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Hi Business Owners,
Hope your weekend is going well. We were supposed to further visit inspections this issue, but a few queries over the weekend derailed me to "insurance" for a moment. Note the below (I just put it up on the blog).
Many wishes for a super successful week!
Getting Insurance for Your Foreclosure Cleanup, REO Trash Out Business, or Property Preservation Business
We've done a few editorials on insurance over the last few years for the foreclosure cleanup, REO trash out, and property preservation industry. Many ask about E&O insurance versus liability insurance for their foreclosure cleanup businesses. Here are links to those posts:
In doing a little non-related research this morning, I came across a post that explains who needs E&O, versus who needs liability, quite simply. Here's the article. Between the article we've penned in the bullet point above and the one referenced here, you should have a firm handle on the differences between the two types of insurance as it relates to the foreclosure cleanup, REO trash out, and property preservation industry
Under Which Category Should I Be Insured?
Are you having a hard time getting an insurance quote for liability? We often receive queries about the category under which to be insured from new foreclosure cleaning business owners. Many full-fledged foreclosure cleanup services have a hard time getting liability because of the services they want to offer. Here's a stock answer in hopes it will guide you: Ask for a quote under the Janitorial/Maintenance category for your foreclosure cleanup and REO trash out business.
Now this means you should only perform services allowed under this umbrella. If you are new to the industry, start small, offering the services for which you can properly get insured. As you grow, change or add to your policy.
Good luck to you!
The above post is no substitute for legal or professional advice. Do you own further research, ponder your services offered and decide on the best type of policy for you and your foreclosure cleanup, REO trash out, or property preservation business.
Help Wanted / Jobs: Foreclosure Cleanup, Lawn Maintenance, REO Trash Out Jobs, HUD Vacant Homes Jobs, Etc.
Your link to all of our previous newsletter posts:
Cassandra
Your link to all of our previous newsletter posts:
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Failed Banks Listed by Month
Visit this link to see which banks closed in which month. (Remember, the acquiring institutions of failed banks can be fertile ground for foreclosure cleanup businesses.)
Get Your EIN Today:
http://www.irs.gov/businesses/small/article/0,,id=97860,00.html.
Tip: To locate your County Clerk's Office, GOOGLE phrases like "Your County Name" and County Clerk; or "Your City Name" and "County Clerk".
Search for Business "Licenses and Permits" Regulations by State: Every business needs one or more federal, state or local licenses or permits to operate. Licenses can range from a basic operating license to very specific permits. Regulations vary by industry, state and locality, so it's very important to understand the licensing rules where your business is located. Not complying with licensing and permitting regulations can lead to expensive fines and put your business at serious risk. (Source: SBA.gov.) http://www.sba.gov/content/search-business-licenses-and-permits
Help Devising a Zip Code List: In your effort to come up with a list of zip codes in which your company does business (or in which your company can do business), use the United States Post Office's Zip Code Finder. You can find a ZIP Code by entering an address, and you can also search for a partial address, such as "Green Street, Los Angeles, CA." Find it at this link: http://zip4.usps.com/zip4/welcome.jsp.
D-U-N-S Number Tip: Don't "pay" for a D-U-N-S Number! Some companies charge $149 and up when they box it with other services. Getting your number is free, free, free if you are signing up as a vendor on government contract registration websites.
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Blogs of Interest
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