Protecting and Insuring a Coin-operated Laundromat
Buying a Laundromat can be a great investment, but like any business, there are risks and exposures that should be considered and a business plan to deal with issues of safety and risk management. Given the fact that a great deal may be at stake should someone become seriously injured, wouldn’t it be prudent to make sure that the business is properly protected with coin-operated Laundromat insurance?
Laundromats are generally considered a friendly neighborhood business frequented by local tenants. Single people without laundry facilities at their residence, families that perhaps can’t afford a washer and dryer, and someone who owns a washing machine that is in need of repair all flock to their local laundromat to clean their clothes. Location is an important part of the success or failure of businesses, so it might be smart to do a little research before settling on a particular property:
- Does the area have a high crime rate?
- How have prior businesses fared in this location?
- Are current business owners doing well?
- Is it in fair walking distance of nearby neighborhoods?
With so many people going in and out daily, the concerns are real. Looking around, the possibility that someone could be hurt in someway is often easy to spot and recognize. Children, often bored, will run around, inviting the likelihood of trips and falls that could lead to serious injuries. Touching the inside of a hot dryer could lead to someone being badly burned. Perhaps a utility closet left unlocked could be opened and items could come tumbling out that could strike and hurt an individual.
Posting signs is one good way to make people aware that certain activities (such as running and horseplay) are not permitted. Having security cameras that monitor what goes on during business hours will also help by having recordings available to show when an incident occurs and give more details of what happened. Although it is an added expense, it might be a good idea to hire a security guard, particularly in rough neighborhoods and during evening hours.
Even with careful planning and the best of intentions, most laundromat owners try to save money by purchasing the least expensive coin-operated laundromat insurance available, but are they getting the coverage they need and deserve? Most insurance companies are willing to write this class of business coverage and are more than happy to do it at competitive prices, but they really need to analyze each unique situation in order to ensure that owners are adequately protected.