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Business Insurance for
Dry Cleaners & Laundromats Insurance
Dry cleaners and Laundromat businesses are similar in nature and often have similar responsibilities to their customers and employees. They also come with similar business risks. Small business insurance is designed to help minimize potential risks to your company so that you do not lose all of the hard work, time and monetary investments you have put in.
General Liability
General liability insurance is particularly important for Laundromats because there are a number of ways a customer may be injured while on the premises. If a customer’s child slips on the floor breaks his arm, general liability protects your company from lawsuits and pays the customer’s medical expenses.
General liability protects you from problems that arise due to physical accidents your customers encounter, property damages or loss, and problems related to products you sell.
If your dry cleaning company begins using a new cleaning agent and a customer becomes ill or has an allergic reaction for example, general liability will pay the customer damages as needed.
General liability is a comprehensive insurance policy that covers most hazards as long as they are not specifically listed as excluded on your policy.
Business Owners Policy (Bop)
General liability is included with another important type of small business insurance known as BOP. BOP, or business owners policy, adds protection for your tangible and intangible business assets.
BOP protects you from the expenses involved with losing the primary business building for your dry cleaning or Laundromat operations for example. If the building is damaged due to a natural disaster, BOP will cover the costs of repair or replacement.
BOP protects the materials inside your business structures as well. Laundromats contain expensive washers and dryers for example, and dry cleaning operations have specialized cleaning machines and chemicals on site. If something happens that causes damage or complete loss to that equipment, BOP covers the costs of replacing them.
Some disasters and catastrophes cause you to lose actual or anticipated business income. If a fire breaks out at the end of a busy day for example, your company may have a lot of cash onsite that is destroyed. While waiting for the building to be repaired or the equipment to be replaced, your company loses money because it is unable to provide the normal goods and services. BOP can replace lost accounts receivable and reimburse you for lost income when things like this happen.
Workers Compensation
Whether your small dry cleaning business or Laundromat employs just one person or several, you are required by law to carry workers compensation insurance. Workers comp pays your employee’s expenses if they are injured on the job.
Commercial Auto
If your dry cleaning business offers pickup and delivery services to customers, you need to protect yourself from loss due to auto accidents. Business auto insurance protects you whether you use company cars, rental vehicles, delivery vans or personal passenger cars. If any are involved in an auto accident while being used for business purposes, commercial auto insurance will pay for the repair or replacement. This business insurance covers you for losses on a per accident basis, and it can be expanded to provide additional coverage for medical needs due to injuries.