Running a coin-op laundromat can be a very worthwhile venture. Laundromat operators face a unique set of risks regarding potential liability claims as well as damage to their property or equipment. They need to choose their insurance coverage carefully in order to fully protect their businesses.
Laundry insurance coverage needs will vary depending on a business’s assets and services. The value of its equipment and physical premises will be a significant factor in determining coverage needs. In addition, a laundromat that offers pickup and drop-off services will need extra policy coverage.
A laundromat can face many different types of liability scenarios. A customer can bring a claim for an item that is damaged or lost. Alternatively, a customer could sustain an injury at a laundromat and bring a claim for property damage. Likewise, an employee could sustain an injury and need to utilize worker’s compensation benefits.
A comprehensive commercial insurance package should address the full scope of your laundromat’s risk exposure so that your business will be protected in the event of a loss or liability claim. It’s advisable to work with an insurance company that is experienced in serving clients in your industry and has a strong understanding of the nuts and bolts of managing a laundromat.