Many people living in big cities often don’t have a washer and dryer setup in their building. Given that fact, owning a laundromat business can be a very lucrative investment. One thing is for certain, and that is that people will always have a need to wash their clothes on something on a regular basis, so owning a self-serve laundromat can be a promising decision.
However, as with any business, there will be risks and exposures that you’ll face as an owner. Everything from accidents and injuries, to theft and possible vandalism, could be costly considerations. To avoid the type of financial devastation that could result from these risks, it’s important to secure Self-service laundromat insurance to protect your interests. It’s also a good idea to get a grasp of these hazards you may be faced with and design ways to potentially mitigate the likelihood of any losses.
Common concerns for Laundromat owners
If you’ve ever spent time in a laundromat you probably have a good idea what some typical concerns are. Owners should be aware that vagrants might come to their place of business seeking solitude and a place to rest. Having security on hand to deter such behavior will do much to please your clientele. You should also hire someone to make sure the place is kept clean. The safety of customers is paramount to the success of any laundromat business.
You should provide sufficient lighting, make sure floors are swept and any spills are cleaned up immediately. The parking lot should be well lit at night and kept up as well since this is often the first impression most people get of the facility. These factors will not only assist in helping to keep customers coming back, but it can also prevent injuries from occurring, which goes a long way towards preventing costly lawsuits.
Another costly risk faced by this industry is equipment breakdown. It’s important for laundromat owners to keep in mind that even a new machine can quickly wear down with constant use. Machines that constantly display “out of order” signs are certainly not good for business. If you should experience a flood or power outage, you may be forced to close temporarily and may suffer financially. Having Self-service laundromat insurance for these exposures will help keep you out of trouble and get you back up and running in little or no time.