Business auto risks should be low for laundromats, unless your business offers delivery service. Business auto liability usually results from employees who run an occasional errand. We offer Business Auto policies for personal and business-owned vehicles. It’s important to remember that your personal auto policy may not cover claims made while driving for business purposes.
Accidents can happen anywhere, and workplace accidents are common. Attendants employed by the laundry self-service center will be at particular risk of slipping and falling on wet floors or accidents involving the cleaning appliances. Employees of dry cleaning establishments are at risk from the chemicals used in the cleaning process.
Fire and water damage risks are significant for laundry self-service businesses. Faulty electrical wiring, plumbing leaks or washing machine overflow, chemical combustion, catastrophic weather, and vandalism can all result in property damage. Laundromats typically have a lot of cash on the premises, which raises the threat of robbery and damage to the coin machines. A dryer could overheat, causing a fire, which in turn could activate the sprinkler system resulting in both fire and water damage. Property insurance covers repairs to the damaged building and replacement of equipment and other contents in the building, including customers’ belongings.
Owners of laundromats have taken a big risk to open and operate their businesses. You might think it makes sense to purchase standard business insurance, but what you really need is an independent insurance agent who has experience working with businesses like yours.
There are more hazards than suds in a Laundromat. Machine malfunctions, ruined clothing, slip and fall liability are just a few of them. However, one of the saddest situations we ever heard was a situation when one hard-working laundromat owner dutifully insured his washers, dryers and pressers.
To protect against this, an owner can opt to purchase “Loss of Income” coverage. With this addition to your policy, there would be coverage for resultant business expenses, plus some profit for the period noted on the policy while the business is being rebuilt. As such, it is extremely important to have the correct coverage in place to protect your business’ ability to stay afloat following a loss.