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Insurance Quotes for the B&B Innkeeper

February 19, 2006

by Kit Cassingham

Insurance quotes are an important aspect of buying insurance. You need to be sure to get auto insurance quotes, health insurance quotes, and life insurance quotes when you are buying those types of insurance. Having a trusted agent and insurance company is one part of buying insurance, having the right coverage for the right price is another important aspect of finding insurance coverage. Whether you get insurance quotes online or directly from people, be sure to compare policies and companies, and make sure you are comparing like-kind policies.

Life insurance quotes don't fall into the same category as the above quotes because it's not prudent to change life insurance coverage since as we age our premiums go up with new policies, even with the same coverage. What you may want to consider though is evaluating your policy and determine if you need to buy additional coverage or drop some of the coverage you have. Your life insurance coverage could be a combination of whole life, universal life, and term life policies. Getting quotes for those various types of policies helps you evaluate your postilion and action.

Another quote that's critical to get is the business insurance coverage you have on the inn. As a reminder, you can't use your homeowner's insurance to cover the inn or your liability and guests. Having commercial coverage for the B&B is imperative for preserving your financial health. Make sure that not only are the basic business functions covered -- building, furnishings, equipment, and supplies -- but also liability coverage for your guests and anyone coming onto the property. Then there are the extra coverages that reflect your location and additional businesses; flood insurance for those whole live near the coast or a river; additional liability insurance for those who offer rentals of things like bikes, skates or boats; and coverage for special events held at your bed and breakfast.

When I was an innkeeper, I realized a week before the policy was expiring that I hadn't priced my insurance in a while. What an interesting experience that was! First, don't ask for an insurance quote with just a few days' lead and expect a reasonable response; most insurance agents need much more time than that to work up a sound quote for you. But what was most interesting was the range of responses I did get. I had given half a dozen insurance companies the limits and coverages I wanted included in my quote but received some quotes that didn't touch on my needs and some that quoted on the details requested plus additional, valuable coverages. My returned quotes ranged from $1,400-6,000. You have to be very careful with evaluating your quotes so you are sure to be comparing the same policies.

I have only shopped for insurance quotes online once, and that was for health insurance. In my experience, you aren't really getting "online quotes", you are giving your information to a form online and then waiting for a human to contact you by email, mail or phone with a quote. And those people want to give you more than you asked for, like disability insurance quotes or some form of life insurance quote, as well as group and individual health insurance quotes. I'm sure that seeking online insurance quotes will be a viable way to shop someday, but in my limited experience, it's not here today.

I'd love to be able to find online life insurance quotes, whether it's online whole and standard life insurance quotes, or term insurance. I want to shop around for my car insurance with online quotes, as I shop for cars -- without human involvement until I narrow my scope.

The important message here is that you want to be sure to get insurance quotes to make sure you have the right coverage for each situation you are insuring. Laws change. Your needs change. And pricing changes. Be educated and get the best coverage you can afford.

For more information on getting life insurance quotes, visit LifeInsuranceRoxx.com




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