Owning a laundromat means having to deal with a lot more than just laundry, from machines breaking down to customers being hurt. Investing in laundromat insurance is certainly a game-changer as it allows a business to be protected from situations that may lead to a financial loss.
In this article, we will focus on the costs and quotes of laundromat insurance, the types of coverage available to both laundromats and dry cleaners..
Understanding Laundromat Insurance
Laundromats and dry cleaners play an important part in a society but they do have their unique problems such as expensive machinery, and safety of customers. Laundromat and Coin laundries try to resolve this issue by providing insurance plans that cover property loss, liability, and other business risks.
The premium varies drastically as several factors affect the cost such as the services being offered, location, workplace size and so on. Some providers even go as low as $25 a month for laundry insurance packages.
Categories of Laundromats Insurance Policies:
- General Liability Insurance: Essential for defending against any claims of personal injury or property damage made by customers. For example, if a customer gets hurt because he slipped and fell on the laundromat floor, general liability insurance would pay for his medical care and legal expenses.
- Workers’ Compensation: This insurance policy is mandatory in several states for companies that hire employees, and it covers costs incurred by employees who are harmed on the job.
- Commercial Property: This is used to insure buildings and fixtures such as furniture and equipment against fire, flood, and other such forms of destruction.
- Excess Liability (Umbrella Policy): This serves to extend the liability limits that are imposed on your ordinary policies so that your business may be safe from very expensive lawsuits.
Dry Cleaners Insurance Policy
As laundromats are concerned with washing and drying garments only, dry cleaning businesses require different equipment and processes. A dry cleaners insurance policy generally encompasses these issues:
- Public Liability Insurance: This insures against every accident or destruction of customer’s property that might occur while the clothes are being cleaned.
- Employers Liability Insurance: This is compulsory in most areas, pertaining to the insurance of injuries sustained by employees only.
- Stock and Contents Insurance: This covers the loss or damage to the dry cleaning equipment, the stock, and even the goods that belong to the customers.
Comparison of Laundromat and Dry Cleaning Insurance
| Insurance Type | Laundromat Insurance | Dry Cleaning Insurance |
| General Liability | Covers customer injuries and property damage | Covers customer injuries and damage to clothing |
| Workers’ Compensation | Mandatory for employee injuries | Mandatory for employee injuries |
| Commercial Property | Protects laundromat equipment and buildings | Protects dry cleaning equipment and premises |
| Public Liability | Included in general liability | Separate coverage for accidents involving customer goods |
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Insurance for Laundry Business
Insurance for laundromats, as well as for dry cleaning services, is essential and also a requirement for the law. Here are some features to note:
- Business Interruption Insurance: This insurance is important for both of these businesses and insurance secures income in case of interruptions of operations for reasons like natural disasters.
- Equipment Breakdown Insurance: it provides cover against the repair or replacement costs arising from equipment failure and is important for laundries and dry cleaners
Insurance for Dry Cleaning Business
Some aspects are undoubtedly dangerous as they include chemicals that may be dangerous, and the dry cleaning business incurs certain risks. Therefore, business insurance for dry cleaners will include:
- Goods in Transit Insurance: This protects customers’ belongings while being moved around.
- Professional Liability Insurance: This protects against cleaning errors that may damage customer items.
Laundromat Insurance Cost?
Let’s take a look Laundromat Insurance premium costs taking specific scenarios into consideration:
- Location: The risk you are insuring against will have a crime rate or have a natural disaster which increases the premium cost.
- Number of Employees: The more employees you have, the more your workers’ compensation cost is likely to increase.
- Type of Coverage: A comprehensive package will cost you significantly more as compared to a simple liability coverage.
The average cost of a Laundromat insurance premium could cost anywhere from $350 to $750 to a $1 million general liability coverage.
many providers do offer low-cost options, with commencing monthly premiums at $11 depending on the amount you cover for, but these can vary greatly company to company..
Help others make better decisions
Cheap Laundromat Insurance Quote
Getting laundromat insurance can be quite tricky due to the variety of quotations which providers offer. But below we have listed a few steps to secure an affordable laundromat insurance quote.
- Bundle Policies: It will come as no surprise that if you buy other forms of insurances from the same company, they are often times cheaper.
- Set a Higher Deductible: If you are confident in not making many claims, setting a higher deductible may save losses that would have resulted from unpaid claims.
- Consult Multiple Providers: Reaching out to multiple insurance companies enhances the likelihood of you finding a better deal specifically suited for your snits needs.
Conclusion
Any laundry business needs laundromat insurance as it ensures that the business does not incur any financial losses by covering the company against any risks. Any business owner can also find the correct insurance by looking at the quotes different providers offer. For more information; call us today or visit our website for assistance.
