Business: Accommodation Market Well Covered Locally
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“We estimate that there are between 30,000 and 50,000 bed and breakfast concerns nationally, with more being set up all the time,” commented Lana Mizen, General Manager, BnB Sure, which is a niche product underwritten by Zurich Insurance.
“BnB Sure recently celebrated its 10th anniversary and over that period, we have shown steady year on year growth as owners have realised the benefits of a specially developed insurance package. For example, any establishment with a Tourism Grading Council of South Africa grading automatically qualifies for a 20% discount on their premiums,” said Mizen.
BnB Sure recently introduced a ‘Broker Assist’ package which gives financial advisors a clear outline of everything offered in the BnB Sure policy. “Our policy is unlike anything else available and tailored to the market we serve. Public Liability in particular is very important for accommodation owners, because should a guest be involved in any accident, they are liable to sue the owner. Of course, should this happen, the case would involve foreign currency, which could be crippling. Our policies provide liability limits of up to R100m underwritten by Lloyds of London.”
Other value-add features which are automatically included in the BnB Sure policy are:
* Listing on bnbfinder.co.za, a reservation service;
* BnB Sure Seal of Insurance, giving guests peace of mind;
* BnB Finder Travel for tour operators and travel agents to book accommodation for clients;
* BnB Sure Club, which offers discounts on a number of relevant goods and services for the owner;
* BnB Sure’s 10-point service promise;
* My Bed and Breakfast, providing comprehensive information to owners on most aspects of owning and running an accommodation establishment;
* Broker Finder for easy access to contact details of financial advisors in any given geographical area.
“Our continued success is a reflection of our service to customers in this particular market. What we found was that many owners simply tacked their business onto their personal policies, which obviously leaves them vulnerable to claims. Our approach is based on in-depth knowledge and specialist experience,” concluded Mizen.
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