Obtaining laundromat insurance can be overwhelming for new owners. There are many coverage options available, but not all of them are appropriate for your situation. The best way to ensure that you get the right coverage is to work with an experienced agent. In the meantime, here are some of the primary coverages that you should plan to include in your new policy.
If your property is damaged or lost because of a fire, certain storms, vandalism or theft, your policy will pay to repair or replace them. Covered items can include your building, equipment, furniture and even your customers’ property while they’re in your possession.
If a storm, theft or other covered event leaves you unable to conduct your regular business activities, your policy will reimburse you for the revenue that you missed out on. Business interruption and property insurance usually go hand-in-hand.
Commercial Liability Insurance
General Liability is probably the most important aspect of laundromat insurance because it protects you against lawsuits in case a third party experiences bodily injury or property damage because of your business. This can range from a customer slipping and hurting themselves while in your facility to a customer developing an allergy to the detergent you used on their clothes.
There are many other coverages available to secure your new business. Take the time to work with your agent to customize your policy to suit your needs.