Choosing Insurance for Your Laundromat
A coin laundry business is an excellent way to break into the world of entrepreneurship if you’d like to bring in more money but aren’t quite ready to give up your day job yet. Laundromats are always in high demand, especially in working-class neighborhoods. However, to ensure you’re making money from them, you must first have the right insurance packages to protect yourself. Here’s what you’ll need according to Irving Weber Insurance.
General Liability Insurance
Regardless of where your laundry business is or how large it is, you’ll need a general liability policy. This insurance policy will cover you against any claims of injury, such as if a patron receives an injury while using the dryers. It also covers property damage caused by your machines.
If you own the building your laundry business is in, you’ll need to protect it as well. Property insurance protects you in case of fire, vandalism, or theft. It may also protect your equipment or provide some sort of income when business is down due to disaster.
Unless you plan to be the one solely running your laundromat, you’ll need to hire employees. Those employees will likely require workers’ compensation insurance. This coverage provides medical assistance and lost wages for an employee should he or she be injured on the job.
Owning a laundromat can be quite lucrative, but be sure to protect your investment. Hire a reputable insurance agency to help you do just that.