Running a bed and breakfast (B & B) can be a fulfilling venture, but it comes with its own set of challenges, especially when it comes to insurance. Wister Insurance, with over 100 years of experience in the industry, offers a specialized Bed and Breakfast Insurance Program designed to address the unique needs and risks associated with operating such establishments. In this comprehensive guide, we will delve into the key aspects of Wister's insurance coverage, from liability protection to property coverage. Pioneering Bed and Breakfast Insurance Wister Insurance takes pride in being the nation's most experienced bed and breakfast insurance coverage program. The executives at Wister were instrumental in pioneering the modern B & B insurance policy. Their approach focuses on four essential coverage areas: building(s), contents, income, and liability. Recognizing that each B & B is unique, Wister offers a range of insurance options, including liquor coverage, workers' compensation, and commercial auto insurance, tailored to the specific needs of each client. Identifying, Customizing, and Delivering the Best Coverage At Wister, the goal is to earn your business by understanding the value of B & B properties and the challenges associated with insuring them. The insurance experts at Wister take the time to learn about each client's specific project. They conduct a thorough review of the current policy to ensure it meets the unique needs of the business. Wister then delivers a customized comprehensive coverage and service designed to suit the individual insurance needs of each client. Business Commercial Liability Claims in the B & B Industry When you open your home to guests, you expose yourself to various commercial liability claims. Wister Insurance emphasizes that this is the second-highest liability exposure in life, next to driving a car. The complexities of legal terms such as 'reasonable care' and 'assumption of risk' come into play. With over a century of personal service and public insurance experience, Wister has encountered and defended against a wide range of liability claims, including slip & fall incidents, drownings, equine and bicycle accidents, invasion of privacy, assault & battery, and more. The extensive experience of Wister is an invaluable asset in ensuring that B & B insurance is sufficient to protect against potential risks. One Policy for Both Public Liability and Personal Use Traditionally, B & B owners had to manage separate commercial property insurance and personal policies. However, Wister simplifies this process by allowing clients to manage both business and personal risks with a single policy. This approach acknowledges that B & B properties involve both business and personal risks, making it more convenient for owners to navigate their insurance coverage. Exclusion-Based vs. Named Perils Insurance Understanding the foundation of every insurance policy is crucial. Wister offers an exclusion-based form, also known as a special form, where everything is covered unless specifically excluded. This stands in contrast to named perils forms, which only cover what is explicitly listed. Named perils can be deceiving, as coverage might seem comprehensive, but in reality, it is limited to specified perils. Wister's special form coverage ensures that if a peril is not excluded, it is covered, providing a more thorough insurance solution for B & B owners. Replacement Cost Valuation vs. Actual Cash Value Insurance Wister emphasizes the importance of replacement cost valuation insurance for B & B owners. This coverage ensures that in the event of a loss, the property is replaced with new items without factoring in depreciation. Wister provides a clear example of the significance of this coverage, illustrating that actual cash value insurance would only pay a fraction of the replacement cost, considering depreciation. Replacement cost valuation ensures that B & B owners can fully recover from covered losses without being burdened by the depreciation of their property. Conclusion: Protecting Your Income-Generating Asset Operating a B & B is a significant investment of time and effort, turning a property into an income-generating asset. Wister Insurance recognizes the hard work invested by B & B owners and aims to protect this asset with a comprehensive insurance program. Whether it's safeguarding against liability claims, managing both business and personal risks, or providing replacement cost valuation, Wister Insurance is committed to delivering the right insurance solutions tailored to the unique needs of each client. Contact Wister today for a free analysis and let the experts ensure that your B & B is adequately protected. Address: 21 W Pennsylvania Ave #C Walkersville, MD 21793 Phone: 888-241-1902