Content about Insurance

CHICAGO — A late-night fire scorches a two-story home, but firefighters are able to douse the flames before the structure is destroyed. Still, the smoke and water damage is extensive. Now, in his time of greatest need, the homeowner turns to his insurance company to begin the process of getting his family’s lives back to normal.

So, who does the insurance provider turn to at a time like this? It’ll call in contractors to see about repairing and/or rebuilding the structure, but before that can happen, something has to be done about the family’s personal belongings. Can they be saved? Are they worth saving?

That’s when the smart adjuster calls in a dry cleaner that specializes in restoring garments and soft goods. Long an offshoot of dry cleaning, restoration has come into its own as the add-on that can easily eclipse the core business.

NEW YORK CITY — It’s the nation’s most comprehensive health insurance reform since Medicare. And it’s been endorsed as constitutional by the U.S. Supreme Court.

Now, how will the Patient Protection and Affordable Care Act (PPACA) affect your dry cleaning business? Will your premiums go down? Will it be easier to shop for insurance? Will the available policies offer better coverage? And will you be protected from those profit-busting price hikes that so often occur when one employee in a small group gets seriously ill?

We’ll answer your most important questions at the end of this article. Here’s one thing to get out of the way first, though: No employer will be required to provide health insurance. However, some employers, as you will see, will pay penalties if they do not provide insurance and their employees decide to buy insurance from the new statewide insurance pools.

RONKONKOMA, N.Y. — Ever wonder what it would be like to sell something that no one wants to use? Insurance is something that the customer hopes (and usually believes) they will never use. Unfortunately, disasters happen, and that’s when we need our insurance most.

The hours following a disaster can be stressful and heartbreaking, but your insurance company is there to help you get through it quickly and with as little loss of business as possible.

What should you do if you have to file an insurance claim? The procedure is similar no matter what type of claim: property, bailee, sign, auto, etc. But in a catastrophic situation, dry cleaners aren’t like every other business. Most businesses, at time of loss, are not dealing with customers’ claims in addition to their own needs.

Here are some tips to working through your insurance claim:

Document the Damage — Take photos of the damaged property immediately, even if it’s with your cell phone. The key in dealing with any insurance claim is documentation. Document everything from the very start.

RONKONKOMA, N.Y. — Irving Weber Associates (IWA) has been working with local insurance brokers to offer their drycleaning clients protection at competitive rates for many years, but efforts to advise dry cleaners that they don’t need to fire their current broker to gain access to IWA’s insurance program hasn’t reached the audience it had hoped, the company says.

So, IWA has created a new division devoted exclusively to spreading the message that IWA wants to maintain local working relationships while providing dry cleaners and their local insurance brokers access to its coverage, says IWA President Adam Weber.

Christine (Tina) Brazier was selected to head the new division. “We want to educate the dry cleaners and their brokers about their access to our Fabricare Advantage Program, but also educate them on the many coverages designed to provide expanded protection to their business and that are rarely found in their current insurance products.”

John Leidner will serve as broker/agency liaison and Colleen Christner is responsible for marketing support.

PEMBROKE, Mass. — Tax time is here again. Before I give you some tax tips, I want to tell you to pay your fair taxes. I know that not all of you do.

Having said that, you should take full advantage of legitimate deductions.

Some Available Deductions

Basically, profit determination is a process of starting with revenue and deducting all expenses and costs from all activity that went into creating that inflow stream. Any amount of expenditure is deductible if it helped you, in any way, shape or form, to run your business.

Don’t forget to include:

CHICAGO — The details of the recently passed healthcare-reform bills and their impact on businesses can be confusing. A recent webcast from accounting firm Grant Thornton LLP offered an analysis of the reforms and their impact.

Presenters discussed the potential tax implications to employers and individuals, including tax penalties and other revenue-generating provisions. The webcast also discussed changes to Medicare and Medicaid, and more.

BERKLEY, Mich. — Inc. magazine has named the Certified Restoration Drycleaning Network (CRDN) to its list of the 5,000 fastest-growing private companies in the U.S. for the third year in a row.

CRDN specializes in restoring garments and other fabric items damaged by smoke, fire, water, mold or other contaminants. The company reported growth of 72.1%, which it claims is the result of the ongoing education of the insurance industry about the cost-effectiveness of restoring damaged textiles rather than replacing them.

RONKONKOMA, N.Y. — Irving Weber Associates (IWA) announced it will pay its 58th consecutive dividend to active participants of the IWA/Great Central Fabricare Industry Workers’ Compensation Safety Group.

OVERLAND PARK, Kan. — National Dry Cleaners Inc., the largest group of affiliated drycleaners in the United States with 231 stores in nine states, has filed for Chapter 11 bankruptcy protection. Its assets will be liquidated.

WASHINGTON, D.C. — Increasing costs are forcing small-business owners to drop healthcare coverage and embrace healthcare reform, says a new survey from the National Small Business Association (NSBA), while difficulty accessing capital is slowing growth.