Laundromat Business Insurance Quote
It doesn't matter if your laundromat is attended, unattended or you offer dry cleaning / wash dry and fold we have a policy. As part of your business plan, it's crucial that your laundry business is protected with the proper business insurance program. Laundromat insurance allows you to rest easy knowing that you, your employees and the business you work so hard to sustain are protected from unforeseen mishaps that carry the potential to close your business.
Why Laundromats Need Insurance
While you may think that your business has a low-risk tolerance, the truth is every day you face many potential hazards. From a customer slipping on a detergent spill to a machine destroying a customer’s property, as a laundromat owner, the chance for a possible loss is there.
However, it's not just the potential for injury or property damage to others; you must worry about when running a laundromat. Protecting your equipment and location is of the utmost concern as well. Whether you bought an existing location or renovated to suit your needs, securing the right amount of property insurance will ensure you are not faced with a substantial financial loss later down the road. Of course, if you took a loan out to purchase machines, the financial institution will want to see you have the property coverage for those as well. However, be sure you insure them for their actual value, not just the amount of the loan. You don't want to find out at claim time you are only getting a portion of what they are worth.
While general liability and property insurance are two of the most important types of business insurance to have. There are a few other forms of coverage you should consider. The following are the different types of business insurance all laundromats should consider:
Workers' Comp Insurance
Maintaining customer demands requires having employees and having employees entails carrying workers' compensation insurance. While workers' compensation is required by law in most states. It also ensures that your employees are taken care of if they are injured doing work-related tasks. A workers' compensation policy will cover the expenses of treating work injuries, plus the cost of helping to pay the employee's lost wages while they recover.
Commercial Auto Insurance for Laundromats
If you have one or more vehicles, you use primarily for business; you need commercial auto insurance. A commercial auto policy works much like your personal auto policy by helping to cover costs related to accidents in company vehicles. Coverage will help pay for medical bills for any injured parties as well as the repair or replacement of company vehicles. Keep in mind that most personal auto policies have an exclusion for business use. So, if you are making business deliveries in your own auto and are in an accident, the insurer may deny the claim.
Commercial Umbrella Insurance for Laundromats
Every business should consider a commercial umbrella policy, especially those that have many customers come through. If the policy limits of your general liability policy are exceeded, a commercial umbrella insurance policy will take over. Otherwise, you would be responsible for the extra costs. If you are like most businesses, you probably do not have the cash on hand to cover additional liability costs. One of the biggest would those stemming from a lawsuit—which is why commercial umbrella insurance can be very beneficial.
Let us simplify your search for business insurance! You can get started by requesting a custom business quote now or by calling us at 800-437-3316. We insure laundromats in all states except for CA!
