Owning a laundromat can be a great investment, but like most businesses, there are risks and exposures that should be considered. As an owner you must come up with a business plan that deals with issues of safety and risk management. You must be prepared for any sort of mishap, and as an example, should someone become seriously injured, you wouldn’t want to lose your business because it wasn’t properly protected with Coin-operated laundromat insurance.
Laundromats are a hub for locals living in the neighborhood; many must frequent your operations because they lack these utilities at their residence. Location is an important part of the success or failure of any business, so it might be smart to do a little research before leasing a particular property. You’ll want to know if the area has a high crime rate, or how prior businesses fared in this same location. Talk to tenants to find out if current business owners are doing well, and determine if it’s in fair walking distance of nearby tenants and neighbors.
Safety and accident prevention
With so many people utilizing your property there will be concerns to deal with. For starters, is there the real possibility that someone could be hurt in some way? Issues of this type are often easy to spot. Children often accompany a parent to the local laundromat, get bored within minutes and wind up running around, which could result in trips or falls that could lead to serious injuries.
Also, kids not knowing any better, may touch the inside of a hot dryer and this could lead to their being badly burned. Posting signs is one good way to make people aware that certain activities (such as running and horseplay) are not permitted. You should also install security cameras that monitor what goes on during business hours. It might be a wise investment to hire a security guard, especially in particularly rough neighborhoods, and during evening hours.
Even with careful planning and the right mindset you can’t protect yourself properly without Coin-operated laundromat insurance. Most insurance companies write this class of business coverage and are more than happy to do so at competitive prices, so speak to a qualified agent about any concerns or questions that you may have.