Showing posts with label Insurance Claims. Show all posts
Showing posts with label Insurance Claims. Show all posts

Thursday, March 28, 2024

6 Ways to Save Money on Commercial Glass Replacement

The glossy facade of your commercial property is more than a superficial adornment; it's an essential part of your business's first impression, safety, and energy efficiency. 

However, when a crack sprawls across this transparent symbol of your success, it can spell outsize costs in materials, labor, and lost business due to downtime. 

Here, we'll disclose six astute methods for commercial glass replacement that won't just restore your structure's luster but also preserve your operating budget.

Leverage Bulk Purchasing Power


When one pane shatters, it can be an economic headache; when several need replacement, it outright aches the finances. Cohesive procurement strategies are more vital than a mere savings strategy – they become a solid business decision.

For commercial facilities, glass replacement isn't often a 'one-and-done' affair. Engage with suppliers on their tiered pricing structures for volume orders; the more you buy, the less you pay per unit. 

Furthermore, securing maintenance contracts with a stipulated number of replacements ensures better rates that anticipate the volume of your needs. 

Negotiate proactively and lock-in those lower prices for the long term - it provides stability and predictability for your finances.




Consult on Custom Orders Wisely


Commercial glass replacement for your property's window is not just another opening; it's a custom fit, specific to your structure's aesthetic and spatial dimensions. This bespoke nature doesn't have to equate to exorbitant prices.

Custom doesn't always mean more expensive – if you consult at the right time with a professional who understands your property's needs, it can save you from costly measurement errors that lead to rework. Always insist on a detailed, itemized quote so you can see precisely what you're paying for. 

This clarity also prevents 'overbuilding' – purchasing thicker or more embellished glass than necessary – and the invoice trickling in higher as a result.

Timing Is Key


A cracked window won't exempt you from the cost of operation, but strategic timing in its replacement can shave off the expenses in crucial ways. 

Planning for commercial glass repair in tandem with other seasonal maintenance can minimize the labor costs associated with dismantling and reassembling components around the window.

Furthermore, leveraging slower business periods prevents the added cost of rushing orders or overtime. Coordinating with professional service teams at less-busy times can secure commitment to your project without financial 'rush taxes'. 

Just by synchronizing the work with times that won't disrupt your business peak hours, you are already saving considerable operational costs.



Energy-Efficient Doesn't Have to Mean Exorbitant


Green initiatives and energy efficiency aren't just buzzwords; they're bottom-line benefits for your company in cost-saving terms. 

When it comes to choosing replacement glass, opt for energy-efficient options that can qualify for tax credits and utility rebates, cushioning the initial investment.

Low-E (low-emissivity) glass, for instance, minimizes the UV penetration that heats your premises, thereby lessening the load on your HVAC system. 

Investing upfront in these modern, efficient materials pays off with myriad savings in your monthly energy bills, making it a far-sighted financial decision to balance against replacement costs.

Understand Insurance Claim Dynamics


Navigating the labyrinth of insurance policies can be daunting, but it's often the most overlooked source of glass replacement savings. Take the time to understand your coverage and the specifics that relate to glass-related claims.

Some policies might surprise you with how comprehensive they are, while others may require you to take precautions to avoid higher premiums in the event of a claim. 

Breakdown the excesses and deductibles and compare them against the outright replacement cost – sometimes, filing a claim doesn't make financial sense. 

Always maintain an honest dialogue with your insurer and ensure you're not missing out on rightful compensation for your damaged glass.



You're Not Alone - Seek Rebate and Grant Assistance


Government agencies and utility companies are increasingly incentivizing the upgrade to energy-efficient buildings through rebates and grants. 

Don't miss out on what can often amount to sizable reimbursements for your investments in modernizing your glazing systems.

From local to state and federal levels, there are often programs in place to ease the transition to more sustainable building materials, including glass. 

Research the opportunities that might be available to commercial properties and factor these anticipated reimbursements into your replacement budget. It's surprising how they can help you save if you pre-plan and apply for such initiatives accordingly.

Final Thoughts


The fiscally prudent commercial property owner knows that a shattered window doesn't have to mean fractured finances. 

By exercising due diligence in procurement, timing, understanding claim dynamics, and financing, you're not just replacing glass; you're reclaiming control over your budget and business sustainability. 

These strategies spotlight the potential for considerable savings, ensuring that even through the clearest of panes, you're seeing the most cost-effective solutions for your commercial glass replacements.


Tuesday, July 18, 2023

Fraud Alert! Things Every Business Owner Should Know About Filing a Fraud Claim

Fraud is a growing concern for businesses of all sizes. According to the Association of Certified Fraud Examiners (ACFE), fraud accounts for losses of approximately 5% of a company's revenue.

For small businesses, the impact can be even more significant. Fraud can damage your company's reputation, drain your finances, and even force you to close your doors.

As a business owner, it is essential to know how to protect your assets and what steps to take if fraud does occur. In this post, we will discuss what every business owner should know about fraud and how to file a fraud claim.

Know the Different Types of Fraud


The first step in protecting your business from fraud is to understand the different types of fraud. Fraud can come in many forms, including embezzlement, cybercrime, insurance fraud, and financial statement fraud. 

Embezzlement is the theft of money from an employer by an employee. Cybercrime is when a criminal uses the internet to steal information or money. Insurance fraud is fraudulently seeking payment from an insurance company for a loss. 

Financial statement fraud is when a company misrepresents its financial statements to the public.

Businesses in different industries are prone to different types of fraud. For example, retail businesses may be vulnerable to shoplifting, while restaurants can be susceptible to cash register skimming or check kiting. 

Healthcare organizations have become particularly vulnerable to healthcare fraud, such as the submission of false claims for reimbursement. 



In the banking industry, check fraud is a common occurrence, while in the construction industry, bid-rigging is a common form of fraud. 

Regardless of industry, it is important to identify potential risks and put a system in place to detect and prevent fraud.

Warning Signs of Fraud


Being alert for warning signs of fraud is an essential part of protecting your business. There might be suspicious financial activities, such as unexplained funds transfers or excessive cash withdrawals. 

Also, systems and files might get compromised; cyber investigations in these instances are necessary. Insurance claims that look exaggerated or do not match the original loss report might indicate insurance fraud.

Other warning signs to look out for include employees who are living beyond their means, sudden changes in employee behavior or attitude, and suspicious activity between vendors. If you see any of these signs, it is important to investigate them further. 

It’s also a good idea to review your internal processes regularly and develop controls to detect any possible fraud schemes.

Periodic audits can also help detect any possible fraudulent activity. If a fraud scheme is detected, it’s important to take the necessary steps to prevent further losses and report the incident immediately.

Preventing Fraud Before It Happens


Preventing fraud is a crucial element in protecting your organization against fraud. Your business should have proper accounting procedures in place, including multiple approvals or signatures, supervisory review, and appropriate segregation of duties. 

You should restrict access to bank accounts and financial records. Additionally, you can use forensic accounting techniques or hire third-party auditors occasionally to detect any suspicious activities.

An audit is an important tool to identify and prevent fraud. When done correctly, it can provide valuable insight into potential problems with internal controls or financial records. 

It should include a review of financial statements for accuracy and completeness, an investigation of any discrepancies, and interviews with key personnel involved in the process. 

The auditor you use should also review accounting procedures and discuss areas where fraud may have occurred.

The audit should also include tests of the internal control system and the preparation of a written report that outlines the findings. Once completed, this report can help management take steps to strengthen its internal controls and protect assets from potential fraud.




The Claim Process


If your business suspects it has been a victim of fraud, it is essential to take action promptly. First, report the fraud to your local law enforcement agency to investigate the issue and collect evidence. 

Also, notify your insurance company if you have relevant insurance coverage. Then, consult with your lawyer to review the contract agreements and other legal documents. Finally, you can file a fraud claim against the responsible party.

When filing a fraud claim, it is important to remember that the process can take time. Depending on the circumstances of the case, it may take weeks or months to reach a resolution. 

The length of time will also depend on the case's complexity and how quickly both parties can agree to a settlement or award.

Additionally, if multiple defendants are involved in the case, this will also increase the complexity and length of time it takes to resolve the issue. 

Above all else, be sure to remain patient throughout the process and ensure that all documents are properly filed, and evidence is ready for presentation.

Seeking Legal Help


Fraud cases are complex and challenging to navigate, so contacting a lawyer can help you learn more about your legal rights and options. A lawyer, such as someone from Gray Ritter Graham, will work with you every step of the way. 

A civil suit action against the responsible party, recovery related legal rights, and defending a legal case brought against your business in relation to a fraud claim are some of the areas where a lawyer can guide you.

Finding a great lawyer to help with your fraud claim is essential. Do some research and ask for referrals from family, friends, or colleagues who have had experience with fraud claims in the past. 

Once you have identified several potential lawyers, take the time to meet with them and make sure that their experience and expertise are suitable for your case. 

Ensure that they have knowledge of the relevant state and federal laws, as well as experience litigating fraud claims. It is also helpful to look for a lawyer who is willing to take your case on a contingency fee basis so you are not paying fees upfront.

Final Thoughts


Fraud can have a devastating impact on your business. As a business owner, it is essential to know how to protect your assets and what steps to take if fraud does occur. 

Knowing the types of fraud and how to recognize them, conducting regular audits and reviews, having a fraud prevention plan in place, and filing a fraud claim can help protect your business and prevent further losses. 

Protect your business, safeguard your assets, and make sure your company is secure with the help of a comprehensive fraud protection plan.



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