A laundromat can be a very savvy investment. Understanding how to protect that investment is essential to establishing a laundromat that will survive small business ownership’s inevitable ups and downs. To ensure your business will thrive long enough for your investment to pay off, one of your first steps should be exploring laundromat insurance.
Why Insure Your Business?
When running any small business, it’s essential that you pay attention to the details. Doing your due diligence and understanding the details of the investment upfront is the best way to avoid problems down the road. Unfortunately, no matter how thoughtful or careful you are, there’s always the possibility that something entirely outside your control will go wrong. When unpredictable accidents and mistakes cause financial liability, laundromat insurance can save the day. Explore laundromat insurance now to make an unpredictable future easier.
General Liability
Every business should have some form of general liability insurance. This kind of insurance protects your business from situations where your business could potentially be found financially responsible for injuring another person. General liability will cover situations like accidental slip-and-falls by paying for legal representation, hospital bills, and other expenses.
Business Owner’s Policy (BOP)
General liability is essential, but it won’t cover every situation you can run into as a business owner. It can be tempting to purchase bare-bones insurance, but inadequate coverage can leave business owners in the lurch if anything goes wrong. Investing in a robust insurance package that covers as many variables as possible is a good business decision, so don’t skimp on good coverage if you can afford it. Look into a business owner’s policy (BOP) if you are seeking comprehensive coverage. These are package policies that include general liability and other essential types of coverage like theft and fraud. Talk to your insurance agent about what BOPs they offer and whether they would suit your laundromat’s needs.
Other Coverages to Consider
If you need more coverage than a general liability policy, a BOP is one way to cover your bases. However, if your laundromat does not need all of the coverage provided by a BOP, you can purchase some policies individually. There are several insurance types that laundromat owners will want to consider:
- Commercial auto coverage is a must-purchase if your laundromat delivers orders to customers. Much like a personal automobile policy, commercial auto coverage will protect your vehicles and employees in the event of an accident or other issue.
- You should invest in a workers’ compensation insurance policy, especially if you have more than five employees. This will cover medical expenses and wages for any employee injured in your laundromat while they are on the clock. Workers’ compensation insurance is required in most states, so be sure to ask your insurance agent how to get adequate coverage for your business.
- Excess liability is an umbrella policy that can cover your business if your insurance policy does not cover all of the expenses your business is liable for when a claim occurs. Excess liability can save you from paying out-of-pocket to cover the difference.
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Exploring laundromat insurance is a smart way to ensure your laundromat’s success. Another wise business decision is investing in quality equipment with a trustworthy company. Contact us today if you’re seeking a reliable partner for your laundry equipment needs.
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