Industrial Laundry Insurance

Industrial Laundry Insurance 101

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Industrial Laundry Insurance

Every industrial laundry has business risks that can lead to unexpected financial losses. If you own an industrial laundry, the best thing you can do to protect yourself and your customers is to have the right business insurance in place to make sure you can recover your losses, regroup, and continue to operate, even when something goes terribly wrong.  

A local independent insurance agent can help you get the industrial laundry insurance you need.

Why Do You Need Industrial Laundry Insurance?

In order to ensure that you can remain in business for the long term, you must invest in industrial laundry insurance to protect your business assets from the following potential risks.

  • Accidents, such as trips and falls in the store or parking lot
  • Lawsuits related to negligence claims
  • Damage/destruction of linens, uniforms, etc. that are taken in for cleaning
  • Loss of income due to a catastrophic or unexpected event
  • Damage to your laundry equipment (e.g., continuous batch tunnel washing systems, open-pocket washers and dryers, feeders, ironers, folders stackers, and other related machinery)
  • Employee theft or crime
  • Delivery drivers involved in automobile accidents
  • Employee lawsuits related to discrimination or other claims

As a business owner, you need to understand all of these risks—and more—and how your business insurance can help protect you should the worst happen.

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What Does Industrial Laundry General Liability Insurance Cover?

Commercial general liability (CGL) insurance is critical for industrial laundries. It protects you from costs related to bodily injury or property damage that you or your employees cause to third parties. CGL policies also cover your defense costs, court costs, and court-ordered judgments that you must pay.

A CGL policy responds to simple trip and fall incidents on your premises. And it covers you if you’re responsible for damaging someone’s property. CGL policies also cover claims of slander, libel, and advertising liability.

What Does Industrial Laundry Commercial Property Insurance Cover?

Commercial property insurance is essential for proprietors who own their buildings or whose business handles a large volume of expensive inventory. Commercial property insurance protects you if a fire, vandalism, smoke, theft, or other type of event damages your property. It provides coverage for lost inventory, equipment and machinery, office equipment, computers, and more.

Commercial property insurance policies usually include business interruption coverage, which protects your earnings if your business is unable to operate because of damage caused by some type of covered disruption (fire, hail, wind, equipment breakdown). 

You can expand your business interruption coverage to include coverage for breakdowns in utility services (water, electrical) that force you to temporarily close your doors.

Why Is Equipment Breakdown Coverage Important for Industrial Laundries?

Equipment breakdown coverage, or boiler and machinery coverage, is essential for your industrial laundry business. Without functioning equipment, you literally cannot operate.

This coverage helps you with the costs of repairing and replacing damaged equipment, and may also pay for lost income that is directly attributable to the breakdown of covered equipment.

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Why Do You Need Commercial Vehicle Insurance?

If you own commercial vehicles and make deliveries to your customers, you need commercial auto insurance.

It covers your company’s vehicles and drivers (cars, SUVs, vans and trucks) that are damaged or injured in a collision or some other type of event. And if you or your employees drive personal vehicles for business purposes, you must have non-owned or hired auto liability coverage to protect your company if an employee has an accident while out making deliveries.

Do You Need Any Other Industrial Laundry Insurance?

In addition to the coverage types described above, industrial laundries will want to consider some of the following types of business insurance. Whether or not you need them depends upon your unique risks.

  • Workers’ compensation insurance: Provides insurance coverage when accidents happen at the workplace. It ensures that the injured worker gets medical care and income protection while unable to work.
  • Commercial umbrella insurance: Provides supplemental liability protection beyond the limits of certain other liability policies. This policy can be invaluable for that once-in-a-lifetime judgment rendered against you.
  • Employment practices liability insurance: Covers you if an employee sues you for discriminatory employment practices.
  • Cyber liability coverage: Protects you from the risks associated with cyber attacks, data breaches, viruses, and other cyber-related issues that impact your online store or other computer systems.
  • Employee theft and crime coverage: Protects your business from the costs of theft, dishonesty, and fraudulent acts committed by an individual employee or a group of employees. It provides coverage for forgery, alteration, theft, unauthorized electronic funds transfers, credit card fraud, computer fraud, money order fraud, and counterfeit fraud.

These and other policies and policy endorsements can be customized to cover your unique risks, and together make up a large portion of a comprehensive industrial laundry insurance program. 

How Much Does Industrial Laundry Insurance Cost?

Your costs for industrial laundry insurance will depend on the type of coverage you need and the coverage limits you require to adequately protect your commercial property and the liability risks that you face.

Insurance companies who specialize in businesses like yours will evaluate your unique characteristics, including your location, the value of your commercial property, the number of employees that you have, and several other factors in order to determine your business insurance premiums.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with industrial laundries and other similar businesses can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

Independent agents can work with numerous, reputable insurance companies who specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Find and Compare Quotes for Industrial Laundry Insurance

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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TrustedChoice.com Article | Reviewed by Paul Martin

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