Insurance/Legal Matters in Restoration

RSS

Range of coverage options offers protection against the unique exposures of small business owners in skilled trades.

At this very moment, you likely genuinely wish your choice years ago was “preparation.” Nonetheless, dozens of questions surface surrounding the following: business value, taxes, deal structure, timing of the sale, estate planning, confidentiality, who helps, the premise lease, key employee contracts, etc. The list goes on.

While the use of the internet increases daily, so does the sophistication level of cyber criminals. These criminals are stealing identities, hacking networks, and infecting computers with malware. Many business owners feel they are too small to be a target.

The answer to this question is one that has haunted small business owners: cash flow. A company can look good on paper, bringing in consistent revenue and new clients, while still coming up short at the end of the month. 

You may have wondered where the phrase “a canary in a coal mine” originates. Wiktionary dictionary defines it as “something whose sensitivity to adverse conditions makes it a useful early indicator of such conditions; something which warns of the coming of great danger or trouble by a deterioration in its health or welfare.”

Like the boy that cried wolf, some fire professionals have been hearing about the first-ever internationally accredited fire restoration standard for a long time – or what feels like a long time – and a yeah, call me when it’s done reaction is understandable. Yet it seems a larger group, a majority of fire damage contractors, aren’t even aware development is underway.

The restoration industry provides vital services to our country in many of its times of deepest need and crisis. In return, our economy provides an opportunity for these restorers to capture enormous wealth.

No restoration contractor would consider going without their General Liability or Property insurance, yet studies have shown you are more likely to have an Employment Practices Liability (EPL) claim than either of those.