You Have Insurance, Now What?

That policy is not something to just file away. You need to understand what it covers in the event of a claim. Although it’s not the juiciest read, you must take the time to read the policy. Discuss any questions with your agent.

As a laundry owner, you want to stay insurable.

Canceled vs. Non-Renewed

Laundry owners will sometimes say that an insurance company cancelled their policy. There is a difference between “cancelled” and “non-renewed.”

An insurance policy is generally a one-year contract. At the end of the year, either party can dissolve the relationship. That’s why we often tell people to shop their policies every year. Laundry owners might get a better rate with another carrier or find that their current policy is the best on the market.

The same holds true for the insurance companies. They want to maintain a reasonable rate of risk. Similar to a homeowner policy, if an insured makes too many claims, runs an unsafe operation or chooses not to pay the premium on time, the company can elect not to renew the policy.

In order to be considered a canceled policy, the insurance company would have to dissolve the relationship prior to the one-year term. This rarely happens. A cancelled policy might be the result of unpaid premium or excessive losses.

Steps for Keeping Everyone Happy

One of the best ways for securing low rates and top-notch coverage is to protect your laundry from claims. When you do so, you are protecting your customers, your employees and your investment.

Click here for tips that keep you and your laundry safe.

About Ruby

Ruby Burch is the executive coordinator for CLA Insurance. For additional information about property/liability coverage or other laundry insurance needs, she can be reached at (800) 346-8424 or via e-mail at clainfo@coinlaundryinsurance.com.