Insuring Your Laundromat: What You Need to Know

Laundromats can be profitable businesses, especially in areas with a high population of renters who aren’t provided with a washing machine and dryer. Owning a laundromat has some built-in risks, but these can be addressed with a laundromat insurance policy.

What Insurance Does Your Lease or Mortgage Require?

The first way to protect your laundromat business is to read your lease or mortgage contract and thoroughly understand the insurance requirements. If you lease your space, a qualified person can help you ensure that your landlord’s requirements are reasonable and legal—before you sign the lease.

What Should Your Insurance Policy Contain?

Once you know what coverage your lease or mortgage requires, you can consult with a reputable laundromat insurance provider to determine how best to protect your business. Insurance coverage can include the following:

  • Full replacement coverage for your business, including any improvements you’ve made
  • Loss of revenue due to natural calamity or equipment breakdown
  • Property damage liability coverage for damage caused by your business to an adjacent business
  • Inventory/equipment coverage for everything from washing machines to office equipment to customer clothing
  • Business liability coverage to insure against claims made by customers
  • Workers’ compensation insurance for your employees
  • Medical expenses coverage for any accidents that may occur on your property
  • Worker damage

The need for continual laundering can keep clients coming back to your laundromat again and again. With a complete laundromat insurance policy in place, your business can thrive and be protected against any future problems.

Environmental Issues Related to Dry Cleaning Insurance

Global concerns continue to grow over the dangers associated with industrial plants and other companies that create toxic and chemical waste that pollutes the air we breathe along with the water we drink. Those operating in the dry cleaning industry face a lot of scrutiny and many challenges as they strive to run a cleaner and more efficient business.

While contamination of the environment is sometimes associated with dry cleaners, a service used daily by hundreds of thousands, something has to be done to reduce toxins being released into the atmosphere. Unfortunately many of the cleaning solvents end up in our water systems and this results in contamination of our groundwater aquifers and this can cost millions of dollars to repair. Because the property owner is liable in most cases, they need Dry cleaning insurance to help them pay for the cleanup.

Retail property owners understand the risks involved

Because of the issues at hand, many retail property owners often refuse to lease to dry cleaners with on-site plants, fearing the potential environmental hazards these tenants present. The list of businesses also includes photo-processing shops and gasoline service stations. While many operators of these facilities handle and dispose of their chemicals in full compliance with state and federal laws and regulations, it only takes a few violators to do immeasurable Logan 2017 film online now

Fortunately equipment technology and handling of hazardous waste have improved substantially in recent decades, so the damage has lessened to some degree and incidents are now considered slightly less common. However, a surprising number of chemical releases into the soil and groundwater have occurred unintentionally from the leaking sanitary sewer lines into which many operators have legally discharged their waste.

This type of liability leaves property owners, managers, and brokers desperate for new and perhaps better options. A number of solutions are underway, including state cleanup funds and guaranteed cleanups. One way that owners have begun to regulate their tenants is by requiring them to use the latest dry cleaning equipment technology and have regular inspections conducted by the property manager.

Insurance companies now often require more extensive soil and groundwater testing around potential contamination sources. Dry cleaning insurance coverage is essential after the fact, but prevention is also a major factor in reducing toxic conditions.