The hospitality industry is growing in leaps and bounds and with the world cup having proved to the world what South Africa is capable of, it is no wonder that bed and breakfast establishments are attracting many small business hopefuls. These establishments have become income earners for many families and with retrenchments becoming a daily occurrence in the formal sector the appeal of running a small establishment has become attractive for many.
Many small and middle sized businesses are responsible for at least half of South Africa’s economy so it becomes obvious that insurance will automatically have many products available that will cover bed and breakfast insurance, and will also cover all aspects of the hospitality industry.
There are two types of insurance that will cover bed and breakfast as well as hospitality establishments. They are broken down into specialized insurance and also the standard commercial insurance.
Both these products are pretty much self-explanatory: the standard policy would cover the main portion of the bed and breakfast establishment whereas the specialist policy will specify individual requirements.
The insurance will cover bed and breakfast establishments as well as guesthouses, self-catering establishments and lodges and also those run from private homes.
Most of these establishments accommodate tourists and business travellers who prefer the more personal and relaxed atmosphere, and with these come a more specialized type of bed and breakfast insurance policy that will take care of the specific and individual requirements of these establishments.
Having no bed and breakfast insurance or insufficient Business insurance is a mistake that so many small business owners make – the consequences of which can be disastrous.
Having standard business insurance for your specialized needs is simply not good enough as you most certainly require a specialized type of insurance, which will cover all aspects of your establishment. Nearly all bed and breakfast establishments will find that business insurance will cover the major needs but the individual requirements for this type of establishment is necessary therefore more specialized insurance is needed for all the individual requirements and needs.
Should something untoward happen to a guest staying at your bed and breakfast establishment, liability cover is something that should be taken into consideration.
You should also have cover for theft and loss of revenue, which are not usually included in a standard business policy.
Specialized bed and breakfast policies are designed with the unique needs of individuals from this industry in mind, working really closely with the industry, but remember to shop around to find the best quotes online. |
