Like most industries, the world of the textile industry has undergone many changes due to a number of factors. From technology to economics, supply and demand to global trade, the textile industry is anything but immune to change, innovation, and risk. That’s why it’s so important for textile clients to understand how they can mitigate textile industry risk and set themselves up for success moving forward.
From risk assessments to quickly responding to changes in the industry, here are some ways that textile businesses can stay ahead of the curve while protecting and securing their future.
Limiting Textile Industry Risk Through Insurance
While staying on top of changes in the industry is a must, not everything can be prepared for entirely. Having coverage, such as specialized Textile insurance, can help to pick up where a business leaves off when it comes to preparedness. Irving Weber Associates’ textile insurance program offers comprehensive Textile Laundry Insurance as well as Linen Supply Insurance and Uniform Rental Insurance.
This particular program includes all lines of coverage, including Property and Liability, Workers’ Compensation, Business Auto, Umbrella, Pollution along with extensive Employer Practices Liability Insurance and Cyber Insurance. Having this coverage can help to cut down on major losses while also protecting clients’ own customer base and future operations.
Audits and Reviews
Regular internal audit reviews should be conducted by accountants in order to look for any financial mistakes in a textile client’s overall business operations. Any notes should be gathered along with recommendations and given to top management to decide how to best respond. These audits should be performed on a regular basis, ideally every four months for quarterly business results.
Product Portfolio and Supply Chain
A textile company works with a certain number of projected products and stock. Any significant changes to this regular flow and any adverse impact on the sale of new products could impact the business entirely. A textile company should monitor the demand forecasts and any risks to its supply chain. Keeping an eye on global supply chain trends can help companies be prepared for any potential wave of change coming their way.
No company is immune to the daily risk of losing business to another business in the same industry. Competitors in a client’s general service area should be monitored closely for any major developments. Textile companies should focus on increasing their local market through marketing strategies that can target existing customers while also reaching out to new customers, taking away from the potential loss of market share.
These efforts can be executed through social media strategies, push notifications, email marketing efforts, and regular savings deals that will incentivize customers to continue their business.
Changes in Economy or Demand
Recently, the entire world sustained a major economic blow due to the spreading of the coronavirus. Markets slid over time before plunging in the United States after the virus started to make a deep impact. This is an example of something that textile businesses cannot control but can still be prepared for to a certain degree.
If a major event like this happens or something related to changes in fashion trends or global demand, textile businesses can limit risk by monitoring changes and customer preferences. Through market surveys and staying in communication with customers, textile clients can stay up to date on how best to adjust in a timelier manner.
About Irving Weber Associates
At Irving Weber Associates, Inc., we understand what it takes to run a successful Dry Cleaner, Commercial/Textile Service or Laundromat business, including investing in a comprehensive Fabricare Advantage Insurance Program to ensure that you are financially protected against legal claims. Our program includes specialty coverages including Environmental and General Liability, Property, Site Pollution Liability, Boiler & Machinery, Business Auto, and many more. For a detailed look at how we can safeguard your business with a custom-tailored package, please contact our specialists today at (855) 764-7406.
DISCLAIMER PER LEGAL GUIDANCE: Please be advised that any and all information, comments, analysis, and/or recommendations set forth above relative to the possible impact of COVID-19 on potential insurance coverage or other policy implications are intended solely for informational purposes and should not be relied upon as legal advice. As an insurance broker, we have no authority to make coverage decisions as that ability rests solely with the issuing carrier. Therefore, all claims should be submitted to the carrier for evaluation. The positions expressed herein are opinions only and are not to be construed as any form of guarantee or warranty. Finally, given the extremely dynamic and rapidly evolving COVID-19 situation, comments above do not take into account any applicable pending or future legislation introduced with the intent to override, alter or amend current policy language.