New York Laundromat Insurance: What are Your Client’s Biggest Risks?
As an owner or manager of a commercial laundry business, your clients specialize in a very specific market, and have unique risks when it comes to their business. The key to financially protecting their establishment is understanding what exactly their biggest risks are so that they can purchase the right type and right amount of New York Laundromat Insurance coverage. Many Laundromats mistakenly believe that a standard general liability or business owner’s policy is enough. However, in addition to New York General Liability Insurance, Laundromats must also have coverage in these areas:
- Equipment Breakdown
- Customer Goods
- Business Interruption
- Business Auto Insurance
- Employment Practices
- Workers Compensation
When it comes to your client’s biggest risks, it is correctly assumed that fires, which can be due to greasy fabrics, excessive dryer lint, or combustible items and plastic, are the biggest risk amongst Laundromats. This is in the sense that they can cause the most devastation. However, the most frequent risk is actually trip or slip and fall accidents. Some of the other unique risks found at a Laundromat include:
- Wet floors from leaking washers
- Uneven floor surface due to drains located in path of customers
- Children playing with equipment and/or running through the laundry and injuring themselves as a result.
- Individuals sitting on folding tables that don’t offer support
- Any “kid-friendly” toys or rides your client has located inside the laundry or outside the door.
Another factor for your New York Laundromat Insurance client to keep in mind is that an unattended and/or 24 hour store poses a greater risk than a coin laundry with normal business hours or one with full-time attendants. A claim that arises from a slip and fall accident, or a claim that arises from theft, can be a lot trickier with no witnesses.
At Irving Weber Associates, Inc. (IWA), we can assist you in helping your Laundromat clients to evaluate their coverage needs when purchasing a New York Laundromat Insurance Policy. We understand how crucial it is for Laundromats to have their operation and services run smoothly. Please contact us today at (855) 764-7406 to learn more.