Insurance

[Ty Stewart]

I’ve heard good and bad things about the cost of good insurance. What should we be asking for and what are some good companies? I’m in Illinois.

[Jordan Berry]

Great question Ty! I don’t know that I’m an expert in good insurance at this point, but I have a few tips for you. 1. I know it depends on if your store is attended or unattended. I have one of each and some insurance companies, particularly the big, well known ones, won’t insure an unattended laundromat. So, it’s often good to look at smaller insurance companies. 2. CLA tends to be expensive and I haven’t heard great things about their service, although I don’t have personal experience with them. 3. I’ve had good luck and heard good things from others who have used smaller insurance companies that specialize in vended businesses. 4. With insurance, as much as with anything else, you get what you pay for. Cheap insurance is great until you need it. Cheaper insurance companies tend to be much more difficult to work with when you need them most.

Laundromat insurance isn’t cheap. At least not yet 😉 Just make sure you build those costs into the business model. Sorry I don’t have any specific recommendations but maybe someone else will. I’ll mention it on the upcoming podcast and see if we can get someone over here to help you out with a more specific answer!

[Ty Stewart]

Thanks for the information. It’s not a ton of resources available in this industry. Thank you for this forum 😁

[Inno Berck]

All financial experts advise to insure your business because you can be left with nothing.

[Davia Aero]

Doing business is always a risk. Sometimes the unexpected happens, from a fire in the office to a flood in the workplace. The enterprise may not be able to withstand unexpected losses and close. Insurance is an additional cost, but it is better to pay for it than to be left with nothing.

[Davia Aero]

So say not only me but also financial advisors from The Finity Group. To protect your business, an entrepreneur can insure: property, that is, everything that can be damaged in the event of force majeure: equipment, goods, and premises. Professional liability insurance protects against unexpected costs if your business or your employees cause harm to others.

[Juan]

Good discussion but not real numbers.

Ok I’ll go. Insurance is a bit expensive and keeps rising. I am in Florida. I am nearing 2k a year for insurance, It’s high but protects your investment plus I would imagine that most if not all landlords would require business insurance in order to protect you and their property. No?

Discuss.

[Author]

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