Risks Involved in Owning a Laundromat

When you own a laundromat, you take on many of the same risks as most businesses do. You must purchase insurance that covers property damage due to weather, protects you against security concerns and provides general liability. There are other concerns, however, that are unique to your business. Here are some of the added protections that should be included in self-service laundromat insurance.

Self-service laundromats pose somewhat elevated safety risks. Wet floors, which are a constant possibility at a laundromat, make it easier for customers to fall and hurt themselves. Children, seeing the area as a makeshift playground, often run and play with the equipment in ways it is not meant to be used. Your insurance needs to be able to cover any accident that occurs on your property.

Laundromats rely heavily on working equipment to stay in business. If equipment breaks, it could be devastating not only to have to pay for repairs or replacements but also to lose business while waiting on repairs to be finished. Chemicals used and excess lint left in dryers pose an elevated fire risk, calling for extra insurance to protect not only the building but the equipment inside it.

Your self-service laundromat insurance should cover all the basic insurance needs of any business. It must also, however, insure against additional risks that laundromats face.