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.