Owning a laundromat comes with tremendous risks. Not only do you need to be worried about your property and equipment, but you also need to ensure that your customers’ items are protected as well. To protect against these risks, it’s important that you carry the appropriate amount of insurance. Here are three key coverages that you should plan to include in your coin laundromat insurance policy.
With property insurance, you can protect your building, equipment, and furniture against damage or loss. If your covered property is damaged by a storm, fire, vandalism or theft, your policy will cover the cost to repair or replace these items.
According to Irving Weber Insurance, if one of the aforementioned events leaves you unable to conduct your regular business activities, your policy can reimburse you for the potential revenue that you missed out on. Many policies will include business interruption coverage as part of property insurance.
Commercial Liability Insurance
Commercial liability is key as it protects you against lawsuits from third parties claiming to have sustained an injury or property damage because of your business. For your purposes, this can range from a customer hurting themselves while on your premises to a customer’s shirt being damaged due to a malfunctioning washer.
You will need a complete policy to fully protect your new business. Work with an experienced agent to craft a policy that suits your needs.