Why Your Laundromat Needs Insurance
Opening a laundromat business can be very expensive. The cost of the laundry equipment and providing all of the necessary utilities to operate the washers and dryers is expensive too. However, owning a coin-operated laundry can present a great opportunity to own a steady and profitable business. Like all businesses, owning a laundromat also has risks, and some that are unique to it.
There are abundant news reports of fires in laundromats across the country. In August, a dryer caught fire in a Utica, New York laundromat, and in June a fire completely destroyed a laundromat in Burton, Michigan. In May two fires, one causing about $5,000 in damages in Waimanalo, Hawaii and another in Holbrook, Massachusetts were reported. Dryer fires can happen due to greasy fabrics, lint buildup, and plastic or combustibles left in clothing.
Although fires are the largest risk to a coin-operated laundry in the sense that they can cause the most damages, the most frequent risk is actually from slipping and falling. Wet floors from leaking washers and uneven floor surfaces due to drains can cause hazards. These risks and others can apply to both employees and customers.
Additionally, laundromats are frequented by all ages of people, including children who play with equipment and run through the laundry. Other risks include items such as customers who may sit on the folding tables, which can offer little support.
Like all businesses, laundromats have weather-related risks including hurricanes, tornadoes, flooding, windstorms, and heavy rain. Every area is subject to weather-related losses. Aside from the actual damage caused from weather, businesses can also suffer losses from the revenues they lose until the damages are repaired and operations can continue.
These business interruptions can be financially devastating, and could potentially put a company out of business. Even in the short term, the loss of utility services such as electrical power or water can shut down a business until services resume.
Vandalism, break-ins and thefts can also be problems, and laundromats are often left unattended for many hours. Of course, it’s important to do what you can to reduce risks, including things such as posting emergency numbers, doing walk-around inspections and doing a yearly review with a trusted insurance agent to make sure that your coverage is adequate for any of these events. Determining the coverage you need requires an agent who is knowledgeable about it.
For additional help with your laundromat insurance policy needs, contact Pettineo Insurance Agency today at (954) 493-9424 or visit www.pettineo.com for a free quote.
Pettineo Insurance Agency Inc. provides laundromat insurance coverage in Fort Lauderdale, Lauderdale-By-The-Sea, North Lauderdale, Pompano Beach, Oakland Park, Boca Raton, Deerfield Beach, Hollywood, Sunrise, Coral Springs, Pembroke Pines, Sunrise, Tamarac, Plantation, Lighthouse Point and all of Florida. As an independent agent we represent many top rated companies in both the personal and commercial lines. We place your policy with the company offering the best coverage at a reasonable price. We offer a complete line of personal, commercial, life and health insurance products, designed exclusively for your insurance needs. Serving South Florida for almost 30 years, Pettineo Insurance offers the highly personalized service and stability that you should expect from your insurance agent.
