Owning a laundromat can be an extremely lucrative investment. However, as with most businesses, there are risks and you need to make sure you are protected in case something goes wrong. Part of this is obtaining good coin laundromat insurance coverage.
Why do You Need Laundromat Insurance?
Laundromat insurance can help protect your business from cripplingly high costs that are associated with losses. An example could be a dryer catching fire or an employee falling and getting hurt.
What Kind of Coverage Do You Need For a Laundromat?
The first type of coverage you will need for your laundromat is general liability insurance. General liability insurance protects you and your business from costs associated with accidents and lawsuits that can take place at your laundromat. For example, say a customer slips on some detergent and gets hurt. General liability insurance would cover their medical bills and prevent you from having to pay out of pocket.
If you use your car to deliver or pick up people’s laundry, you will also need commercial auto insurance coverage. Your personal car insurance will likely not cover losses that occur while your vehicle is being used for business.
Some laundromats hire employees. If this is the case for your laundromat, you will also need workers’ compensation in case your employee is injured while working.
As with any business, there are risks associated with owning a laundromat. Having good laundromat insurance can make a big difference!