So, you own a coin-operated dry cleaning or laundry service! Welcome to the exclusive club of unique hazards associated with property and commercial liability risk exposure.
Because of all the different risks, it’s hard to find a business insurance policy that covers you. In fact, many standard insurance underwriters avoid compensation related to their industry.
However, there is no need to worry. It is much easier to find a tailored insurance policy with those who underwrite it as a specialized insurance program.
That’s how coin-operated dry cleaning and laundry businesses rank among the hard-to-insure business classes.
First, let’s examine the risks of ownership. Often this type of business is unstaffed or understaffed on site, leaving it with little supervision or management on site, resulting in much higher exposure than most standard or typical businesses with those that can be found.
This is precisely why losses from fires and explosions of flammable cleaning agents are more likely to occur and why exposure to vandalism or malicious mischief is so high. It is also the reason for the high risk of robbery and theft.
Now let’s turn our attention to the business liability risks that exist. Why is there an increase in business general liability in the coin operated laundry or dry cleaning business?
Clever? Here we go with the fact check.
The industry’s commercial general liability risks incorporate some unusual perils. They may include:
• The risks related to the management of faulty and neglected equipment
• Exposure with respect to inadvertent leaks of poisonous exhaust gases
• The dangers that naturally come with unsupervised children and young adults.
Some insurance companies have committed to producing coverage packages for those in the coin-operated laundry industry. But as time goes on, exposure increases for those businesses that have jumped on the customer-attraction bandwagon by offering the use of tanning beds, the sale of alcoholic beverages, and other incentives to enter their location. Obviously, this adds to the discomfort of the insurance companies.
Do you want to learn more about the subject? Be sure to connect with an experienced independent insurance agency that caters to your business niche when it comes to personalized coverage.
For more information on coin-operated dry cleaning and dry cleaning insurance, speak with a qualified independent agent who has the experience and knowledge of the related coverage. Don’t forget to ask all the questions you have. Get the answers that will allow you to make the right decision. And don’t worry about disturbing the agent. The true professional sees an educated consumer as an asset to his service.