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Nika

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Hello Everyone!
Could any of you recommend insurance companies that write B&B / Inn policies? I am the owner of a small, 5 room inn in Buffalo, NY. I recently changed our election from a sole proprietorship to a S Corp. The deed to the property was also changed to the S Corps' name. After this change was made, my insurance carrier said they could no longer extend coverage to us. They do not underwrite for corporations. I have been working with an insurance broker and the best quote I have received is twice as much as I was paying before. I am interested in knowing which insurance companies some of the other innkeepers in this forum use, especially those structured as a corporate entity. I want to make sure I am getting as many quotes as possible. Thank you so much for your feedback! Any information you have to share will be most helpful.
 

gillumhouse

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My info may be useless since I am a sole - I am with Erie.
 

OnTheShore

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We are a corporation, and are covered by Maine Mutual Group. Unfortunately, MMG does not do business in NY -- just ME, NH, VT, PA, MD, and VA.
We are covered by MEMIC, or Maine Employer's Mutual Insurance Company, for Worker's Comp insurance - they are nationwide (except for OH, ND, WY, and WA).
 

MtnKeeper

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I'm not sure if they do business in NY but we use Cooperative Insurance Group in VT. Maybe there is a cooperative insurance company in your state … the rates are lower because it's cooperatively owned by the members. Good luck.
 

GoodScout

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When we first bought our B&B, we used Wolf out of Maryland (now called CBIZ Specialty Insurance) . They're specific to the B&B and hotel industry, are a big sponsor of industry associations, and understand all the right questions to ask and to make sure you don't leave out any coverage you may need (umbrella liability, liquor, etc). When it came time for renewal a year later, we had a policy in place that we could shop to other agencies in our area that detailed all the specific needs we had as a B&B.
If you're willing to pay a slightly higher rate for the first year, I'd recommend going the route we took. If you want a cheaper rate from the get-go, take the time to shop around with your in-state agencies. We're now with Liberty Mutual through a local agent.
 

Nika

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When we first bought our B&B, we used Wolf out of Maryland (now called CBIZ Specialty Insurance) . They're specific to the B&B and hotel industry, are a big sponsor of industry associations, and understand all the right questions to ask and to make sure you don't leave out any coverage you may need (umbrella liability, liquor, etc). When it came time for renewal a year later, we had a policy in place that we could shop to other agencies in our area that detailed all the specific needs we had as a B&B.
If you're willing to pay a slightly higher rate for the first year, I'd recommend going the route we took. If you want a cheaper rate from the get-go, take the time to shop around with your in-state agencies. We're now with Liberty Mutual through a local agent..
Thanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...
 

JBloggs

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When we first bought our B&B, we used Wolf out of Maryland (now called CBIZ Specialty Insurance) . They're specific to the B&B and hotel industry, are a big sponsor of industry associations, and understand all the right questions to ask and to make sure you don't leave out any coverage you may need (umbrella liability, liquor, etc). When it came time for renewal a year later, we had a policy in place that we could shop to other agencies in our area that detailed all the specific needs we had as a B&B.
If you're willing to pay a slightly higher rate for the first year, I'd recommend going the route we took. If you want a cheaper rate from the get-go, take the time to shop around with your in-state agencies. We're now with Liberty Mutual through a local agent..
Thanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...
.
Nika said:
Thanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...
Liberty Mutual told us they cannot provide B&B insurance. Broker comment is interesting,I will remember that every time they send us and call us re covering us.
You coverage amount depends on the value of your B&B and also the amount of liability coverage you provide, so the amount you shared is apples to oranges.
 

Nika

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I'm not sure if they do business in NY but we use Cooperative Insurance Group in VT. Maybe there is a cooperative insurance company in your state … the rates are lower because it's cooperatively owned by the members. Good luck..
Thank you so much! I did look into your insurance carrier. Regrettably, they do not do business in NYS. The lowest quote I have received is from Allegany Co-Op for $4,286 year. I know premiums varies state to state and base on the amount of coverage but this seems like a lot. I would appreciate any thoughts you have on this. Thanks, again.
 

Nika

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We are a corporation, and are covered by Maine Mutual Group. Unfortunately, MMG does not do business in NY -- just ME, NH, VT, PA, MD, and VA.
We are covered by MEMIC, or Maine Employer's Mutual Insurance Company, for Worker's Comp insurance - they are nationwide (except for OH, ND, WY, and WA)..
Thank you. I will keep Maine Employer's Mutual Insurance Company in mind for Worker's Comp. I appreciate the referral very much.
 

Nika

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My info may be useless since I am a sole - I am with Erie..
Coverage for Sole Proprietors seems to be a lot more affordable and less of a hassle! It seems that not all agents have the software to underwrite for corporations and those that do are not very knowledgeable when it comes to our industry. My broker did reach out to Erie Niagara along with a few others who rejected us
. If you are ever shopping around for new coverage, give Sue at Moses Insurance a call. They found me great rates when we were filing as a Sole Proprietorship. See if they have relationships in your area. Tell them Nika from the Moreland Guesthouse referred you. I have been very pleased with them.
Thanks, again. I appreciate your feedback very much!
 

JBloggs

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My info may be useless since I am a sole - I am with Erie..
Coverage for Sole Proprietors seems to be a lot more affordable and less of a hassle! It seems that not all agents have the software to underwrite for corporations and those that do are not very knowledgeable when it comes to our industry. My broker did reach out to Erie Niagara along with a few others who rejected us
. If you are ever shopping around for new coverage, give Sue at Moses Insurance a call. They found me great rates when we were filing as a Sole Proprietorship. See if they have relationships in your area. Tell them Nika from the Moreland Guesthouse referred you. I have been very pleased with them.
Thanks, again. I appreciate your feedback very much!
.
Nika said:
Coverage for Sole Proprietors seems to be a lot more affordable and less of a hassle! It seems that not all agents have the software to underwrite for corporations and those that do are not very knowledgeable when it comes to our industry. My broker did reach out to Erie Niagara along with a few others who rejected us
. If you are ever shopping around for new coverage, give Sue at Moses Insurance a call. They found me great rates when we were filing as a Sole Proprietorship. See if they have relationships in your area. Tell them Nika from the Moreland Guesthouse referred you. I have been very pleased with them.
Thanks, again. I appreciate your feedback very much!
Nika not to sidetrack this thread, but I would love to hear of some of your experiences at your guesthouse. I bet you have some interesting tales to tell!
 

OnTheShore

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When we first bought our B&B, we used Wolf out of Maryland (now called CBIZ Specialty Insurance) . They're specific to the B&B and hotel industry, are a big sponsor of industry associations, and understand all the right questions to ask and to make sure you don't leave out any coverage you may need (umbrella liability, liquor, etc). When it came time for renewal a year later, we had a policy in place that we could shop to other agencies in our area that detailed all the specific needs we had as a B&B.
If you're willing to pay a slightly higher rate for the first year, I'd recommend going the route we took. If you want a cheaper rate from the get-go, take the time to shop around with your in-state agencies. We're now with Liberty Mutual through a local agent..
Thanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...
.
Nika said:
The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high.
So our premium for the next year is $5,148, plus another $726 for the company truck. But it is impossible to compare with your quote without looking at exactly what is covered and for how much.
 

Nika

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When we first bought our B&B, we used Wolf out of Maryland (now called CBIZ Specialty Insurance) . They're specific to the B&B and hotel industry, are a big sponsor of industry associations, and understand all the right questions to ask and to make sure you don't leave out any coverage you may need (umbrella liability, liquor, etc). When it came time for renewal a year later, we had a policy in place that we could shop to other agencies in our area that detailed all the specific needs we had as a B&B.
If you're willing to pay a slightly higher rate for the first year, I'd recommend going the route we took. If you want a cheaper rate from the get-go, take the time to shop around with your in-state agencies. We're now with Liberty Mutual through a local agent..
Thanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...
.
Nika said:
The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high.
So our premium for the next year is $5,148, plus another $726 for the company truck. But it is impossible to compare with your quote without looking at exactly what is covered and for how much.
.
Thanks for sharing. Agreed, it is impossible to compare. It does ease my mind to know others are paying as much so I appreciate that
. Thanks, again.
 

Nika

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When we first bought our B&B, we used Wolf out of Maryland (now called CBIZ Specialty Insurance) . They're specific to the B&B and hotel industry, are a big sponsor of industry associations, and understand all the right questions to ask and to make sure you don't leave out any coverage you may need (umbrella liability, liquor, etc). When it came time for renewal a year later, we had a policy in place that we could shop to other agencies in our area that detailed all the specific needs we had as a B&B.
If you're willing to pay a slightly higher rate for the first year, I'd recommend going the route we took. If you want a cheaper rate from the get-go, take the time to shop around with your in-state agencies. We're now with Liberty Mutual through a local agent..
Thanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...
.
Nika said:
Thanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...
Liberty Mutual told us they cannot provide B&B insurance. Broker comment is interesting,I will remember that every time they send us and call us re covering us.
You coverage amount depends on the value of your B&B and also the amount of liability coverage you provide, so the amount you shared is apples to oranges.
.
. Agreed, thanks for your feedback.
 

Breakfast Diva

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When we first bought our B&B, we used Wolf out of Maryland (now called CBIZ Specialty Insurance) . They're specific to the B&B and hotel industry, are a big sponsor of industry associations, and understand all the right questions to ask and to make sure you don't leave out any coverage you may need (umbrella liability, liquor, etc). When it came time for renewal a year later, we had a policy in place that we could shop to other agencies in our area that detailed all the specific needs we had as a B&B.
If you're willing to pay a slightly higher rate for the first year, I'd recommend going the route we took. If you want a cheaper rate from the get-go, take the time to shop around with your in-state agencies. We're now with Liberty Mutual through a local agent..
Thanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...
.
Nika said:
The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high.
So our premium for the next year is $5,148, plus another $726 for the company truck. But it is impossible to compare with your quote without looking at exactly what is covered and for how much.
.
Thanks for sharing. Agreed, it is impossible to compare. It does ease my mind to know others are paying as much so I appreciate that
. Thanks, again.
.
We are right in that ballpark also. It's unbelievable how many variables there are. For us, it's a historical old house built out of wood. Our rural volunteer fire department is just 1/2 mile down the road bus has the worst rating there is. That really has affected our premiums. Some companies won't even do a quote for us.
 

Samster

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When we first bought our B&B, we used Wolf out of Maryland (now called CBIZ Specialty Insurance) . They're specific to the B&B and hotel industry, are a big sponsor of industry associations, and understand all the right questions to ask and to make sure you don't leave out any coverage you may need (umbrella liability, liquor, etc). When it came time for renewal a year later, we had a policy in place that we could shop to other agencies in our area that detailed all the specific needs we had as a B&B.
If you're willing to pay a slightly higher rate for the first year, I'd recommend going the route we took. If you want a cheaper rate from the get-go, take the time to shop around with your in-state agencies. We're now with Liberty Mutual through a local agent..
Thanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...
.
I used Wolf also. Very responsive and the premium for all the coverage seemed reasonable. I had two structures to cover, too. I did also keep my regular homeowners coverage to provide additional coverage for "our" part of the main building. That was on the recommendation of Wolf.
 

ChrisandShelley

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We use Wolff insurance. They seem to have great basic B&B coverage.
 

Nika

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My info may be useless since I am a sole - I am with Erie..
Coverage for Sole Proprietors seems to be a lot more affordable and less of a hassle! It seems that not all agents have the software to underwrite for corporations and those that do are not very knowledgeable when it comes to our industry. My broker did reach out to Erie Niagara along with a few others who rejected us
. If you are ever shopping around for new coverage, give Sue at Moses Insurance a call. They found me great rates when we were filing as a Sole Proprietorship. See if they have relationships in your area. Tell them Nika from the Moreland Guesthouse referred you. I have been very pleased with them.
Thanks, again. I appreciate your feedback very much!
.
Nika said:
Coverage for Sole Proprietors seems to be a lot more affordable and less of a hassle! It seems that not all agents have the software to underwrite for corporations and those that do are not very knowledgeable when it comes to our industry. My broker did reach out to Erie Niagara along with a few others who rejected us
. If you are ever shopping around for new coverage, give Sue at Moses Insurance a call. They found me great rates when we were filing as a Sole Proprietorship. See if they have relationships in your area. Tell them Nika from the Moreland Guesthouse referred you. I have been very pleased with them.
Thanks, again. I appreciate your feedback very much!
Nika not to sidetrack this thread, but I would love to hear of some of your experiences at your guesthouse. I bet you have some interesting tales to tell!
.
A good friend of mine recommended that I get a journal to write down stories of the many interesting people we would find ourselves hosting. 6 years later, "pick up a journal" is still on my never ending list of things to do. It is my goal to contribute to the message board moving forward. You all have been a tremendous help!
 

Nika

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When we first bought our B&B, we used Wolf out of Maryland (now called CBIZ Specialty Insurance) . They're specific to the B&B and hotel industry, are a big sponsor of industry associations, and understand all the right questions to ask and to make sure you don't leave out any coverage you may need (umbrella liability, liquor, etc). When it came time for renewal a year later, we had a policy in place that we could shop to other agencies in our area that detailed all the specific needs we had as a B&B.
If you're willing to pay a slightly higher rate for the first year, I'd recommend going the route we took. If you want a cheaper rate from the get-go, take the time to shop around with your in-state agencies. We're now with Liberty Mutual through a local agent..
Thanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...
.
I used Wolf also. Very responsive and the premium for all the coverage seemed reasonable. I had two structures to cover, too. I did also keep my regular homeowners coverage to provide additional coverage for "our" part of the main building. That was on the recommendation of Wolf.
.
Thanks for the advise. I'll make sure our personal space in the inn is covered as well. I'm looking forward to hearing back from Wolf.
 
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