Any livelihood that handles large amounts of customers’ personal property needs significant risk management; your laundromat insurance policy should be given close attention.
Your business is also based on optimally functioning equipment; whether you have ten units or one hundred, their welfare should be a big consideration in your laundromat insurance policy.
Details like whether your washers and dryers are coin operated, or if you offer dry cleaning services or delivery matter, as well; make sure that the professional helping you with your laundromat insurance understands the nuances involved with your business.
Other considerations for finding the best laundromat insurance policy…
- Hours of operation. Are you open 24 hours a day?
- Services. Are you strictly a coin-operated facility? Do you offer wash and fold services? Dry cleaning? Delivery?
- Additional amenities. Do you provide coffee for customers? House vending machines?
Any business’s risk management plan should start with General Liability, a foundational plan that protects you against claims of physical damage or bodily injury; your laundromat insurance should be based on this coverage.
However, this isn’t where it should end. The building, your equipment, all of it needs to be insured to ensure that you can go on if an event damages the things you need to operate.
The bottom line is always an issue when it comes to running a business, and laundromats may be especially prone to cost consideration since their revenue can be unpredictable at times.
A good laundromat insurance policy isn’t simply one more cost; it’s a measure that could help keep your business afloat in case of an accident or event that would otherwise cost more than you can afford. The “pay now or later” mindset applies, when gambling that less coverage is better for your budget.
Affordable options for laundromat insurance exist, however, and a common tactic to simplify the insurance process is to combine coverages for business owners into packages. A “BOP” (Business Owner’s Policy) is one way to do this; Commercial Property coverage and Business Interruption insurance are put together with General Liability to form a coverage for business owners that can provide peace of mind with a reasonable plan.
Call one of our specialists today at 1-877-907-5267 or click here to find the best solution for your laundromat insurance needs.