Maximizing Your Dry Cleaning Business’ Revenue

Dry cleaning business

The dry cleaning business carries a lot of operational expenses, and the stream of income may vary significantly from month to month. Keep your business’ revenue steady by adding new services and connecting with customers in new ways.

Expand the Scope of Your Services

To increase your dry cleaning business profit, you might try offering new services to your customers. To draw in additional revenue, consider the potential benefit of adding a pick-up and delivery wash and fold service. When priced competitively, a lot of individuals find this preferable to going to the laundromat.

Put Your Business Online and Provide an App

As observed by Irving Weber Insurance, your business’ online presence can have a big impact on its success. People really seem to love being able to organize appointments and shop for items by going online or using an app. For example, large pizza chains have recently experienced a slight increase in popularity over locally based competitors, despite offering inferior products. The reason is that these large chains have created convenient and easy to use apps. Effectively, people will be more likely to use your services over competitors’ if you make it easy for people to connect with you on an app. Possible app features could be scheduling a pickup or delivery or getting an update on an order or a notification when it’s done.

What Is the Difference Between Umbrella and Excess Insurance?

Umbrella insurance

Businesses need a variety of liability insurance policies to cover their exposures. There are sometimes when you exceed the policy limit when a claim is settled. Understanding the differences between umbrella vs. excess liability policies can help you determine which is best for your business.

Key Difference

The experts at Byrnes Agency Insurance state that umbrella policies often offer additional coverages while excess liability provides higher limits yet follows the limits of the liability policy. Excess liability may have more limitations than the underlying liability policy. Umbrella insurance, on the other hand, can help fill in policy gaps.

Assess Risks

To choose the right policies to add to your insurance coverage, you need to assess your business risks. Where does the business have the most claims? Analyzing the risks can help you see where there are gaps in coverage.

Policy Choice

For a company with companies throughout the world, an umbrella policy may offer broader coverage for those increased liabilities. Some companies may need additional liability coverage only in specific areas for specific items. These companies can benefit from an excess policy with additional limitations. Choose the one that best addresses the business’ risks.

These differences between umbrella vs. excess insurance can make a difference for your business claims. The business may need one or both policies for full coverage.

What Are Trucking Bonds?

Trucking Bonds

In the trucking industry, measures need to be taken to ensure that those working in the industry are certified and willing to put in a high-quality effort. Essentially, trucking bonds are measures that are required in order for those working in the industry to obtain work or permits to operate. To learn more about what are trucking bonds, check out https://www.truckinsure.com/ for a briefing on the basics of trucking coverage.

At its core, a bond certifies that those who have been bonded will perform their obligations to the best of their abilities. Before becoming a bonded trucking professional, the driver must first undergo a serious and thorough background check. Then, he or she can become bonded. Why would bonding a trucking professional be useful? The trucking industry is used to deliver so many valuable goods across the country that customers expect packages to arrive on time and in pristine condition.

In this type of high-stakes delivery job, it is imperative that there is some form of insurance that goods can be delivered as expected. Trucking bonds put into action a commitment to have the trucking professionals perform deliveries to a standard of excellence that lives up to the expectations of customers. In a world that is connected by the trucking industry, bonds help make sure that things operate at an efficient and quality level.

Main Types of Insurance for Boat Builders

Merrimac Marine Insurance

Boat builders insurance is a special type of cover for boats and yacht artisans. It directly or indirectly covers all the people involved in the process of manufacturing these commercial vessels, restoring the boats and refitting them. Boat builders risk coverage provides compensation for any losses that happen as a result of physical damage or third party liability. Here is a breakdown of the main coverage in boat builders insurance.

Physical Damage Insurance

This insurance provides compensation for losses that result from the physical damage of the ship or yacht. When the insured claims the damage, the insurance firm assesses the degree of damage on the boat and then covers the repair or replacement expenses. The disbursement amount depends on the market value of the vessels and the premiums that the insured pays.

Third-Party Liability

Merrimac Marine Insurance notes that third party liability insurance applies to the legal liabilities that affect third parties. For instance, boat builders risk coverage can provide compensation for losses arising from the damage or physical loss of a third party’s property. The indemnity limit greatly varies among insurance firms; hence, you should carry out your due diligence before selecting an insurance firm to work with.

Boat builders risk coverage is an ideal policy for people who manufacture boats or yachts. The cover compensates for losses arising from physical damage to the vessel or third party liability.

How Do I Cover Subcontractor Liability?

Professional Liability Insurance

The construction industry features a variety of specialized tasks that come with specific risks. The general contractor uses various subcontractors to complete a project. The question often asked is: Are subcontractors covered under contractors’ insurance?

Accidents

The experts at Huntersure state an accident caused by a subcontractor working on your project may not be covered under the contractor’s professional or general liability policy. Accidents can lead to body injuries and property damage. While the client may sue the subcontractor to recover the financial loss, they could also sue the general contractor for damages. Requiring subcontractors to carry their own liability insurance can help mitigate risks.

Mistakes

A job site has lots of moving pieces leaving room for mistakes to happen. Without an errors and omissions policy or professional liability policy, the contractor may be on the hook for those mistakes. Unfortunately, mistakes may not show up for several months after the job completes. This means that a client may not sue until down the line. Insurance steps in to help cover a lawsuit as long as both the contractor and subcontractor have a policy.

The answer to the question are subcontractors covered under the contractor’s insurance is no. There may be some instances where the subcontractor may have limited coverage, but generally, the subcontractor should have their own liability insurance policies in place.

The 4 W’s of a Builder’s Risk Policy

Daniels Insurance Agency

Building a structure is not an overnight endeavor. Many things beyond the control of insured parties can occur. Builder’s risk insurance provides protection of the structure, tools, materials and equipment used from hazards such as theft, fire, natural disasters, and other perils.

  1. Who Needs It

The candidates for coverage are wide-ranging. These should be any stakeholder with a financial investment in the construction project, which includes but is not limited to the groups below.

  • General Contractors
  • Subcontractors
  • Landowners and homeowners
  • Developers
  • Custom home builders
  • Architects
  1. Why Have It

In simple terms, it provides different protection than a general liability policy. That typically shields the insured from injuries and harm that occurs as the result of unforeseen accidents, while this covers the loss of actual physical property.

  1. What Amount

According to www.danielsinsuranceinc.com, a typical coverage amount is for the contract price. However, any policy should consider the worth of the completed project, which may include other assessments beyond the contract value itself.

  1. When Covered

The policyholders need to have a clear understanding of when the coverage begins and ends. In most instances, the signed contract starts protection, though there could be specifics that restrict this date. There also needs to be knowledge of the expiration timeframe, as certain milestones or lapses in work can affect the insurance.

Protect Your Marina With the Best Coverage

PWC Insurance

Running a marina can be a fun and rewarding experience. Of course, to keep your business successful it is important that you focus on protecting your company. A business that specializes in renting jet skis and other personal watercraft will need to take extra steps in order to find appropriate insurance coverage. Whether you own a yacht club or a dock, proper jet ski insurance will make all the difference for your company’s future.

Specific to Your Industry

The experts at Merrimac Marine Insurance have reported that there are often a number of factors involves insuring an establishment that specializes in the renting of personal watercraft. A business of this nature might rent out jet skis as well as house a restaurant, provide space for boats to dock, and a number of other services. This means that you need a comprehensive type of insurance that will cover all aspects of your company’s operations. Common areas to look at with insurance include:

  • Hull coverage
  • General liability
  • Watercraft coverage

Avoid Fines and Fees

Because some of your business is conducted on navigable waters, you must also adhere to a number of strict regulations. Proper insurance will keep your company covered in an array of industry-specific situations.

Finding appropriate coverage for your business is a must. Explore policies geared toward your type of work and it can make a huge difference toward your future.

Keep Your Warehouse and Workers Safe from Harm

Commercial Warehouse

Operating a commercial warehouse comes with a number of intense responsibilities. The assets stored within the warehouse can often be quite expensive and this means you need to do everything in your power to protect both these items and the people who work within the warehouse. This is where commercial warehouse contents insurance might prove invaluable. The right coverage can help you breathe easy and keep your assets secure at any given time.

Create a Plan

As reported by the experts at https://hilbgroupfl.com, there are several key steps to enforcing safety in the warehouse. The first step is to create a sensible plan of action. This involves researching various safety procedures, comparing national regulations to your own practices, and assessing the unique needs of your warehouse. Taking these factors into consideration can help you develop a plan that works. Additional steps to take include:

  • Rearranging products or shelving
  • Updating current employee guides
  • Taking out comprehensive contents insurance

Employee Education

It is also crucial to keep your entire staff informed of any and all changes made to current safety processes. Regular meetings with your team can help keep everyone on the same page and decrease the odds of an avoidable accident taking place on the floor of the warehouse.

To properly protect your assets, you need to take the right steps. Explore insurance options and discover the best fit for your future.

Two Tips For Buying Manufactured

Brynes Insurance

If you dream of owning but lack the funds to buy a traditional family house, there are other options. Buying a manufactured home does not mean the same thing that it meant twenty or even ten years ago, giving you the option to buy a lovely home for a fraction of the price.

Know What You’re Getting In Your Price Range

There is a delicate balance between what you want and what you can afford. Although modular and mobile homes are much more attractive and well-built than they used to be, older options might be a more realistic option for you if your budget is on the lower end of the spectrum. Research the market in your area and find out what kind of homes fall within your price range.

Understand the Differences In Financing

The beauty of a mobile home is in the name itself: Mobile. Because of this, they are generally considered personal property and you will likely not qualify for a traditional mortgage loan. Speak to your bank regarding your options to help you understand where you stand.

If you’re still hungry for tips on buying a manufactured home, check out Brynes Agency Insurance for more information. There’s much to be learned about the process, but if you get your own home in the end then it’s worth it.

Three Fraud Risks Faced by Auto Dealerships

Auto Dealerships

The many moving pieces of auto dealerships put them in a vulnerable position for fraud. The increased risks they face make auto dealership liability insurance a must-have. These three fraud risks should be addressed by the company’s risk management strategy.

EFT Volume

Auto dealerships transfer a lot of money using electronic funds transfer. These instant money transfers happen multiple times every day as people buy and sell their vehicles. Even a wrong keystroke could cause the money to move into the wrong account. Most of these errors are irreversible putting the dealership at risk.

Internal Controls

An effective risk management strategy includes internal controls to provide checks and balances throughout the company. These controls can sometimes be overlooked or forgotten in the busyness of the day. However, it is crucial that staff realize the necessity of following the internal controls in place to minimize fraud.

Multiplied Risk

Most auto dealerships consist of a variety of parts from new cars to service bays. Each piece adds risk to the company. As seen on https://www.arroyoins.com, you need to protect everything in the business from inventory to service areas to the showroom floor.

These are only three fraud risks auto dealerships face. Each risk increases auto dealership liability. The right insurance portfolio addresses these risks and works with your risk management strategy to protect the business.