Coin Laundromats

3 Types of Insurance for Coin Laundromats

Coin laundromats have many potential liabilities. Heat, chemicals and human error are only some of the elements present which can lead to property damage or injuries. If you own a laundromat or are thinking of investing in one, it would be wise to ensure that you have the insurance policies needed to protect yourself, your employees and your business.

  1. Commercial General Liability Insurance

This is a type of liability insurance that covers property damage, bodily injury or personal injury caused by your business’s services, products or operations. It also provides coverage for any injuries that occur on your premises. This policy will protect you if, for example, a customer is injured as a result of being accidentally electrocuted by a malfunctioning dryer.

  1. Commercial Property Insurance

Coin laundromat insurance should include this type of policy. It provides coverage should your equipment, building and other physical assets be damaged in a variety of circumstances. These include:

  • Fire
  • Theft
  • Vandalism
  • Storms
  1. Workers’ Compensation Insurance

A workers’ comp policy covers your liability to your employees. For instance, if an employee sustains injuries during a slip-and-fall accident at work this policy will recompense the related costs. It may pay for their medical care, provide disability benefits, and cover any wages lost during their convalescence.

Coin laundromats present many different features and situations that can lead to costly litigation. Indeed, they have unique insurance needs. Consult an insurance expert to make sure that you have the correct policies to protect your business from any contingency.