If you were at the Clean Show this year, you likely noticed the large number of attendants. In fact, Clean 2015 unofficially drew more than 11,000 attendees, surpassing the full 2013 New Orleans exhibit in just one day. Among participants throughout the Clean Show 2015 were many vendors selling equipment, conveyors, computer systems, inventory item, business vehicles and much more. Did you make any significant purchases at Clean 2015? It’s time to review your insurance coverage if you did.
We’ve written before about the different drycleaning insurance coverages needed to ensure a full insurance portfolio for drycleaning businesses, as well as why drycleaners need for equipment breakdown coverage. However, if you’ve purchased brand new equipment at the show or elsewhere, your insurance portfolio needs to be reviewed, as your Business Personal Property (BPP) values are probably no longer accurate, along with other coverage exposures you may not have considered if you diversified your business (such as adding drop off lockers, doing restoration work, etc…). Additionally, if you’ve purchased a vehicle it should immediately be added to your business auto coverage.
Did you purchase new equipment? If you’ve bought a new point-of-sale systems or any other items at Clean 2015, your insurance company should probably be aware of this addition for insurance purposes. This is also important if you have purchased equipment additions that you plan to upgrade your shop with, as this can affect your property coverage.
Are you unsure if a change needs to be made? The best thing to do is to contact your insurance broker to discuss your policy limits. At Irving Weber Associates, Inc. (IWA) we offer specialized coverages that many standard dry cleaning and commercial launderer policies don’t provide, through our FabriCare Advantage program.