Property & Finance
What kind of insurance cover do guesthouses need?

By John Healy of Healy Insurances
The most suitable insurer and product for guesthouse insurance will depend on the size of the guesthouse.
Ordinarily the types of covers would include:
Material damage cover for Buildings:
fixtures and fittings, stock, guest effects, and other assets that your business owns. Covers will include fire, flood, escape of water, theft, and storm among other perils. Cover extensions are available such as fire brigade charges, signage and goods in transit.
Money cover:
Loss of money cover is usually standard up to €5,000. It is likely we will see a culture change post-pandemic due to reduced cash usage, but the extent of this change is not yet known. For now guesthouse policies will cover the loss of cash and cheques. The amount of cash covered can be increased depending on safe and security details. Personal assault cover can be included when carrying cash to the bank.
Employers, Public and Products liability:
All guesthouse policies include liability cover. Employer’s liability is covered up to a maximum of €13 million and can be based on employee numbers and/or wages. Public liability can be selected within a range of €1.3 million to €6.5 million and covers your legal liability in the event that you are negligent and required to pay compensation for bodily injuries or damage to third party property. Projected turnover will determine the rate charged. Products liability provides cover if a third party is injured by a product that you have sold.
Business interruption:
This covers consequential loss of gross profits following an insured event such as a fire. It is important to review your gross profits sum insured on an annual basis.
Other covers:
This can include seasonal increases and deterioration of stock, loss of licence cover, glass breakage, cyber insurance, personal accident and many more.
A robust risk management structure can achieve more attractive rates and should include annual health and safety statement reviews, fire safety procedures, CCTV usage, and risk assessments.
Your policy should be tailored to your individual needs, so it pays to get expert advice from professionals who take the time to understand your business.
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