As the owner of a coin-operated laundromat, you provide a necessary service to your community. Laundromats do, however, require different protections than other businesses. You have to consider water backup, damage to your property or equipment malfunction. Without coin op laundromat liability coverage, your business could lose substantial income.
If someone is hurt on your property, you have to cover the medical expenses. Accidents can happen. Guests may slip on the floor, could slam their hand in a dryer or suffer shock because of the equipment. Even if you believe that you did nothing negligent to cause an accident, you still have to pay expensive court costs to defend yourself. If you happen to lose the case, then your business is responsible for the settlement costs. Liability insurance helps pay these costs so that your business doesn’t go broke in the process.
Without general liability coverage, if another company tries to sue you for any reason, you would have to pay those costs out of pocket. An example of a business-related lawsuit would be another company accusing you of stealing its logo or slogan.
While no one wants to think about potential business losses, it is up to you to prepare for those risks. Without liability coverage, you may be underprepared.