Tips for Starting a Laundry Business

Laundromats are an important consumer service that will always be in demand. Here are some tips on what you’ll need to do to start a successful laundromat.

Choose a Good Location

Laundromats tend to do well in urban areas where there are a lot of apartment buildings. In cities with a high premium on square footage, people often don’t have washers or dryers in their unit. Many people who’s building’s have a washer or dryer for tenants’ use prefer going to a laundromat because it’s less expensive and they can do more laundry at once.

Insure Your Operations

You need a comprehensive commercial insurance package to protect your operations. You’ll have to insure your business against liability claims and also protect the value of your assets.

Invest in Equipment Wisely

The cost of equipment is a big factor in laundromat’s profitability. If your machines are in disrepair and constantly require service, it will cut into your revenue. Look for relatively new machines that are in good condition. Ideally, you should look for energy efficient models so you won’t have to spend a lot on your utilities.

Starting a laundry business takes a lot of hard work, but it can be extremely rewarding. Plan your budget carefully, and be prepared to deal with the unexpected.

 

Professional Liability Insurance for Almost Any Business

Errors and omissions policies are a backbone form of coverage for many professionals, especially those in high trust positions like doctors, lawyers, and financial professionals. They’re hardly the only ones who could benefit from professional liability insurance, though. Most of the time, if a professional is acting as a freelancer or one-person business, some form of E&O coverage for their professional liabilities will wind up being a good idea. From IT contractors to auto repair professionals, each skilled career has its own unique risks associated with professional misjudgment or accidental oversight, and miscellaneous errors and omissions insurance programs exist to provide individualized coverage for those businesses.

Assessing Professional Risks for Yourself

Most of the time, if you aren’t in practice on your own or working freelance, your employer assumes the risk for your professional decisions on behalf of a company. There are some cases where this isn’t true, but largely it is, and as a result many people have very little experience with professional liability coverage. As the workforce becomes more and more dependent with fewer and fewer industries relying on wage labor, that landscape is changing, and diverse E&O programs have become very high-demand. If your current coverage doesn’t include professional liability, now is the time for an insurance review with an eye toward adding the policy. Luckily, there are providers with over a quarter of a century of experience with miscellaneous E&O coverage, so it won’t be hard to find a provider.

Insurance for Short-Term Rental Businesses

The tourism industry is always strong near the coast, because the beach is and has been a draw for American families on vacation practically as long as the concept of vacation has existed. Among the businesses that tend to thrive near lively beaches are short-term equipment rentals that allow visitors to have fun on the water without hauling a ton of gear on a long trip. From kayaks and canoes to motor boats, jet skis, and even more exotic recreational vehicles, there are a lot of choices to allow them to get the most out of the location they’ve chosen to visit. Providing that access comes with risks, though, and that’s why businesses like yours need specialized jet ski rental business risk management insurance policies.

Covering Your Customers and the Public Alike

Risk management insurance for rental companies needs to take into account the possible risks to clients in the event of a mechanical failure or any other accident that could injure them or cause damage to property. That’s not all, though, it also needs to protect members of the public who could be affected by a potential accident. This double-edged risk level is unique because most companies with public liability have that risk due to public use of their facilities or the possibility of accidents involving employees operating equipment. Rental companies have the unique risks present when a third party uses your equipment remotely, and your insurance should reflect that.