Protecting Your Laundromat Business

As the owner of a laundromat business featuring coin-operated equipment, you understand the unique need you serve in your community. For those who don’t have access to washers and dryers at home, you provide an essential service. Everyone needs to be able to clean and dry their clothes and linens, and your store offers an affordable way to accomplish this. In addition to property coverage, you need insurance that can provide benefits to your employees as well as the specialized needs of your operations.

Taking Control with Coin-Op Insurance

Owning a coin-operated and/or self-service laundromat comes with risks. Reduce liability with a coin-op insurance program that caters to the needs of your business, including its unique needs. Key benefits of such a program include the following:

  • Liability coverage for falls, slips and other injuries/damage
  • Property insurance for damage to the building you own
  • Repair to broken equipment, including water heaters and boilers
  • Customer goods
  • Insurance for business-related vehicle operation
  • Business Interruption due to closure for repair of covered damages
  • Employee-related claims and lawsuits
  • Workers’ compensation

Understanding Your Eligibility

A coin-op insurance program is designed for non-24-hour laundromat operations where the owner is engaged in daily operations. Your business also should have an on-site attendant during hours of operation. There should also be an equipment maintenance contract in place and you should have a good history when it comes to claims. Your community depends on you having the right coverage.

Protection From Hostile Workplace Lawsuits

You can’t always control what your employees will do once they’re brought onboard, and often it can be hard to predict when the behavior of an individual will be detrimental to those below them or in their department until something happens and management needs to address the conflict. Unfortunately, that means sometimes a hostile working environment might affect employees in a way that leaves you exposed to liability despite your best efforts to create reporting channels and address those issues. It’s the nature of interpersonal relationships that this happens, the only thing you can do is set the best policies possible to provide recourse while covering your risks with employment practices liability insurance.

General Liability vs. Employment Practices Coverage

The difference between this policy and your general liability coverage is simple. General liability covers foreseeable issues that could lead to injury or to other harm being done to employees, customers, visitors, and others during the course of your daily operations. Adding employment practices coverage means getting additional coverage for specific issues relating to the policies and behavior sanctioned by your managers, team leaders, and even regular team members. Hostile workplace suits can involve lateral behavior, which means it takes both vigilance from leadership and financial protection to minimize the impact of hostile behavior in the workplace. Make sure you have the coverage to protect your business as you grow and add team members.

Protecting Your Business From Liability Concerns

Business owners usually carry several insurance products, each designed to address a specific area of exposure and liability. For businesses that do a lot with the general public, whether clients or customers are continually on your property or attending events sponsored by your company, there are several reasons why public liability insurance should be added to the package.

The General Coverage

With public liability coverage, you will have support if your business is ever sued by a member of the public, a customer, or a client. The policy is will pay for the cost of the legal defense needed to resolve the claim, as well as pay up to a certain amount in settlement money or compensation ordered by the courts. The policy covers the cost of medical treatment for those that may be injured while on the business property or at a business event. The policy doesn`t apply to injuries that occur to employees.

The Requirements for Coverage

Though there is no legal requirement for public liability coverage, your company may not be able to survive without it. Any customer or individual that has an accident on your premises is a potential lawsuit. However, you could inadvertently damage another; s property when visiting them or conducting business on their property.

It`s best not to take a chance with your company and its future. Check with your insurance broker to make sure your coverage is complete.

Finding Accident and Injury Coverage

The benefits of a captive insurance company include tax advantages, a better ability to negotiate premiums, control claims settlements, and provide better incentives for return-to-work programs that can help employees after suffering an injury. These groups work like traditional insurers, offering captive workers compensation among other plans.

Types of Workers Comp

When using a captive insurance company, there are often two types of workers’ compensation plans. In a pure captive or single owner captive, the company has the power over the operation, controlling investment activities and paying out claims. In a rent-a-captive, a broker-run captive provides the worker’s comp coverage, which often makes this a much cheaper and more popular option for captives.

Workers Comp Coverage

Even though the coverage is coming through a captive, a worker’s comp policy still addresses the fallout of employee injuries or illnesses that occur while on the job. There state mandates that set the minimum requirements for coverage, but the federal government has also established the criteria for the businesses that must offer the coverage. For an employee to receive coverage, the injury or illness has to be connected to their employment of job duties. The coverage usually takes care of the financial costs associated with medical expenses, rehab, therapies, and death or dismemberment.

Check with your state requirements for the coverage your business will need, but consider working with a captive insurance company for a more affordable option.

How to Succeed as an Independent Trucker

Making the decision to become an independent trucker can offer a promising career. Starting out will require a lot of hard work, but you can get started with little investment. You need a commercial driver’s license, a truck and a plan.

  1. Truck

A trucker has to have a truck. Ideally, you might want to own your transportation, but when you’re just starting out, this may be too costly. Leasing a truck with the goal of saving capital for a down payment on a purchase later makes sense for the beginner.

  1. A Solid Plan

What types of goods will you transport and who do you want to work with? Ask yourself these questions and more, and put them into your plan. Also, have a plan for growth. The more you have in writing, the more likely you are to succeed.

  1. Liability

Having your own company comes with liability. Choose the right insurance for your job. If you’re transporting fuel, you’ll want to purchase fuel tanker insurance. If you’re transporting goods, you’ll want to insure the size of your load.

  1. Expenses

Create a budget and determine how you’re going to meet your expenses each month. Maintenance, gas, communications, insurance and tolls will all need to be considered.

You will become your own manager, and as a manager, you need to be able to manage your business. Be sure you are up to the task.

What Is Fiduciary Liability Coverage?

While most businesses probably don’t view themselves as having a fiduciary duty to customers and they’re probably right, a lot of them do have that duty to their own employees, and many don’t realize it. That’s because companies that provide benefit plans that have value and need to be managed incur those duties, and the liabilities that come with them. Whether it’s profit sharing, pensions, or managed 401k plans, there’s an obligation to do right by the employees who are essentially investors in those plans, as well as fiduciary obligations to those covered by health plans. That means for companies that offer said benefits, insurance against this specific form of liability is a necessity. That’s fiduciary liability insurance for most non-financial businesses in a nutshell.

Coverage for Plan Management Professionals

Naming an external agent like an HR management firm as the party that manages your company’s benefits doesn’t outsource all the risk, but it does share it. You’ll still need to talk to an insurance professional about your needs if that is the case. For those companies who make it their business to handle benefits management for other firms, this insurance is a vital part of keeping your core operation safe in the event of a mishap or bad faith action by an employee. In fact, because of the nature of the operation, you may need coverage well beyond the limitations in most plans marketed directly to employers. Only a consultation can tell you for sure.

Loss Protection Through Boat Coverage

When you purchase a yacht or a boat, you are making an investment that far supersedes the initial purchase price of your watercraft. Experts, like those at HILB Group of Florida, advise that you take the same investment in your boat as you do your standard transportation, making sure it protected in case of loss. It doesn’t matter if you have owned boats for years or you are just starting out in on a journey to purchase a boat, you need to know the many advantages of marine insurance.

Common Causes of Loss

Most boaters or yacht owners don’t understand the full extent of the pitfalls that can create a financial loss with your prized possession. The common causes of loss are generally what are included in a comprehensive marine policy, so knowing what protections you are being offered equates to understanding the benefits.

  1. Physical damage. Repairs for physical damage originating from a variety of weather-related incidents like hail, wind, rain, and lightning are covered.
  2. Property Damage. The costs to repair property that was damaged due to an incident with your boat may be covered.
  3. Emergency Assistance. If your boat requires emergency assistance, fuel delivery, or towing services to a repair location, a policy may cover the complete expense or have a small deductible.

Investing in an insurance plan is a way to protect your hobby and your watercraft. The advantages of insurance are many when weighing the financial costs of not having it.

Planning HR Audits

Your company’s human resources department helps to organize your entire workforce. In order for your company to operate effectively, all aspects of employee management need to be conducted correctly from the time of onboarding until the time that an employee leaves your company. To optimize your HR department’s overall performance and to mitigate your company’s risk of liability related to human resources error, it’s highly advisable to periodically conduct a controlled audit of the HR department’s recordkeeping and operations.

Get Help from a Third-Party

It’s beneficial to have a staff in your HR department perform self-evaluations as a part of the auditing process. However, it’s advantageous to bring in a third party to direct HR audits. Source: Outsourcing your audit will bring in specialized expertise that your internal staff won’t necessarily have. Moreover, it’s helpful to get unbiased feedback from an outside source who can be completely objective in their evaluation.

HR Audit Elements

Application screening, personnel records management, benefits administration, workers compensation compliance, performance reviews, and expense monitoring are all examples of key human resources functions that can create serious problems when not followed correctly. Thorough HR audits should address of all of these activities to evaluate compliance with your company’s internal policies as well as federal and state guidelines.

Explaining the Need for EPLI

As a business, it is important to protect your operation from all types of risks. One of these that has become more common in today’s workforce is an employee suing their employer. The policies that defend against this fall under what is called Employment Practices Liability Insurance. With recent changes in society as a whole, EPLI claims have been steadily increasing. This is why it is essential to ensure your business is covered against these unfortunate situations.

What Protection Does it Offer?

No matter the size of your company, it can be exposed to lawsuits when employees feel their rights have been violated. Even if the accusations end up being proved false, there can still be costs incurred to defend against them. In fact, the research provided by determined that the average out of court settlement costs an employer $75,000.

Most policies will reimburse costs of defense, which can be large, and any settlements. Claims against EPLI can come from several different areas. Below are some examples of scenarios where this policy would be beneficial:

  • Sexual harassment
  • Hostile work environment
  • FMLA
  • Wrongful termination
  • Discrimination

Workplace training and awareness are excellent ways to help prevent such claims. However, most businesses will go through one at some point. It is critical to understand insurance options before this occurs.

Search for Proof of Insurance

Whether you are a Florida employer, injured worker, insurer, or health care provider you need tools that will keep you informed about a company’s worker’s compensation compliance. As reported by, this tool is available and can search for a policy by employer name, policy number, Federal ID number, exemption holder name or social security number. The State of Florida set up this database to help ensure that worker’s compensation laws and rules are followed. This helps companies remain in compliance with state laws as well as protecting workers from companies that have not provided the proper worker’s compensation.

Help for Companies

Most employers are required to provide worker’s compensation insurance in Florida. Employers run the risk of penalties for not having the proper coverage for their company. A licensed insurance provider can help you determine what amount of insurance is needed to bring your company into compliance with Florida’s Department of Financial Services, Division of Worker’s Compensation.

Help for Employees

Employees can search the database to see if their company has a policy and what that policy includes. Once compliance is determined, the Bureau of Employee Assistance and Ombudsman Office can explain the benefits the employee can access. The employee can also get help in resolving disputes related to the claim. The FLDFS proof of coverage search can help employees get back to work quickly.