UNDERSTANDING INSURANCE

For the Bed & Breakfast or Country Inn Innkeeper

Audits

Usually, the Workers Compensation and General Liability policies are subject to an annual audit. The premium for the General Liability portion of your policy is determined by the projected gross receipts for the next twelve months; likewise, the Workers Compensation premium is determined by the projected payrolls for the next twelve months. Make sure your projection are as accurate as possible. If you underestimate your receipts or payrolls, you will be charged an additional premium at the expiration of the policy.

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