Business Property Insurance
Property insurance can cover the buildings that you own and/or business property and inventory against physical loss or damage. This coverage includes Insurance coverage for you business':
- Washing Machines
- Dryers
- Flooring
- Store Fixtures
- Decorations
- Phone Systems
- Computer Equipment
- Folding Tables
- Furniture
If you don't own your building, you'll still need contents coverage. In the most policies, property insurance for
business contents covers furniture, fixtures, inventory, office equipment and other supplies stored at your facility or off-premises. You may insure those items for replacement cost or for actual cash value.
Actual Cash Value or ACV
Actual Cash Value will pay only for the depreciated value of the property.
Replacement Cost Value or RCV
Replacement Cost Value policies have higher premiums, however they can help your business recover from a loss faster, since you will be afforded with the cost to replace all or most of the lost or damaged property with new items. If you lease some of the equipment at your business, the leasing company may require that you insure the property at replacement value.
Loss of Use or Business Income
Loss of Use or Business Income coverage will protect your revenue stream in the event of a loss or damage to your Laundry or Dry Cleaning establishment. If your Restaurant suffers from a fire, water damage, collapse or any other insurable loss and you are forced to close your doors, you may be left with out a revenue stream or income source. Business Income coverage can provide coverage for your lost revenue while your establishment is being repaired or even rebuilt.
Business General Liability Insurance
The General Liability Insurance Coverage for your Laundromat or Dry Cleaning Business is designed to protect the business against losses even if they are negligent or liable for damage, injury or loss to another's property, reputation, or health. Typically, damages, legal defense fees and settlement charges are paid by the insuring company when a claim is filed against the business. Although your landlord may require you to maintain Liability Insurance for your Laundry operation, it is something you should have.
In the event that someone is injured, you may be liable for thousands or millions of dollars in injuries. Liability Insurance for your Laundry operation will protect you from covered losses.
Bodily Injury - Liability Insurance Coverage
May pay the affected person or firm for the cost of care, the loss of services and restitution for death that
results from an injury.
Property Damage Liability Insurance
In the event your business causes damage to, or causes the loss of use of someone else's property, property damage coverage may pay for the value of the physical damage to the property; or the loss of use of that property.
Products and Completed Operations
A policy may provide coverage for your company's completed products or services. If an injury occurs due to the use of your products or services provided, the policy would pay for the resulting damages and any legal expenses up to the policy limits.
Contractual Liability
General Liability coverage extends to any liability you may assume by entering into a variety of different types of contracts such as a building lease between you and your landlord.
Medical Payments
If someone is injured by you or at your business site, the policy may pay for medical and funeral expenses
incurred, up to policy limits, within one year of the accident. For example, if a customer tripped and fell on your premises and had to be hospitalized.
Personal Injury Insurance Coverage
Most General Liability policies provide coverage if you are accused of:
- Publishing inaccurate information that slanders or libels a person or organization;
- Publishing material that violates a person's right of privacy;
- Falsely arresting, detaining or imprisoning someone;
- Maliciously prosecuting someone;
- Wrongfully evicting someone.
Advertising Injury Insurance
In the course of advertising your company's own goods, products or services, this policy will provide valuable liability protection against advertising injuries resulting from:
- Publishing inaccurate information that slanders or libels a person or organization;
- Publishing material that violates a person's right of privacy;
- Copying some other company's advertising ideas or style of doing business;
- Infringing on another company's copyright, title or slogan.
