Opening your own laundromat can be a very lucrative business. The benefits of this type of business make it a very attractive business prospect for some. While everybody has laundry to clean, not everybody has the luxury of having their own washer and dryer at home, cannot fit one in their living space or simply prefer it to be done outside of the home.
Whether you want to run a business that is more full-service or prefer to stick to machines that are coin-operated, laundromat insurance is a must to protect your investment.
Protections for Laundromats
Running a laundromat may seem simple enough. After setting up machines and providing maintenance as needed, it may even seem like passive income. However, there are risks involved that can be costly without proper coverage. Some of these risks include the following:
- Compensation for workers who are sick or injured on the job
- Dishonest or inadequate employment practices
- Breakdown or accidents in a company vehicle
- Making up for losses if the business must be temporarily shut down
- Breakdown of pricey equipment
Even if you are only planning on running a coin-operated laundromat, insurance is likely one of the best investments you can make to protect your assets. If you are planning to expand your business, you’ll likely have even more to lose without the proper coverage. Get started by speaking to an agent who understands the needs of businesses in this industry.