A local laundry service is crucial to many neighborhoods, especially if there are apartment buildings with no coin washers available in the building. But owning a laundromat is more difficult than it looks. There’s a lot more to a laundry business than just maintaining machines and collecting the quarters. You have to keep track of employees, manage your books, and be alert for potential hazards in your business.
There are actually many risks associated with laundromat ownership, especially in a coin-operated or self-service establishment. Customers can cause damage or get injured in a variety of ways. It’s important for any laundry business to have appropriate insurance to cover these potential issues. Customers could slip on spilled water or soap from leaky machines, or greasy fabrics could cause unexpected flare-ups, and insurance not only protects your business from financial responsibility, it also protects your customers. Good laundromat insurance should provide coverage for any property damage, injury, or business interruption that could come from customer-related accidents on your property.
Running a laundromat can be a highly profitable venture, but it isn’t without its risks. Your business is a staple of your neighborhood, so you don’t want to let down your clients in the event of a disaster. The right insurance can make owning a laundromat easy, and keep you in business for years to come.