Like any industry, the drycleaning business changes over time. With new developments comes new risks, creating an urgency for the proper insurance protections. In addition to cyber threats and data hackers, there are plenty of exposures that arise due to managing customer goods, the equipment used, and property risks. Therefore, a FabriCare Advantage Program is an absolute necessity for any drycleaning business.
As the drycleaning industry continues to diversify, new risks are presented. However, Adam Weber, president of Irving Weber Associates, states “all of these come with their unique risks, challenges and responsibilities that go beyond the core drycleaning business. Any of these can add revenue to the business if handled properly and responsibly.”
Further, leases and loans can increase the necessity for building and property insurance. As they are constantly fluctuating and much of the risk falls on the owner, it’s important to discuss your limits with your insurance professionals at IWA.
What’s more, it’s important to note that if you rent your drycleaning facility, you need to insure the entire value of the business, says American Drycleaner. Otherwise, you will be stuck with out of pocket expenses for repairs and upgrades.
Further, other policies are required that many owners might not be aware of. For example, state requirements range on workers’ compensation and boiler inspections or utility outages. As new additions to the business are added, new services are offered, and new locations and exposures continue to affect the drycleaning landscape, it’s critical to evaluate your insurance program each year to ensure you are fully protected. After all, finding out too late that you aren’t covered for as much as you thought can be devastating on your business.
At Irving Weber Associates, Inc. we understand what it takes to run a successful Dry Cleaner or Laundromat business, including investing in a comprehensive FabriCare Insurance Program to ensure that you are financially protected against legal claims. For more information regarding our products and services, please contact us today at 855-661-4557.