So, you own a coin-operated dry cleaning or laundry service! Welcome to the exclusive club of unique perils associated to property and commercial liability risk exposures.
Because of all the distinct risks, it is difficult to locate a business insurance policy that will cover you. As a matter of fact, many standard insurance underwriters shy away from indemnity related to your industry.
No need to fret, though. It is much easier to find a tailored insurance policy with those that underwrite it as a specialty insurance program.
Here’s way the coin-operated dry cleaner and laundry businesses are placed among the difficult to insure business classes.
First off, let us examine the property risks. Oftentimes, this type of business has no staff on site or is poorly staffed, leaving it with no supervision or little on-site management, resulting in much more exposure than most standard or typical business you may come across.
This is precisely the reason why losses caused by fire and explosions from flammable cleaning agents are more likely to occur and why the exposure to vandalism and or malicious mischief is so heightened. It is also the reason for the raised risk in burglary and theft.
Now let us turn our attention to the commercial liability risks that exist. Why is there an increased in commercial general liability in the coin-operated dry cleaner or laundry business?
Ready? Here we go with the fact check.
The industry’s commercial general liability risks incorporate some uncommon perils. They can include:
• The risks in relation to flawed and careless equipment management
• The exposure in regard to inadvertent leaking of poisonous exhausts
• The hazards that naturally come along with unsupervised children and young adults.
Some insurance companies have undertaken to produce packaged coverage for those in the coin operated laundry industry. But as time goes on the exposure increases for those businesses that have joined the bandwagon in attracting customers by offering use of tanning beds, selling alcoholic beverages and other incentives to stepping into their location. Obviously, this adds to the unease of the insurance companies.
Want to learn more on the topic? Be sure to connect with an experienced independent insurance agency that deals with your niche of the business as it relates to customized coverage.
For further information about insurance for the coin-operated dry laundromat and dry cleaner, speak to a qualified independent agent that has the experience and knowhow involved in related coverage. Don’t forget to ask any questions you have. Get the answers that will empower you to make the right decision. And don’t worry about bothering the agent. The true professional views an educated consumer as an asset to his or her service.