What to cover in Insurance?

[MrsNewMat]

I am about to close on a Mat in Connecticut in two weeks. It's a 16 washer, 18 dryer, no wdf, no employee, will be fully attended small operation.

I am completely new at this so I am trying to find out what type of coverage I should have for insurance. My landlord requires $1 Million general public liability coverage but other than that I have no clue. I don't know what to ask for when I call Insurance agents.

Any help would be appreciated.

[millenniumplus]

What your landlord requires for insurance oft times is noted in the lease agreement.
You can provide that info to the insurance company or the verbage you describe in
your note should do it - the agent will work with you from there.

[azkid]

If you've read many of these posts, you also know the CLA offers an insurance program. You should check it out for your store - in my case I was able to save money

[Howard]

Insurance is simply the transfer of risk for a price. If you own your building and all your equipment outright then technically you don't need to insure anything. If you owe money on your equipment or lease your space then those contracts will state what protection those entities demand. If you can aford to pay for potential losses out of your own pocket (self-insured) then you need no insurance. If you are unable or unwilling to do so, then you should buy insurance to cover whatever potential loss you do not want or cannot shoulder yourself.

[LuckyStella]

My policy covers:
Building
Built-in equipment
Equipment (W/D/etc)
Glass
$1 million liability
$2 million aggregate
$1,000 medical payment/$25,000 per accident
Losses due to mechanical/electrical/pressure breakdown
Fire

LS in Upstate NY