakfast establishments, combining extensive experience with a range of coverage options to meet the unique needs of B & B owners.
