Laundromat Insurance: What are the Risks of Owning a Laundry Business?
Owning a laundry business can be a very lucrative investment, especially in big cities that have high-rise apartment buildings that often don’t allow for washer and dryer setups. Given that people need to wash their clothing regularly, owning a laundry business is a promising career choice. However, as with any type of business, there will be risks. To avoid the financial devastation that could come from these risks, it’s important to have the right Laundromat Insurance Policy in place. It’s also important to understand what the risks are, to potentially mitigate losses.
As reported by business site Chron.com, one of the biggest factors laundry business owners should be concerned about is security and cleanliness. The safety of customers is paramount to the success of a Laundromat. The floor plan of the business should allow for sufficient lighting, and the parking lot should be kept up as well, as this is the first impression an individual gets of the facility. Not only will these factors assist in helping to keep customers coming back to that particular Laundromat, it could prevent injuries from occurring, and thus prevent costly lawsuits.
Another risk faced by laundry businesses is equipment breakdown. It’s important for Laundromat owners to remember that even new machines wear down with constant use. If a Laundromat is full of broken down equipment, the business will suffer a loss of revenue. Also, if anything causes a mass breakdown of equipment, such as a flood or power outage, the Laundromat will suffer financially.
At IWA, our Coin-Op Advantage program offers Coin-Operated Laundromat Insurance and Self Service Laundromat Insurance, specializing in targeted coverage for operations with active ownership, on-site attendant, and newer equipment under maintenance contract. Please contact us today to learn more.