Do you own or operate a laundromat? ALIGNED can help you find the right insurance policy to protect your laundromat from financial harm and hardship that is custom built for your operations, preferences and budget. Keep reading to learn more about laundromat insurance.
What is laundromat insurance?
Laundromat insurance is a type of commercial insurance policy designed to mitigate and transfer many of the financial risks that come with operating a laundromat.
Do you need laundromat insurance?
The reality is that if you own or operate a laundromat, you could benefit from laundromat insurance. No matter the size, location, or number of employees at your laundromat, this type of commercial insurance can help protect your business against risk. Keep in mind that one lawsuit or instance of property damage could have serious financial ramifications. But with laundromat insurance, you may not have to pay these costs out-of-pocket.
What insurance coverage should I purchase for my laundromat?
Commercial insurance coverage options available to laundromat owners may include:
- Commercial general liability insurance: Commercial general liability insurance is an important component of most commercial insurance policies. Why? It can protect your laundromat from claims of third-party bodily injury or property damage. For example, if a customer slipped and fell while transferring their laundry from the washer to the dryer in your laundromat, they could sue you for damages. But with commercial general liability insurance, your insurer would cover the cost of the lawsuit, as well as any medical expenses, up to the policy limit.
- Commercial property insurance: Commercial property insurance protects the physical location of your laundromat and any business-related contents (such as furniture or washing machines). For example, if your laundromat was vandalized, your insurance company might cover the cost of repairs (as long as vandalism was a peril listed in your policy). Other common perils include fire, theft, water damage, and more.
- Business interruption insurance: Business interruption insurance might safeguard your laundromat against lost income if it is damaged by an insured peril and is forced to temporarily close for repairs. Similar to commercial property insurance, the insured perils covered under the business interruption portion of your policy vary but may include theft, fire, vandalism, windstorms, water damage, etc.
- Boiler & Machinery Insurance: Provides specialized coverage for specific sudden and accidental events that damage machinery and/or property. Typical covered events include electrical arching, explosion or pressure pipe burts etc.
Factors influencing the cost of laundromat insurance
Insurance companies consider several factors when calculating laundromat insurance rates. Some of the most common factors are as follows:
- The size and location of your laundromat
- The number of employees your laundromat employs
- Your insurance claims history
- The laundromat’s annual and projected gross revenue
- The coverage types, policy limits, and policy deductibles you choose
- Scope of services offered (like folding, dry cleaning etc.) vs. entirely self serve
ALIGN yourself with quality laundromat insurance coverage
Protect your laundromat(s) today by contacting ALIGNED. We will answer any questions you have and walk you through your policy options. You can also click here for a free quote.