Podcasts about general liability insurance

I get this question ALL THE TIME and that is "What Insurance Do Freight Brokers Need?". In this Freight Broker Boot Camp episode, I will talk about the different types of insurance you can get as a freight broker what are they for, and if you need them if you are just a startup brokerage. So get a pen and paper, jot down some notes, and enjoy!   Get Your FREE Cheat Sheet here at: FreightBrokerBootCamp.com/Insurance   Timestamps: [00:00] Introduction [00:26] I talk about the good news from FMCSA regarding getting insurance as a freight broker [01:09] Here is a short introduction of myself for those of you who don't know me [01:52] #1 - Workers Compensation [03:03] #2 - General Liability Insurance [04:12] #3 - Contingent Cargo Insurance [05:43] #4 - Spike / Spot / Per-Load Insurance [07:00] Summary [07:58] Get Your Freight Broker Training NOW! - www.FreightBrokerBootCamp.com [08:28] Subscribe, Rate & Review ---------------------------------- If you enjoyed this episode, please RATE / REVIEW and SUBSCRIBE to ensure you never miss an episode. Connect w/ Dennis & Learn More! Connect with me on LinkedIn Learn to Become A Freight Broker/Agent in 30 Days or Less! Watch Freight Broker Training Videos FREE

You might find yourself overwhelmed by the complexities of financial and accounting terms, often leaving you with little time to dedicate to learning about these topics. Audits can occur inconveniently, adding stress and pressure to your busy schedule.  In this episode, I explore the contrast between physically demanding work and administrative tasks, acknowledging the necessity of handling financial reports and organizing insurance despite personal dislikes. The challenges of completing an audit provide insights into overcoming mental and emotional blocks to think positively and recognize the potential benefits. I explore the fears and anxieties associated with audits and the importance of an insurance company providing support and guidance during these processes.   “When these notices come in, get them handled immediately.”           -Keith Kalfas   Today's Topic: 00:40 - Free sign-up, Industry Deep Dive: Mastering Profitability in Lawn Care. Free virtual event. Register at https://www.keithkalfas.com/events. 00:12 - How do you handle your business's administrative tasks and financial responsibilities? Do you enjoy these tasks, or do you find them overwhelming? 03:34 - What happens if you have an emotional response to tax audits? How did you handle it, and what was your experience? 7:22 -  How do you ensure that your business complies with all the requirements and regulations, especially regarding payroll and employee documentation? If you can't handle these situations alone, get a bookkeeper from your blue skies accounting or find your local accountant.   Key Takeaways: Establish administrative processes: Setting up administrative functions is crucial to handle financial matters and policies effectively. This ensures that you're prepared when audits roll around. Annual audits are required: Annual audits are often mandatory for general liability and workers comp insurance. It is important to know this requirement and gather the necessary documentation. Understand insurance company objectives: Insurance companies aim to assess exposure risk and liabilities to protect their interests. It's essential to keep this in mind when navigating through audits and responding to notices.   Connect with Keith Instagram: https://www.instagram.com/keithkalfas/ Facebook: https://www.facebook.com/thelandscapingemployeetrap Website: https://www.keithkalfas.com/resources Youtube: https://www.youtube.com/@keith-kalfas   Resources/People Mentioned: Mastering Profitability in Lawn Care. Free virtual event. Register at https://www.keithkalfas.com/events.    

On this week's episode, Matt is joined by Nyasha-Harmony Gutsa, CEO and Founder of Billy. Billy is a modern digital insurance agency on a mission to make construction insurance fair, fast, and accessible for every contractor in America. Nyasha and Matt discuss why is general liability insurance important for commercial leases and why is construction at such risk. Tune in to learn what construction teams should look for in their insurance provider and the best way to organize and track a company's insurance.

In this episode John Laforme is joined by home inspection attorney Greg Pyfrom. Greg shares his 30 years of legal experience dealing with home inspection claims against home inspectors.Greg offers more legal tips to better cover yourself as a home inspector. John and Greg cover some report writing tips regarding condo inspections vs home inspections and how to deal with foundation and roof systems.And yes You Need to Carry Errors and Omissions and General Liability Insurance.If you are not aware of Working RE Magazine, Check It Out and subscribe with the link below. This magazine is packed with helpful information to make you a better more informed home inspector.Working RE Home Inspector magazine – mails every four months to 25,000+ Home Inspectors.  Subscribe / Am I a subscriber?

If you own a small business, you know you face business risks and may wonder, “What are some common general liability insurance claims?” That's an important question, as the answer can help you understand whether you need general liability insurance (most businesses do) and if so, how much.What is Commercial General Liability Insurance?Commercial general liability insurance is a type of coverage that protects your business from the potentially serious financial repercussions associated with many types of liability. This includes:Damage your business causes to the property of customers or othersBodily injury to non-employeesProduct liability if a product you've developed or sold harms someone or damages their propertyLibel, slander, or copyright infringement, including things like “advertising injuries” where you say disparaging things about a competitor in your adsHaving the right amount of coverage (and potentially an umbrella insurance policy to extend that coverage) is essential when it comes to protecting your business.General Liability Insurance Coverage: Common ScenariosGeneral liability insurance coverage is helpful in a wide variety of instances. For example, it may provide coverage in scenarios like these:Can General Liability Insurance Coverage be Customized?General liability insurance coverage is fairly broad. However, you can customize your policy with many different types of add-ons as needed. This can include what are called "endorsements" for:Cyber liability. This add-on insurance protects you in the event of an incident like a data breach regarding private customer, employee, or client information. It can also provide coverage for regulatory action defense if a government agency requires you to appear in court.Hired and non-owned auto liability. This coverage provides protection when you or an employee of your business is driving a rented, leased, hired, or borrowed vehicle for business purposes. A common example is an employee who makes deliveries using their own vehicle. Adding this endorsement to a general liability policy or business owners policy (BOP) means you don't need a separate commercial auto policy for this purpose.Employment-related practices liability. This endorsement protects your business in case of a claim or lawsuit related to inappropriate workplace behavior (e.g., wrongful termination, harassment, or discrimination).Employee benefits liability. This add-on provides coverage in the event of errors or omissions in how you administer your employee benefits program. For example, it can protect you if you fail to add an employee to your medical insurance and the person is later denied coverage by the plan.Contractors installation, tools & equipment. This insurance covers your business property, tools, equipment, etc. while at a job site, in transit, temporarily

Painting Murals for a Living - this interview with Austin Sepulveda is full of wisdom! (Make your mural biz easier: https://www.brophyartacademy.com/artist-wall-mural-course-proposal-template ) ✅ JOIN MY NEWSLETTER by SIGNING UP for my 11 week FREE e-course that helps artists reach $100,000/year: https://bit.ly/3zvzLHa ✅ Hit SUBSCRIBE and leave me a review, please! :) In this episode we are lucky to talk to Austin, who has been a successful muralist in Austin, Texas for over 10 years. We talk about: ➡️Austin's process on finding and getting new mural projects ➡️How he prices his Murals and how much $$$ deposit he asks for ➡️Projects gone bad and things to avoid ➡️Why he carries General Liability Insurance and how much it is $$$ ➡️How he feels about people asking for discounts ➡️An AP he's used to get hired for Mural Projects ➡️Austen's #1 advice for a muralist AND a suggested video that helps you grid out large scale murals AND so much MORE! FIND AUSTIN HERE: https://osten-art.com/ and on Instagram: https://www.instagram.com/ostenart/ If you learned something new from this ➡️ please leave me a REVIEW and HIT SUBSCRIBE!

How did Asbestos almost bring down Lloyds of London? Welcome to the Insurance vs History Podcast! In my fifth (and supersized!) episode, I discuss the various reasons why Asbestos and the insurance crisis surrounding Asbestos liability claims in the 1980s nearly brought down the entire Lloyds marketplace. Join me for a deeper dive into General Liability Insurance, an explanation of the Asbestos crisis, and Names at Lloyds!   Links: How the Names lost their shirts | Money | The Guardian The $200 Billion Miscarriage Of Justice Asbestos lawyers are pitting plaintiffs who aren't sick against companies that never made the stuff--and extracting billions for themselves. - March 4, 2002 (fortune.com) Asbestos Litigation | RAND The Bitter Fight Over the Manville Trust - The New York Times (nytimes.com) TSHA | Borel v. Fibreboard Paper Products Corporation (tshaonline.org) Law Journal Articles (sorry, no links): Assessing the Coverage Carnage: Asbestos Liability and Insurance after Three Decades of Dispute By Jeffrey W. Stempel, 2005. 12 Conn. Ins. L.J. 349 (2005-2006) Asbestos Litigation Reform By Janet Brierton, Associate Legislative Attorney, Feb 17, 2004 OLR Research Report Books: AN Air That Kills: Andrew Schneider, David McCumber: 9780399150951: Amazon.com: Books Ultimate Risk: The Inside Story of the Lloyd's Catastrophe: Raphael, Adam: 9781568580562: Amazon.com: Books On the Brink: How a Crisis Transformed Lloyd's of London: 9781137299291: Economics Books @ Amazon.com Dust-Up: Asbestos Litigation and the Failure of Commonsense Policy Reform: Barnes, Jeb: 9781589017665: Amazon.com: Books Hire These People: My audio editor, and AMAZING Voice Over Actor—who did all the VO for this episode: Zach Stinnett Music Credits: Boulangerie by Jeremy Sherman, courtesy of NeoSounds: Boulangerie, LynneMusic | NeoSounds music library Contact Me: insurancevshistory@gmail.com  

In this episode John Laforme is joined by home inspection attorney Greg Pyfrom who is a 30 year California Real Estate Inspection Association (CREIA) trial lawyer who each year updates the Standards of Practice and inspection contracts. Greg shares his 30 years of legal experience dealing with home inspection claims against home inspectors.Greg explains what steps to take if you are a new home inspector starting up your own inspection business.Inspection Agreement Vs Inspection Contract? And yes You Need to Carry Errors and Omissions and General Liability Insurance.Re-Inspections and the process you need to follow when re-inspecting homes.

InspectorPro Errors & Omissions And General Liability Insurance Program. What Home Inspectors Need To Know When Considering To be Insured Or Not To Be Insured.I am joined by Marketing director Stephanie Jaynes of Citadel Insurance services the parent company of the InspectorPro insurance program. Stephanie simplifies complex insurance and legal concepts to help home inspectors protect their livelihood and avoid unnecessary risk.Stephanie explains the difference between E&O and General Liability insurance. Stephanie also shares the most common Errors & Omissions claims against home inspectors as well as General Liability claims against home inspectors.What to expect when a client files a claim (demand for Money)? Are you sure you want to deal with this on your own? Waisting hours of your time and potentially turning down inspections to deal with a past inspection client.John Laforme shares his tips about how to avoid claims and how to deal with an unhappy inspection client. Remember your customer service does not end after the inspection is over as your clients may have multiple questions weeks or months after the inspection. So pay attention to your clients concerns (do not ignore their concerns).InspectorPro Insurance is the leading home inspection insurance provider in the nation. With a reputation built on superior claims handling and quality customer service, we give clients peace of mind. Our risk management tools work to change the litigious culture plaguing home inspection businesses by helping inspectors educate their clients and avoid claims. Our errors and omissions and general liability insurance policies are built to serve your unique business needs. Insuring with anyone else simply isn't worth the risk. For more information, visit https://www.inspectorproinsurance.com. You can also reach them by phone (866-916-9419) and by email (weprotect@inspectorproinsurance.com). Some articles we referenced during the podcast include: Top 5 Claims Against Home InspectorsTop 5 General Liability Claims Against Home InspectorsTop 10 Reasons Clients File Claims Against Home InspectorsYour Pre-Inspection Agreement: Attorney's Fees For more information about our state-specific pre-inspection agreements, visit https://www.inspectorproinsurance.com/about/what-sets-us-apart/pre-inspection-agreements/.John LaformeHome Inspection Authorityhttps://www.homeinspectionauthority.com/Subscribe to our YouTube Channel for video versions of the podcastshttps://www.youtube.com/channel/UCXzxEH5J8y5EW1lZ3LtDB0A 

There are many misconceptions when it comes to insurance, and the truth is you do not need to have insurance in order to be an active broker with legal authority. However, coverage is always a good thing to have in your back pocket. In this episode, you will learn the four different types of insurance that are recommended as a freight broker and what it covers.   Download FREE CHEATSHEET! www.FreightBrokerBootCamp.com/Insurance   Timestamps: [00:12] What type of insurance does a freight broker need? [00:48] Optional coverage [01:44] Workers' Compensation [03:04] General Liability Insurance [04:15] Contingent Cargo Insurance [05:54] Spike/Spot / Per Load Insurance [07:08] Recap   Download FREE CHEATSHEET! www.FreightBrokerBootCamp.com/Insurance ---------------------------------- If you enjoyed this episode, please RATE / REVIEW and SUBSCRIBE to ensure you never miss an episode. Connect w/ Dennis & Learn More! Connect with me on LinkedIn Learn to Become A Freight Broker/Agent in 30 Days or Less! Watch Freight Broker Training Videos FREE

General Liability Insurance and how to read your policy. What you know about your insurance can affect your business and keep you up and running, whether you're a real estate investor (REI), small business, or big company. Learn about how to protect your hard work and investment.www.elevateglobalinsurance.com

In this episode, we sat down with Danielle Bahr who is the Director of the Swimming Pool Pro Alliance (SPPA) in Temecula, California to discuss general liability insurance. Most businesses out there, have some sort of LLC or Corporation protecting their personal assets. That is very important, but what happens if an incident occurs or an accident happens? Who is going to pay for that? That is where general liability insurance comes in! Danielle walks us through what it is exactly and why you need it for your business. We discuss what you should be looking for in a policy, some of the most common claims, what is not covered, and how to file a claim if you should need to do so. Danielle has been around the industry since birth, and her knowledge of it really shows through what SPPA has to offer to you as a Professional.  SPPA is an alliance dedicated to the niche insurance needs of the pool and spa professional industry. Their mission is to make sure you as a customer are not only getting the best customer support but also have the peace of mind that your alliance is your voice, and always fighting for your program and insurance needs. Through the program, they have tailored and customized three insurance options that you can pick from. They take pride in listening to their members and with over 30 years of encompassing the Pool and Spa industry, they know the needs of Pool and Spa Professionals. After listening to the episode, fill out an application to see if they are the right fit for you!  Swimming Pool Pro Alliance (SPPA) Links:  If you enjoyed this episode, check out the photos, show notes, all the links referenced, and follow SPPA by going to the episode webpage here: Episode Webpage  Sponsor Links:  Pentair  Primate Pool Tools  You can follow Pool Chasers below:    Pool Chasers Website   Pool Chasers Instagram  Pool Chasers Facebook  Pool Chasers FB Group  Pool Chasers Twitter  Pool Chasers YouTube  Pool Chasers Patreon 

In this episode of The Litigation Room, Andres Rivero and Bryan Paschal discuss the question: Does your general liability insurance policy cover you against COVID related claims after you reopen your business? The discussion touches on a variety of topics ranging from body temperature screening, whether contract exclusions bar Covid-19 claims, policy endorsements, and other considerations about business interruption insurance.

Creativity | Community | Clients: 3C’s Case Study This is a 3C’s Case Study examining the creative approach when capturing real estate images for Cromer and Company's feature property listings. Background Cromer and Company is a real estate company located in Anderson, SC. Their mission is "dedicated to providing excellent, professional, honest and responsible service," with a commitment to "exceed expectations and communicate at the highest level, while continuously growing an energetic, top producing Real Estate company." Cromer and Company provides real estate services to both the buyer and the seller with property listings in Anderson and Pickens Counties.  Rettew Creative was excited to partner with Cromer and Company, providing real estate imaging for their property listing needs. Bobby Rettew grew up watching first hand the real estate business with his grandfather Joe Bridwell, who served the upstate of South Carolina for over 50 years. Bobby spent years watching his grandfather representing his clients providing concierege level of service, whether they were part of a corporate relocation, buying or selling their homes, buying a second home, or taking part in a complex real estate transaction. Bobby learned from a young age what it takes to sell a home and how to showcase a quality property listing. Goal of Project Cromer and Company asked us to capture high quality photographic and arial imaging for their premiere listings. Rettew Creative was excited to expand their services into this new vertical, offering high quality real state photography, aerial photography, and video to this business community.  The goal for these projects was simple. Capture every angle of a property showcasing the value, warmth, and location for a potential buyer to see every angle through an interactive, online experience.  An example property listing was a lake property on 115 Barrett Circle, Anderson, SC. Rettew Creative captured the interior, exterior, and arial images to showcase the relationship between the property and the lake.  Production Rettew Creative approaches each property with two people and three cameras; capturing high quality, raw images.  Cameras: Canon EOS 5Dmkiii - 24 Megapixel RAW Canon EOS 5Dmkiv - 30 Megapixel RAW DJI Mavic Pro - 12 Megapixel RAW for Aerial Imaging  Lenses: Wide Angle Images - CANON 16-35mm f/2.8L II USM EF Lens Medium Perspective Images - Canon 50mm f/1.2L USM EF Lens Zoom for Tight Perspective Images - Canon 70-200mm f/2.8L IS II USM EF Lens For the 115 Barrett Circle property, we spent one hour on site with the seller. As as relationship focused business, we were able to represent Cromer and Company with courtesy and professionalism. We communicated our commitment to capturing the high quality images and spent time with the seller making sure their vision of the property was well represented.  Rettew Creative provides a semi-private online portfolio for the client to review the images. This allows the client to navigate to a specific web link to review the images and also download images needed for their listing. This portfolio uses a semi-private link only allowing the individual who has a special code matched with their email address to download the images.  Finally, Rettew Creative maintains a FAA License for drone operation and General Liability Insurance as required when flying a drone commercially. Results The results are not only showcased in the images we captured; also the fact that the 115 Barrett Circle property was under contact one day after the property was listed.  We hope you take a few minutes to review the images! Links for Review: Listing: https://www.cromerandcompany.com/idx/listing/SC-UMLS/20227687/115-Barrett-Circle-Anderson-SC-29621 Property: https://photos.rettewcreative.com/cromerandcompany115barrettcircleandersonsc/

Having a General Liability Policy is a must for the pool service pro. This will protect you from any errors or omissions, basically, those oops out there that can cost you a lot of money. In a perfect world, everything would be covered but then the premium would be crazy high. Listen to learn about the common things not covered by your policy, known as exclusions. Leslie's Pool Supplies has been do-it-yourselfers and pool trade professionals trusted partner since 1963, providing quality products and services to make pool care easy and solutions and expertise to do it right.

Jared Banes is a Reno native and a fully-licensed insurance broker specializing in commercial insurance. He currently holds a Construction Risk and Insurance Specialist (CRIS) designation. Jared shares what business owners need to look out for in their general liability policies and to really read the fine print when renewal comes around because insurance companies may be putting in language that could limit your COVID-19 coverage.   Highlights: Now that things are opening back up. What happens if you have a visitor in the facility? How do general liability policies protect businesses? Every claim will be unique, but Jared hopes to help provide you with a starting point. What classifies as ‘bodily injury’ inside your insurance policy? There will be a pollution inclusion in your general liability policy. COVID-19 is a virus, not a bacteria or mold, so you might not fall under a ‘mold exclusion.’ Because each policy is different, you want to identify if yours has a mold or disease exclusion. Some insurance companies are allowing for insurance changes during the crisis. Make sure your insurance company is not adding exclusions that might limit coverage for COVID-19 during your renewal. Make sure you’re following your local state and federal guidelines as you begin opening your doors to the public. Document what you’re doing. Be proactive.   Resources: Suttonhague.com Calnevalaw.com Lpins.net

This episode dives into how General Liability Insurance policies are rated. It reviews how different trades, gross revenue, payroll and subcontractor expenses all impact the amount of money your company will spend in it's General Liability Insurance.

This Podcast Is Episode Number 0339, And It Will Be About 10 Hidden Construction Contract Traps And How To Avoid Them A new contractor meets an experienced customer, and money changes hands and not the way you expect it.   Typically, this is what happens when you first get started: You bid on a project, and you are the low bidder. You are given the client's standard contract, which contains the client's favorite set of commercial terms and conditions, to sign as a condition of getting the project. You close and sign the contract because you don't want to ask for changes in the terms or consult your construction attorney. You put the signed contract in your bottom desk drawer and pray hard nothing will happen during the project that will cause you ever to have to reread the contract.   Before it is too late, consider these traps to look out for: 1. Poorly defined scopes of work create claims and disputes. 2. The completion schedule is too short and exposes you to monetary damages for failure to finish on time. 3. Payment terms put you in never-ending negative cash flow by loaning the customer money at 0% and borrowing on your credit cards at 24%. 4. The customer keeps 5%-10% of the contract price as retention for up to a year or more after the entire project is finished, which could be all your profit in the project. 5. Indemnity clauses could make you financially responsible for bodily injury and property damage claims caused by customer negligence. 6. Indemnity clauses could make you pay the customer's attorney fees and costs. 7. Your insurance company may be required to provide additional insured coverage for the project giving the customer free insurance and full access to the policy coverage and limits. 8. Often the term and coverage of the warranty are beyond reasonable industry standards. 9. Dispute resolution clauses that require arbitration first and then litigation, probably the two worst ways ever invented to resolve disputes. 10. The client's pre-printed final waiver of lien document (necessary for the contractor to receive final payment) waives all contractor's rights to recover unpaid extra work and to pursue any claims that arose during the project. Ways to avoid contract traps: Your Construction Attorney - is your friend and ally and can save you a lot of grief. Most contracts are easy to read and understand. Scope of Work - Description in the contract is of crucial importance and a well-defined scope of work with details that outlines specific action to be performed by you, the contractor. The scope of work needs also to define work that is excluded and all work to be done by others, including the owner, which may interface with the contractor's scope of work. Never worry about too much detail; that detail will significantly help with the avoidance or resolution of claims and disputes that may arise out of the scope of work. Schedule And Gantt Chart - Make sure you have enough time in the schedule to perform the scope of work. Every minute spent developing your Work-Breakdown-Structure (WBS) is worth an hour or more in the time needed to do the job.     Add Contingency To Your Schedule - Minor delays, weather, equipment problems, etc. always happen. Do not expect the customer to be sympathetic and allow more time for delays. It is imperative if the contract has liquidated money penalty damages for late completion. Payment Terms - Should need to add positive cash flow. Get cash coming in early and often. Paid when Paid and paid if paid terms are ridiculous, and we recommend not signing them ever! Clients who want these types of payment terms all have access to plenty of money and can pay you. Remember, cash is king! Retention - Instead of retention being withheld from your progress payment invoices, consider providing a warranty guaranty instead, but check with your construction attorney first!  Indemnities - Can open the door to your cash reserves and everything you own, be careful! Indemnities typically cover claims for bodily injury, death of person, and property damage. The broad and intermediate form indemnities may require you to pay for bodily injury, death and property damage claims caused by the client, and you could be liable for the customer's attorney's fees and costs. Indemnity in contracts can be a dangerous risk transfer if enforced in a court of law could bankrupt your company for something you didn't do. Again your construction attorney is the person to ask, and don't be afraid to walk away from a project. Three types of indemnities:  Broad Form: A comprehensive form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of any amount of the client's negligence, including his sole negligence. The 100% indemnity. Intermediate Form: An intermediate form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of the client's negligence, excluding only those claims arising out of the client's sole negligence — the 99.9% indemnity. Limited Form: A limited form of indemnity contractually obligates both the contractor and the client to be responsible only to the extent they are negligent for a claim. Additionally Insured - Is a typical requirement in a contract that means something like: "Contractor will name the customer as an additional insured on his General Liability Insurance policy." Understand that when you name your customer as an additional insured to your general liability insurance policy (bodily injury and property damage coverage), he receives full access to the policy monetary limits and coverage provided by the policy at no cost, FREE, $0.00! The customer may also collect the legal defense of a claim because of your general liability policy for FREE! Warranty - Is a good thing because it shows your commitment to stand behind your work and fix or replace defective parts or workmanship. Standing behind your work with a good warranty will give you an excellent reputation. However, warranties don't have to go on forever, and you don't need to marry the project; one year is about right, and perhaps you could offer extended warranties as well. Your warranty should exclude things like normal wear and tear, corrosion, improper usage, etc. Make sure your warranty is specific as to what it includes and excludes, when it starts and when it ends. Dispute Resolution - Well defined and documented dispute resolution clause in all your contracts that outlines the process to try and resolve disputes with negotiation as the starting place and if negotiation fails, then mediation. If that will not work, provide for a senior executive in each organization to try and resolve the dispute. If all else fails, arbitration or litigation is the end, and both parties will lose. Lien Waiver - Do not ever give a lien waiver in advance of the check clearing the bank. All 50 states have lien laws that provide contractors with some limited protection against customers that refuse to pay. Make sure your construction attorney reviews the original contract looking for the customer's final lien wavier that could be hidden deep in the contract documents. Some final lien waivers also waive your rights to collect outstanding change orders or bodily injury or property damage claims against your employees or property caused by the negligence of the customer, so be careful. In conclusion We recommend seeking the advice of a qualified construction attorney to put together a contract that fits your specific needs. Your contracts need a well-defined scope of work, clear payment terms, a reasonable schedule, and a proper change order clause. No work should ever be performed based on verbal agreements. Get everything in writing, always, no exceptions. About The Author: Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, and QuickBooks For Contractors Expert. This combination of experience and skill sets provides a unique perspective that allows him to see the world through the eyes of a contractor, Project Manager, Accountant, and Construction Accountant. This quadruple understanding is what sets him apart from other Intuit ProAdvisors and accountants to the benefit of all of the construction contractors he serves across the USA. Visit http://www.fasteasyaccounting.com/randal-dehart/ to learn more. Our Co-Founder Randal DeHart - Is a Certified PMP (Project Management Professional) with several years of construction project management experience. His expertise is construction accounting systems engineering and process development. His exhaustive study of several leading experts including the work of Dr. W. Edward Deming, Michael Gerber, Walter A. Shewhart, James Lewis and dozens of others was the foundation upon which our Construction Bookkeeping System is based and continues to evolve and improve. Check out our Contractor Success Map Podcast on iTunes. 

In episode 139 of Financially Simple, Justin goes over the various types of Business Insurance. Accidents happen, along with natural disasters and acts with unintended consequences. In such instances, you'll be glad you had the right insurance policy in place to protect your and your business. Justin looks at the different types of Business Insurance policies, for small businesses and home offices, and explains which you need for your circumstances. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: Insurance Policies Small Business Owners Don't Know They Need   TIME INDEX: 00:29 - Insurance to Protect from Lawsuits 02:27 - General Liability Insurance 03:55 - Product Liability Insurance 04:49 - Automobile Liability Insurance 06:03 - Worker's Compensation Insurance 06:51 - Directors and Officers Insurance 07:54 - Home-Based Businesses 08:24 - Business Owner's Policy 09:29 - Home Office Policy 10:10 - Business Pursuits Endorsement 11:14 - Personal Umbrella Policy 11:51 - Wrap Up   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _______ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In this podcast I talk with Danielle Bahr, president of the swimming pool pro alliance (SPPA). We discuss the importance of general liability insurance and why you should have it if you are operating a pool company. 

In this episode I go over the importance of having General Liability Insurance for your pool service business. It is vital to protect both your business and personal assets from liability and lawsuits.

FEO Board member and Insurance Broker Eric Davidson sits down with FEO CEO Dave MacNeil for a four (4) part series on Insurance for Festivals and Events. This podcast deals with General Liability Insurance, basically, Insurance 101 that will be very beneficial to Festivals and Events with questions about what kind of Insurance and how much is needed for them. You can contact Eric directly toll-free 1-800-463-6503 or by email edavidson@bkifg.com

Merchants of Dirt Episode #44 Insurance is the minimum financial protection a race director needs to protect themselves, their staff, their volunteers, their business, and their family from other people’s injuries. What is Insurance Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party. There are a multitude of different types of insurance policies available, but when it comes to outdoor events, there are some specific insurance policies you need to consider: #1 - Protection of you, your staff, and your business: When you start a business, this becomes the first insurance policy you consider outside of yourself or your family. #2 - Protection of volunteers, property, and day-of actions: Event insurance to protect you, your volunteers, your sponsors, and the property owner. #3 - Protection of your customers: Additional insurance that covers the racers if they are injured above and beyond their own coverage. Event Coverage To get a good rate, your insurance agency will require that you show them: Your Liability Waiver Your Risk Management Plan (i.e. Emergency Response Plan) In MOD Episode #28 -- Mr. Murphy Loves Your Cut-and-Paste Waiver I told you why waivers are your first line of defense against personal injury lawsuits. Additionally, in MOD Episode #14 -- Mr. Murphy Just Took Out a Racer I told you why you need to take emergency response planning very seriously when — not if — you need to save a racer’s life.   Business Insurance This is where General Liability Insurance comes in. Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages if you, your employees or your events (which could be called a product or service) cause or are alleged to have caused Bodily Injury or Property Damage to a third party. This is the insurance that covers what most business owners refer to as “slip-and-fall” lawsuits. When it comes to endurance sports and outdoor events, slip-and-fall is a part of doing business. Not everyone sues if they do happen to hurt themselves. I often find that racers are a more hardy bunch and tend to think of injuries as a badge of honor. But you never know when you are going to get that one person that thinks suing everyone for their own mistakes is perfectly acceptable behavior.   Sanctioning Insurance Sanctioning is a special kind of general liability insurance that covers association events for which a permit has been issued. If you want to be an official event based on the rules and regulations governed by a national organization, then you have to play by their rules. This means an official permit and a requirement to use their general liability insurance to cover your event. Often, the insurance that comes with sanctioning is not super expensive. However, it does require you to abide by their rules in course design, officiating, organization, and administration.   Additional Coverage One of the biggest points of confusion that race directors have with insurance is how their racers will be protected during the race. Most races are what is called “at your own risk” kind of events. This means you -- as a racer -- understand that what you are about to do is dangerous (hopefully detailed in the waiver you have to sign) and that you -- the racer -- are responsible for yourself if you get hurt. Each participant is then expected to have their own insurance coverage that kicks in if they hurt themselves during the race. But the race director can provide additional insurance that covers the racers if they are injured above and beyond their own coverage. This is almost always elective -- the racer has to ask for it and pay for it -- and can be part of your own insurance or the insurance provided through sanctioning. Many national organizations provide general liability coverage for accidental medical coverage as part of their sanctioning package.   Get Covered When you decide to host live events, you invite risk. Mr. Murphy is the master of catching you without any kind of financial protection, and always at the worst time too. Be aware of the different levels of insurance that you will need to navigate before you can safely produce an event. Go talk to an insurance agent. Heck, go talk to six insurance agents. Get a ton of quotes, shop around, and find a policy that works for you. Never, never, never direct an event without insurance -- ever! And Now You Know!   Thank You for Listening Thank you so much for listening to Merchants of Dirt Podcast. If you have questions or comments, please reach out to me @MerchantsofDirt on Twitter, by Email, or my Contact Form. Join the Conversation If there is a topic you would like me to cover, please join my Facebook group: Race Promoters' Hangout. Support the Podcast Become my patron at Patreon!  

This Podcast Is Episode Number 0236, And It Will Be About Highly Profitable Contractors Control Who Receives Company Information   You Have Ultimate Control On Who Has Or Receives Information About Your Contracting Company Financials statements are based on the information you provided. I know this is not a statement that any contractor wants to hear about their bookkeeping. It is easier to blame the bookkeeper for missing information. The primary keeper of all the documents is you, your spouse, your employees, your suppliers, your bank, your credit card company. The Key work is done by you, or whoever assists you have the power to give information to outsiders about your Construction Company.   Who wants details about your business?   Internal Revenue Service State Revenue Agencies State Payroll Agencies Other State Agencies Worker’s Compensation Provider   General Liability Insurance Provider Depending on the report it may be monthly (sales tax, business excise tax, other state business tax reports) Quarterly reports include all payroll related forms to State and Federal (Internal Revenue). Personal story. If you have any data that you can include relating to your list, include that in your introduction, too./> Some states require Contactors to take a test before receiving Contractors License Depending on your state a Contractor may have to be licensed which can require a Bond and General Liability Insurance. Because the General Liability Insurance is made up of a group of numbers to make up the coverage and premium, there is usually an annual General Liability Insurance Audit and are date specific based on when the coverage was taken out. Your Construction Company Structure determines how simple or how complicated the annual insurance audit it. We can help you with this. Call Sharie 206-361-3950 or email her sharie@fasteasyaccounting.com Insurance Audit Questions May Include: Annual sales Owners wages List of employees Employee wages Copies of 941 Quarterly Reports Copies of State Unemployment Reports List of subcontractors Total paid to subcontractor Copies of Subcontractor’s Certificate of Insurance List of names of casual labor Total paid to each casual labor The total amount of Leased or Rented Equipment.   Periodically Your State Unemployment Agency will want details on individual employee’s hours. Form to be filled out is date and period specific and will want the total per week (regular time and overtime) then broken down by day and a weekly total of wages earned, and date wages were paid. In other words; the State Agency is asking for more in more detail to be sure they get the same grand total as other reports and did you pay the proper amount in the time frame required.   Some states and cities have different minimum wage requirements this adds to the tracking required.   In Washington State, we have a state minimum wage, and then several individual cities have an increased minimum wage. In addition to new rules about Family Leave, Sick Leave, and Personal Time Off. Many of these rules are based on the number of employees you have.   Internal Revenue Service Requires You File Annual 1040 Tax Return. Most contractors file their taxes on a calendar year. S-Corps and LLC’s treated as S-Corps annual tax return is due on March 15th with a six-month extension allowed to September 15th.   Numbers From Your Contracting Company Return Move To Your Personal 1040 Tax Return. Personal tax returns with or without Schedule C (additional pages for Sole Prop’s and LLC’s treated as a Sole Prop) are due on April 15th with a six-month extension allowed to October 15th. Reminder the tax return is due in a couple of weeks.   There are many reasons why taxes are not ready for the tax accountant to do the annual taxes. Contractors may feel that they can do it themselves using tax software. My recommendation is to use a Tax Accountant. Laws change all of the time. Assume that every time Congress meets they have done something. Since the average person is too busy and has no way of knowing what amendments are added to any given bill may impact the tax code having a tax accountant is a cost and time effective solution. Tax Accountants Are “Generalists.” What do I mean by “Generalist”? To stay in business, tax accountants have more clients than just contractors. Tax Accountants have to keep on top of all the tax changes that impact all of their clients. Reality is, the tax accountant is more concerned about your bottom line and how it impacts the rest of your life and taxes, not your job costing reports.     Does your spouse work, what and where are all the W-2, interest income, dividend income, health insurance, children, your house, mortgage, property taxes and what other misc. Expenses that might be deductible? Many tax accountants send a packet for their clients to fill out and bring with documents. When a Construction Contractor drops off a box of receipts and bank statements to the tax accountant the Construction Contractor asks: How am I doing? What about [fill in the blank]? Did I make any money on “xyz job”? Tell me about how to improve my business? The tax accountant is going to roll their eyes and seems less than helpful or incompetent. They are not! Knowing about the individual details of Construction Accounting and Job Costing is not a normal skillset of the tax accountant. Depending on the size of the pile to manage whether a tax accountant will use Excel and a Workaround to file the Construction Contractor’s taxes or send you to a bookkeeper to do it.     Our focus is on helping you survive and thrive. When we ask you for documents, it is part of our Contractors Bookkeeping Services System. We have a process where we will do a gentle follow-up. Sometimes the greatest most effective follow-up is done by the State Agencies who want specific reports which when they are not filed promptly will incur late fees and penalties or cancellations. They will call, send certified letters, issue Warrants on Bank Accounts and file Tax Liens all to receive money owed to a government agency. Not someone you want to have your number on speed dial. It is one thing if the over site is lack of money, and another if it is bad paperwork.     Job Costing Is Only Possible when you, the Contractor have put the job name on the receipts, checks and other paperwork directly related to each job. It is unreasonable to expect any bookkeeper to guess which job the costs should be assigned to or interrupt your already busy day with several phone calls to ask for information about a receipt, bill or other paperwork. One Process In Our Bookkeeping System Is "OHIO" Only Handle It Once Proactively writing on the receipt, giving the customer name and address in the Purchase Order field at the supplier will make the bookkeeping process easier on everyone and more importantly it will be the foundation to providing you with Job Costing Reports to help you identify the 20% of jobs and customers that generate 80% of your Cash Flow and Profit. How To Combine The 80/20 Rule With Business Process Management For Your Construction Company The 80-20 Rule Combined With Business Process Management Can Improve Your Life In Ways You Never Dreamed Possible! 20% Of The Construction Companies - Share the Top 80% of the profits which the owners and shareholders use to support lavish lifestyles because they know what to do, when to do it and how to do it! 80% Of The Construction Companies - Share the Bottom 20% of the profits which the owners and shareholders use to support just above or just below average lifestyles because they don't know what to do when to do it or how to do it! Not every Construction Contractor wants to put in the effort for Job Costing, and that is OK. It is Good, Better and Best in all things including Construction Accounting. With processes, every contractor will get value out of their bookkeeping no matter what level of service they require to fit their needs. The most basic accounting provides a Profit & Loss Statement and Balance Sheet on demand for their Tax Accountant to file the taxes. Add personal documents, and the Tax Accountant knows what to do. Basic Construction Bookkeeping is more than hooking up your bank feeds to an Accounting Software and let the software decide what to do with the transactions. All good bookkeeping even for the smallest Construction Contractor is more than balancing your checkbook. Good Construction Accounting provides answers for Construction Contractors from the Brand New Contractor, Handyman, Trade Contractor, General Contractor. Construction Accountants know what to do when they receive the documents. Of course, you need to talk your prospective Construction Accountant and make sure they know Construction Accounting; then decide if it is a good fit for your needs. One example in Construction Accounting there is a difference between Spec and Custom Home. General Contractors sometimes get confused on which they are building as both are the construction of a new home. Construction Accountants are never confused as the accounting is different. In Washington State, it is a huge difference because of the rules about sales tax. When a contractor must charge sales tax on their invoice or if they accept a resale certificate. All retail sales to homeowners and Spec Builders are subject to sales tax. Years Ago My Mentor Told Me: “Little Leaks Sink A Big Ship" Four Leaks That Bankrupt Construction Contractors Not charging and collecting Sales Tax is a 10% leak.   Not Charging and collecting for Change Orders could be a bigger leak.   Improperly applying payments (where it appears as a credit in QuickBooks) is another leak.   With enough leaks, there is no money left for the fun stuff you want to do in your life. Change is easier when doing one little thing, then another, then another. Trying to change everything all at once is overwhelming. Many times change easier for a smaller company because they are small.     Number one question from smaller contractors is “I am just me, or it is just me, and I only have one or two employees” Am I too small to help and use the services of a Contraction Bookkeeper? My Answer: A Company of One – is not too small! The Company of One with Dog and Pickup Truck is not too small. Construction Contractor without any employees is not too small. Construction Contractor with less than five employees is not too small. Construction Contractor with more than 15-20 employees may be too big to not have an in-house admin   From Brand New Contractor, Weekend Warrior, Handyman, Trade Contractor to General Contractor with or without employees we are here to help.        About The Author: https://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/ 206-361-3950 or sharie@fasteasyaccounting.com I trust this podcast helps you understand that outsourcing your contractor's bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking a holistic approach to your entire construction company and helping support you as a contractor and as a person. We Remove Contractor's Unique Paperwork Frustrations We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company! That is all I have for now, and if you have listened to this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance. You Deserve To Be Wealthy Because You Bring Value To Other People's Lives! I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast This Is One more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that, and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com Contractor Bookkeeping Done For You! Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs This guide will help you learn what to look for in outsourced construction accounting. Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com Thank you very much, and I hope you understand we do care about you and all contractors regardless of whether or not you ever hire our services. Bye for now until our next episode here on the Contractors Success MAP Podcast. Enjoy your day.     Sharie About The Author: https://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/ 206-361-3950 or sharie@fasteasyaccounting.com Our Workflow Removes Your Paperwork Frustrations For Contractors Who Prefer To Do Your Bookkeeping Fast Easy Accounting Do-It-Yourself Construction Accounting Store Is Open Most Contractors Setup QuickBooks Desktop Version In One Of Three Ways: #1 EZ Step Interview inside QuickBooks Setup #2 Asked Their Tax Accountant To Setup QuickBooks #3 They Attended A How To Setup QuickBooks Class Or Seminar And QuickBooks Does Not Work The Way They Want It Too! The Answer: #1 Click Here To Buy An Entire QuickBooks Setup For Your Specific Contracting Company #2 Click Here To Buy Just The Chart Of Accounts For Your Specific Contracting Company   Short List Of Construction Contractors We Serve Asphalt ContractorAsphalt Contractor Brand New ContractorBrand New ContractorBrick And Stone ContractorBrick And Stone ContractorCabinet Installation ContractorCabinet Installation ContractorCarpentry ContractorCarpentry ContractorCarpet And Tile ContractorCarpet And Tile ContractorCommercial Tenant Improvement ContractorCommercial Tenant Improvement ContractorConcrete ContractorConcrete ContractorConstruction EmployeesConstruction EmployeesConstruction ManagerConstruction ManagerConstruction Support SpecialistConstruction Support SpecialistCustom Deck ContractorCustom Deck ContractorCustom Home BuilderCustom Home BuilderDemolition ContractorDemolition ContractorDrywall ContractorDrywall ContractorElectrical ContractorElectrical ContractorEmerging ContractorEmerging ContractorExcavation ContractorExcavation ContractorFinish Millwork ContractorFinish Millwork ContractorFlipper House ContractorFlipper House ContractorFlooring ContractorFlooring ContractorFoundation ContractorFoundation ContractorFraming ContractorFraming ContractorGeneral ContractorGeneral ContractorGlass Installation ContractorGlass Installation ContractorGutter ContractorGutter ContractorHandyman ContractorHandyman ContractorHot Tub ContractorHot Tub ContractorHVAC ContractorHVAC ContractorInsulation ContractorInsulation ContractorInterior Designer ContractorInterior Designer ContractorLand Development ContractorLand Development ContractorLandscape ContractorLandscape ContractorLawn And Yard Maintenance ContractorLawn And Yard Maintenance ContractorMasonry ContractorMasonry ContractorMold Remediation ContractorMold Remediation ContractorMoss Removal ContractorMoss Removal ContractorPainting ContractorPainting ContractorPlaster ContractorPlaster ContractorPlaster And Stucco ContractorPlaster And Stucco ContractorPlumbing ContractorPlumbing ContractorPressure Washing ContractorPressure Washing ContractorRemodel ContractorRemodel ContractorRenovation ContractorRenovation ContractorRestoration ContractorRestoration ContractorRoofing ContractorRoofing ContractorSiding ContractorSiding ContractorSpec Home BuilderSpec Home BuilderSpecialty ContractorSpecialty ContractorStone Mason ContractorStone Mason ContractorStucco ContractorStucco ContractorSubcontractorSubcontractorSwimming Pool ContractorSwimming Pool ContractorSwimming Pool And Hot Tub ContractorSwimming Pool And Hot Tub ContractorTile And Carpet ContractorTile And Carpet ContractorTrade ContractorTrade ContractorTree ContractorTree ContractorUnderground ContractorUnderground ContractorUtility ContractorUtility ContractorWaterproofing ContractorWaterproofing ContractorWindow ContractorWindow Contractor Additional QuickBooks Templates, Resources, And Services QuickBooks Set Up TemplatesSolopreneurQuickBooks Chart Of AccountsFree StuffQuickBooks Item Lists TemplatesConsulting We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed Please Do Not Be Concerned Because If You Are A Contractor There Is A Good Chance We Can Help You! Call Now: 206-361-3950   Additional QuickBooks Templates, Resources, And Services QuickBooks Set Up Templates   Solopreneur QuickBooks Chart Of Accounts     Free Stuff QuickBooks Item Lists Templates     Consulting   We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed Please Do Not Be Concerned Because If You Are A Contractor There Is A Good Chance We Can Help You! Call Now: 206-361-3950 If you are a blogger, who writes about construction we would like to hear from you. https://www.fasteasyaccounting.com/guestblogger                                                       Contractors_Success_MAP, Contractors_Success_Marketing_Accounting_Production, Contractor_Bookkeeping_Services, QuickBooks_For_Contractors, QuickBooks_For_Contractors,Contractors_Success_Map_Highly_Profitable_Contractors_Control_Who_Receives_Company_Inform

On this week’s Podcast, our good friend Hazel Alvarado who works with me on the show, journeys to New Haven, CT to check out their cocktail culture and chats with Dan Rek, Beverage Director for Fork Hospitality and Tim Cabral,one of the owners of New Haven’s oldest Tavern - The Ordinary. Take a listen to the Bartender Journey Podcast No. 227 with the audio player on this page, or on Apple Podcasts/ Google Play Music/ Stitcher Radio But first there’s plenty of other stuff to talk about. I told you last week that I heard from the fine people at Johnnie Walker.  They are releasing just 39,000 bottles of Johnnie Walker Black The Director’s Cut in conjunction with the release of the film Blade Runner 2049, starring Harrison FordThe film is directed by  Denis Villeneuve who collaborated with Master Blender Jim Beveridge to create this wonderful variation on Johnnie Walker Black.  It’s absolutely delicious.  Smokey like the original, but a little richer, rounder and even a bit fruitier.  Its 49% ABV as opposed to the 40% of the original.  Johnnie Walker Black is a great scotch...a classic, and I really enjoy this riff on it. It comes in a really interesting futuristic bottle. The original Blade Runner Movie was based on the book by Philip K. Dick called: Do Androids Dream of Electric Sheep? So we’ll use that amusing name for our Cocktail of the Week! Do Androids Dream of Electric Sheep? 1 ½ oz Johnnie Walker Black Label The Director’s Cut, (or substitute Johnnie Walker Black Label) ½ oz Barrow’s Intense Ginger Liqueur ½ oz Grilled Pineapple Juice (Juice from slices of Pineapple that have been grilled on each side for 3 mintues.) ½ oz Fresh Lemon Juice ½ oz Honey Syrup (1:1) 1 Dash Fee Brothers Molasses Bitters (or substitute Angostura Aromatic Bitters). Freshly Ground Nutmeg Shake all ingredients except Nutmeg with ice.  Double strain into an Old Fashioned glass with one large ice cube.  Grate a small amount of Nutmeg on top.  Garnish with a wedge of grilled Pineapple, preferably skewered on a Hip-Stirrer Metal Robot Swizzle Cocktail Stirrer.   Industry news from Bar Institute: “This unrelenting hurricane season has already caused unspeakable damage from Texas to the Caribbean. And, as our dear friends in Puerto Rico prepare for another very serious storm in Hurricane Maria, we have made the choice to postpone Bar Institute San Juan in the interest of everyone's safety and out of respect for the limited resources (including power, water and food) that are now available on the island. 

The new dates are 1/29-1/31 2018”.   Oct 23-25 – Portland, OR Nov 13-16 – New York, NY Jan 29-31 – San Juan, PR   We have posted last week on BartenderJourney.net about NY area industry events for hurricane relief. Look for the link under the show notes on the site for this episode.  If you are doing something too and would like to let us know about what your bar is doing to help, let us know on the contact page.   I think as a Bartender (or even an enthusiast who throws a lot of cocktail parties), being a great conversationalist is a great skill to have.  You need to have lots of stuff to talk about – knowing a little about a lot can help your conversation skills.    Podcasts are a great way to learn stuff – and you listen to podcasts!  I know that for a fact because you can hear me talking right now! So I thought we’d try out a new segment called Unrealted Podcast Suggestion of the Week.   We’ll do a podcast suggestion that has nothing to do with Bartending, cocktails or spirits. And since you listen to podcasts and most likely do a lot of that listening on headphones, our Unrealted Podcast Suggestion of the Week is brought to you by a great headphone company called Sudio.  They make great quality wireless Bluetooth headphones, which btw, if you are still using headphones that you physically have to plug into your phone you are nuts!     These Sudio headphones sound great!  It’s a shame that over the last couple of decades we’ve been increasingly sacrificing sound quality for convenience. Sudio also has a wireless earbud style model.  And if you use my coupon code BARTENDERJOURNEY you can get 15% off any model.  Go to sudiosweden.com and make sure you use coupon code BARTENDERJOURNEY for 15% off and to show your support for Bartender Journey!   So our Unrealted Podcast Suggestion of the Week is Showcase from Radiotopia, a new podcast from Radiotopia featuring original series from emerging and leading radio producers around the world. The current series, Ways of Hearing, is a six-part series about listening in the digital age from acclaimed musician Damon Krukowski. It’s a really interesting and podcast about the transition from analog to digital. It’s a fascinating discussion and expertly produced and I hope you’ll enjoy it.  It’s a limited run series and all 6 episodes.  If you have a suggestion for Unrealted Podcast Suggestion of the Week I’d really love to hear it!  Send me an email at brian@bartenderjourney.net with “podcast suggestion” in the subject line.   Oh hey!  I was a guest on another podcast.  As you may know, I bartend at a Private Club.  I was recently featured on the podcast called Private Club Radio.  If you are interested in hearing me on another podcast, or if you happen to work in a Private Club, check out Private Club Radio.  We’ll have a link to my episode in the show notes on bartenderjourney.net.   If you are a Bar or Restaurant owner, this week on our resource page, we have a link to a couple articles about insurance.  Not the “sexiest” of topics, but definitely an important and necessary one. Learn about General Liability Insurance, Business Property Insurance and Workers Comp from Embroker Insurance.   We’ve also included the Northeast contact information for additional questions. And here’s some legalese: The article posted is not an endorsement and is for information only; rules may vary by jurisdiction.   Oh boy, here we go again with TOTC drama.  If you remember, back in March 2017 there was a huge uproar in the Cocktail community about a picture Ann Tuennerman, founder of TOTC posted.  She repeated an insensitive remark made by her husband Paul Tuennerman, and in the photo, Ann was wearing blackface.  It’s an old Marti Gras tradition and I won’t get into the details, but I covered all this very thoroughly back in episode #203.  I’ll have a link with the show notes or search back in the feed for the episode called Diversity Awareness (& Some Turmoil) in the Cocktail World          Shortly after all this happened, Paul stepped down from his position at TOTC. Tales formed a Diversity Council. Which according to their web site:  “This Council composed of professionals from across the industry and outside of the industry, will work towards implementing progressive initiatives and monitoring their progress over time. This process will be completely transparent, and each initiative will be documented and made viewable to the public”.   Paul didn’t attend Tales this year as far as I could tell and the 15th TOTC was awesome as always.  It was feeling like the healing was beginning.   Then last week, 9/22/17 the website Neat Pour broke the story that Paul would be returning to the organization.  Ann announced this to the Diversity Council in an email.  The Council was not consulted at all and in fact Diversity Council Co-chair Colin Asare-appiah publicly resigned his post immediately.   There was uproar and lots of posts on FB.  People were pissed off again.   Our friend Jackie Summers, member of USBG NY and proprietor of Sorel Artisinal Liqueur sits on the Diversity Council.   He posted a very detailed note late friday night/ saturday morning that begins “Time for some facts.  Hopefully this will add some clarity”.  I won’d read the entire post but it is clear that Paul’s reinstatement, just 7 months after the original incident was very disturbing to the Diversity Council as well as the community as a whole.   Later in Jackie’s post he says “While I consider whether or not to continue my own future involvement, my concern is that this sequence of actions may prove more divisive than the incident itself.”    As I said, all this happened on Friday.   One day later, on Saturday evening  9/23/17 the following email   Tales of the Cocktail Co-Founders Step Down   “Co-Founders, Ann and Paul Tuennerman, will be transitioning away from their roles in producing the world’s renowned cocktail event, Tales of the Cocktail, effective immediately.   Melissa Young, who has served as Director of Operations for the past nine years will assume the reigns of the operating company behind the event, MOJO911, LLC, as President.”   The press release goes on with a quote from Ann:   "We have devoted our professional careers to the hospitality industry even before the formation of Tales of the Cocktail and the New Orleans Culinary and Cultural Preservation Society).  Our goal has always been to create something lasting that can benefit the industry and the people of New Orleans well beyond our years. This allows that to continue," said Ann R. Tuennerman.)   There is another quote from Paul, but no mention of the controversy or the timing of this decision.   “It has been an honor to spend the last fifteen years working within the industry to create something extraordinary. I am fortunate in that I have had the opportunity to work alongside some amazing bartenders, spirit producers, authors, and educators, from around the globe. While Ann and I have mixed emotions, we are excited about the next chapter in our lives, and look forward to watching the event continue to evolve and flourish,” said Paul G. Tuennerman. So congrats and best of luck to Melissa Young.  She’s a super nice and smart lady and it will be very interesting to see what the future brings for TOTC as the baton is passed to the next generation!   Toast of the Week: May we get what we want, May we get what we need, But may we never get what we deserve.  

I cover General Liability Insurance for your swimming pool route in this episode. I interview Danielle Bahr, President of SPPA. We discuss Liability Insurance in Detail and the policies SPPa offers. To learn more: http://thesppa.com/ Join me on Patreon for the group rate: https://www.patreon.com/user?u=4251655 Sponsors: Riptie Vacuum Systems: https://www.riptidevac.com/ INYOPools.com: www.inyopools.com?utm_source=Swimming-Pool-Learning

The guest on the show today is Ashlin Hadden of Ashlin Hadden Insurance. She is here to talk about an area that nobody wants to think about but that is really important: insurance. Even more specifically, Ashlin specialises in Amazon liability insurance and has some great tips for Amazon sellers to help them in this area. Ashlin’s Origin One day a customer needed insurance for an Amazon business because at that time Amazon had just introduced new rules regarding sellers needing General Liability Insurance. Ashlin’s initial response was no because people don’t really know what Amazon sellers do. Carriers didn’t want to work with them because they don’t really understand the industry. However, this customer was persistent and Ashlin did agree to help. Educating the carriers about eCommerce was part of the process. She has done a lot over the last 15 months. Now Ashlin focuses on helping eCommerce sellers get their Amazon liability insurance and proving to insurance carriers that you are good risks for them to have. Amazon Liability Insurance for Sellers Amazon used to require a general liability insurance policy if you had 3 months of $10,000 of sales or more. Recently this has changed, so now any seller must have a $1,000,000 general liability insurance policy with products completed. What that means for you as a seller is that you need a policy that has general liability and product liability no matter if you are private label, wholesale or retail arbitrage. A lot of people think they can’t afford it, but it really is inexpensive. If you’re a fairly new seller doing retail arbitrage you’re looking at about $500 a year policy. That might seem like a lot but it’s part of your terms of service to have Amazon liability insurance. If you don’t have it, Amazon could suspend you and take you off the platform, so it’s a very cheap policy to make sure you’re protected. General Liability vs Product Liability Insurance General liability is anything you do or say as a business that could harm somebody. Product liability is anything your product could do to harm somebody. It doesn’t matter what your product does if it hurts somebody or their property, it’s covered under the policy. General liability is anything else that’s not really included in your product liability. For example, if somebody says you slandered them, you stole their intellectual property. If you do get yourself into a situation like that, you would also need to call a lawyer. Of course, the person to call is CJ Rosenbaum because he knows about the nitty gritty of all of this. Amazon Liability Insurance Ashlin isn’t the only broker providing Amazon liability insurance, however, there’s not a lot that know where to get it. There just aren’t a lot that know what Amazon sellers do, how to class you, and really what coverage you need. From the 30 different companies, Ashlin works with there are only about 2 or 3 that understand and are comfortable insuring an eCommerce seller. Not only does Amazon require the liability insurance, they also require the Certificate of Insurance to be sent to them along with some verbiage on it. Ashlin takes care of all of that for you. She will organise a policy that meets the Amazon requirements. General and Product Liability, a $1M aggregate policy. She sends Amazon the required information for you so it’s uploaded onto your Seller Central. Plus she will do it every year moving forward so Amazon always has an updated copy on file for you! You get to sit back and relax and know that you’re protected and don’t have to do anything else with the insurance. Ashlin will take care of it. Amazon Liability Insurance Premium The insurers will take into account your sales numbers, where you’re from, what you’re selling and how you’re selling. e.g. retail arbitrage, wholesale or private label. Retail arbitrage is the cheaper one, then wholesale. Private label is more expensive because you’re really the one that’...

Learn the basics of general liability insurance policies: what they cover, how policies are triggered, common exclusions, limits, and more. Featured Guest: Chris Freund, Advisory Specialist, Casualty Practice Read the Transcript

Commercial insurance is a vital part of protecting your business and it isn’t something you should go out and buy like auto insurance.  You really need to know how to protect your livelihood. There are MANY different types of insurance for businesses including, general liability, workers compensation, E&O, professional liability, malpractice, EPLI and more.  Each […] The post Vital information on general liability insurance appeared first on Dietz Agency.

This Podcast Is Episode Number 0092 And It Will Be About Reducing Your Construction Company Start Up Stress We Are QuickBooks Experts Specializing In Construction New Contractor's Have horrendous Levels of Stress Did You Quit Your Job - And start your own construction company only to discover you need a contractor’s license and bond. Suddenly you realize it costs real money? Now that can be stressful!Did You Ask A Friend Or Relative - To loan you some start-up capital and they agreed on condition you become equal partners in your construction company. The idea was you would do all the work they would get half the profits and you politely refused, or not? This is getting very stressfulDid You Go To Your Bank - And they offered to give you a line of credit. They don't want to be partners they just want everything you own used for collateral. You say O.K. and then find out the interest rate is 24% (more or less) and they can call the loan due if you ever miss a payment and take everything you own?. This is getting extremely stressfulDid You Use Your Personal Credit Cards - And supplier accounts to finance your new business and perhaps you were not careful about what you bought? What To Do Next - You have never run a business. The only thing you know is your old boss was a terrible business manager and anyone could do better than that! But now that you are the boss you don't know where to start NOW THAT'S EXTREMELY PAINFUL STRESS!Are You Spending Time To Set Up - Your construction company properly so that it will save you grief, time, money and pay you dividends in the future? Or are you "Winging It"?Are You Taking Steps To Protect Yourself - With a Subchapter S-Corp (Sub S) to help protect your business and personal assets?Get Organized - We strongly recommend a Subchapter S-Corp for tax advantages, protecting your personal assets in the event of a claim or lawsuit against your company and for future expansion. Consult with a construction attorney and follow their advice.Tax Advantages For LLC or a Sub S - If you do not setup your corporation correctly the profit or loss from your business will be passed through to the owners as normal income. Since the LLC or Sub S does not pay state or federal income tax (as separate business entities), you may be able to save money over a Sole Proprietorship; eliminate double taxation.Partnerships Are The Only Ships - Designed to sink. We recommend stay away from them like the plague.Construction Bookkeeping Service - That understands construction is best when you start because they can setup QuickBooks correctly in the beginning for your construction company and take care of the accounting until you are ready to take over.Bank Accounts - Set up two bank accounts in your company name. All large income and expenses go through one account and keep the debit card in your personal safe. The second bank account is for your debit card you keep in your wallet and has no more than $500 or whatever you need for small purchases during the week.Never Ever Co-Mingle - Personal and business money or you could lose the tax benefits and personal protection of your corporation.Put Money In And Take Money Out - Of your business is O.K. if it is done correctly. Your bookkeeping service can advise you on how to do it so that it is recorded in QuickBooks properly. Understand When A Transaction Is Income - And when it is not incomeInsurance - Is critical to your construction company. General Liability and Auto/rental equipment insurance can help protect you and your company against claims for personal injury and property damage, and may provide you with legal defense of those claims. Talk to an insurance agent that understands construction about your insurance needs.Architectural or Engineering Designs - Similar services are good reason to get Professional Liability (Errors and Omissions) insurance to help protect you and your company from claims arising out of mistakes in designs and calculations.Contractor's Licenses - Information changes rapidly so check online for your local county or contact us and we can help 206-361-3950 or email sharie@fasteasyaccounting.com.Performance Bonds - If you are doing public sector work, you will probably be required to provide a performance bond to ensure that you complete the work in accordance with terms of the contract. Bonds or guarantees are provided by surety companies. Getting your construction company qualified is a process because the surety company will go through a due diligence process on your company to determine how much money they will write or guarantee for your bonds.Business Planning And Strategy Development - Is the blueprint for your business to succeed. You get out of them what you put into them. Garbage In = Garbage Out! Your business plan is a living breathing document that you will change and update as needed. It provides the baseline and milestones for your business and lets you make decisions in advance in the calm environment of your office instead of "on the fly" while driving, talking on your cell, eating lunch, and putting together a bid. It is a must have to borrow money from a bank.Paperwork - Begin the habit of putting all paperwork into manila envelopes which you write the job name on both sides in big letter. If you are thinking of doing your own construction bookkeeping think again, your time is more valuable in managing your business, getting customers and keeping them happy. Let us take care of your construction accounting.Estimating Process - There is no one right answer. You can develop your own estimating and pricing process or use a software estimating program like UDA.Contracts - We recommend seeking the advice of a qualified construction attorney to put together a contract that fits your specific needs. Your contracts need a well-defined scope of work, clear payment terms, a reasonable schedule and a good change order clause. No work should ever be performed based on verbal agreements. Get everything in writing, always, no exceptions! Invoicing - For small projects we have a Free Invoice Template you can download and for larger projects with multiple deposits, change orders, progress payments check out our Pay Application.Do Not Offer Financing - Your customer or client's project by providing a substantial amounts of labor, material, subcontractors and rental equipment hoping to get paid later on down the road. Follow McDonald's restaurant model: Step #1 Customer places order, Step #2 Customer pays, Step #3 Customer gets food. I have owned and operated several construction businesses and have clients who do it now and always work on "Other People's Money (O.P.M.). Nothing will kill your business and your hopes and dreams faster than running out of money.Marketing | Accounting | Production M.A.P. - Is a process that never stops. Selling convinces your customer or client to buy your construction services and it comes after the marketing step. Knowing how to write proposals for customers or respond to a request for proposal (RFQ). What makes your company different than the competition? What are your construction company's Strengths, Weaknesses, Opportunities and Threats? Perform a SWOT Analysis. Never ever bad-mouth your competition; it's temping but unprofessional and they might actually do a better job than you do. Year Over Year In Any Economy One Thing Never Changes20% Of The Contractors Earn And Keep 80% Of The ProfitsThey Have A Business Process Management StrategyTo Know Where To Focus Their Limited Resources   The 80/20 Rule Combined With Business Process ManagementCan Improve Your Life In Ways You Never Dreamed Possible!Fast Easy Accounting  The 80 20 Rule For Construction   Join Trade Organizations - This is a great place to meet new customers and get lots of referrals because construction is deep and wide and no company does it all. The best one we have found is The Master Builders Association. And spend time learning about Networking For Contractors. This organization is good for all construction and related industries. Labor - Can include yourself in the beginning, construction workers, subcontractors and labor pools like Madden Industrial Contractors. Subcontractors are specialty trade contractors that you can delegate certain portions of the work you intend to perform. Make sure they have appropriate experience, properly licensed, bonded and insured. It is important in order to maintain future long term relationships that pay dividend to pay your subcontractors on time and treat them well.Employees - Bring lots of flexibility and responsibility. Flexible because you can allocate resources as need and scheduling is in your direct control. Responsibility because someone has too process payroll and the payroll tax returns. You need to manage cash flow to have money for their wages, benefits you offer and any applicable state and federal withholding taxes related to their wages, such as Social Security, income tax withholding, workers Compensation and unemployment insurance. In addition you may be responsible for employee benefits such as vacation pay, health insurance, and contributions to a retirement program. With labor Pools they take care of all of that and you pay a fixed cost per hour or whatever you negotiate with the service. Check with your construction attorney and your liability insurance agent to make certain you are covered. Lessons You Will LearnThe Easy Way OrThe Hard Way Lesson #01 - A new contractor meets an experienced customer and money changes hands and not the way you expect itThe Contract Screwing - This is typical of what happens when you first get started. You bid on a project and you are the low bidder. You are given the client's standard contract, which contains the client's favorite set of commercial terms and conditions, to sign as a condition of getting the project. You close your and sign the contract because you don't want to ask for changes in the terms or consult your construction attorney. You put the signed contract in your bottom desk drawer and pray hard nothing will happen during the course of the project that will cause you to ever have to read the contract again.That Is Not What Happens This Is What Usually Happens:Poorly defined scopes of work create claims and disputes.The completion schedule is too short and exposes you to monetary damages for failure to finish on time.Payment terms put you in never ending negative cash flow by loaning the customer money at 0% and borrowing on your credit cards at 24%The customer keeps 5% to 10% of the contract price as retention for up a year or more after the entire project is finished which could be all your profit in the project.Indemnity clauses could make you financially responsible for bodily injury and property damage claims caused by customer negligence.Indemnity clauses could make you pay the customer's attorney fees and costs.Your insurance company may be required to provide additional insured coverage for the project giving the customer free insurance and full access to the policy coverage and limits.Oftentimes the term and coverage of the warranty is beyond normal industry standards.Dispute resolution clauses that require arbitration first and then litigation, probably the two worst ways ever invented to resolve disputes.The client's pre-printed final waiver of lien document (necessary for contractor to receive final payment) waives all contractor's rights to recover unpaid extra work and to pursue any claims that arose during the course of the project.Your Construction Attorney - Is your friend and ally and can save you a lot of grief. Most contracts are easy to read and understand.Scope of Work - Description in the contract is of key importance and a well-defined scope of work with details that outlines specific work to be performed by you, the contractor.  The scope of work needs to also define work that is excluded and all work to be done by others, including the owner, which may interface with the contractor's scope of work. Never worry about too much detail; that detail will significantly help with the avoidance or resolution of claims and disputes that may arise out of the scope of work.Schedule And Gantt Chart - Make sure you have enough time in the schedule to perform the scope of work. This is where every minute spent developing your Work-Breakdown-Structure (WBS) is worth an hour or more in time needed to do the work. Add Contingency To Your Schedule - Minor delays, weather, equipment problems, etc. always happen and do not expect the customer to be sympathetic and allow more time for delays. This is extremely important if the contract has liquidated money penalty damages for late completion.Payment Terms - Should need to add positive cash flow. Get cash coming in early and often. Paid when paid and paid if paid terms are ridiculous and we recommend not signing them ever! Clients who want these types of payment terms all have access to plenty of money and can pay you. Remember cash is king!Retention - Instead of retention being withheld from your progress payment invoices consider providing a warranty guaranty instead but check with your construction attorney first! Indemnities - Can be an open door to your cash reserves and everything you own, be careful! Indemnities typically cover claims for bodily injury, death of persons and property damage. The broad and intermediate form indemnities may require you to pay for bodily injury, death and property damage claims caused by the client, and you could be liable for the customer's attorney's fees and costs. Indemnity in contracts can be a dangerous risk transfer if enforced in a court of law could possibly bankrupt your company for something you didn't do. Again your construction attorney is the person to ask and don't be afraid to walk away from a project. Three types of indemnities: Broad Form:  A broad form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of any amount of the client's negligence, including his sole negligence.  The 100% indemnity.Intermediate Form:  An intermediate form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of the client's negligence, excluding only those claims arising out of the client's sole negligence.  The 99.9% indemnity.Limited Form:  A limited form indemnity contractually obligates both the contractor and the client to be responsible only to the extent they are negligent for a claim.Additionally Insured - Is a typical requirement in a contract that means something like: "Contractor will name customer as an additional insured on his General Liability Insurance policy." Understand that when you name your customer as an additional insured to your general liability insurance policy (bodily injury and property damage coverage) he receives full access to the policy monetary limits and coverage provided by the policy at no cost, FREE, $0.00! The customer may also receive the legal defense of a claim because your general liability policy for FREE!Warranty - Is a good thing because it shows your commitment to stand behind your work and fix or replace defective parts or workmanship. Standing behind your work with a good warranty will give you a very good reputation. However, warranties don't have to go on forever and you don't need to marry the project, one year is about right and perhaps you could offer extended warranties as well. Your warranty should exclude things like normal wear and tear, corrosion, improper usage, etc.  Make sure your warranty is specific as to what it includes and excludes, when it starts and when it ends.Dispute Resolution- Well defined and documented dispute resolution clause in all your contracts that outlines the process to try and resolve disputes with negotiation as the starting place and if negotiation fails, then mediation. If that will not work provide for a senior executive in each organization to try and resolve the dispute. If all else fails arbitration and/or litigation is the end and both parties will lose.Lien Waiver - Do not ever give a lien waiver in advance of the check clearing the bank. All 50 states have lien laws that provide contractors with some limited protection against customers that refuse to pay. Make sure your construction attorney reviews the original contract looking for the customer's final lien wavier that could be hidden deep in the contract documents. Some final lien waivers also waive your rights to collect outstanding change orders and/or bodily injury or property damage claims against your employees or property caused by the negligence of the customer so be careful.Board Of Advisors - Finally one of the best things you can do at very little cost is put together your own Board of Advisors to help guide you. Finally Find A Mentor - Someone who has been were you want to go and can guide you. We would like to be that person for you. Fill out the form on the right or call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation I hope this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking holistic approach to your entire construction company and helping support you as a contractor and as a person. We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company! That is all I have for now and if you have listened this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance. We Remove Contractor's Unique Paperwork Frustrations For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. I hope this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking holistic approach to your entire construction company and helping support you as a contractor and as a person. We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company! That is all I have for now and if you have listened this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance. You Deserve To Be Wealthy, Because You Bring Value To Other People's Lives! I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast This is one more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com In closing, I want to caution you that we may or may not be a good fit for your contracting company. This guide will help you learn what to look for in outsourced construction accounting. Thank you very much and I hope you understand we really do care about you and all contractors regardless of whether or not you ever hire our services.Bye for now until our next episode here on the Contractors Success MAP Podcast. Warm Regards, Randal DeHart | Contractors Accountant We Remove Contractor's Unique Paperwork Frustrations

Let Us Help Reduce Construction Business Start Up Stress New Contractor's Levels of Stress You Quit Your Job - And started a construction business only to discover you need a contractor’s license and bond. Suddenly you realize it costs real money. Now that's stressful. Ask A Friend Or Relative - To loan you some start-up capital and they agree on condition you are partners in the business and each have an equal share. You do all the work they get half the profits and you politely refuse. This is getting very stressful Go To Your Bank - And they offer you a line of credit. They don't want to be partners they just want everything you own used for collateral. You say O.K. and then find out the interest rate is 24% and they can call the loan due if you miss a payment and take everything you own. This is getting extremely stressful Use Credit Cards - And supplier accounts to finance your new business and be very careful about what you buy. What To Do Next - You have never run a business. The only thing you know is your old boss was a terrible business manager and anyone could do better than that. But now that you are the boss you don't know where to start NOW THAT'S STRESS! Spending Time To Set Up - Your construction company properly will save you grief, time, money and pay you dividends in the future. In addition you will do a better job protecting your business and personal assets. Get Organized - Pick a company name that says something about what you are doing. We strongly recommend a Subchapter S Corp (a Sub S) for tax advantages, protecting your personal assets in the event of a claim or lawsuit against your company and for future expansion. Consult with a construction attorney and follow their advice. Tax Advantages For LLC or a Sub S - The profit or loss from your business is passed through to the owners as normal income. Since the LLC or Sub S does not pay state or federal income tax (as separate business entities), you may be able to save money over a Sole Proprietorship; no double taxation. Partnerships Are The Only Ships - Designed to sink. We recommend stay away from them like the plague. Bookkeeping Service - That understands construction is best when you start because we can setup QuickBooks correctly in the beginning and take care of the accounting until you are ready to take over. Bank Accounts - Set up two bank accounts in your company name. All large income and expenses go through one account and keep the debit card in your personal safe. The second bank account is for your debit card you keep in your wallet and has no more than $500 or whatever you need for small purchases during the week. Never Co-Mingle - Personal and business money or you could lose the tax benefits and personal protection of your corporation. Put Money In And Take Money Out - Of your business is O.K. in done correctly. Your bookkeeping service can advise you on how to do it so that it is recorded in QuickBooks properly. Insurance - Is critical to your construction company. General Liability and Auto/rental equipment insurance can help protect you and your company against claims for personal injury and property damage, and may provide you with legal defense of those claims. Talk to an insurance agent that understands construction about your insurance needs. Architectural or Engineering Designs - Similar services are good reason to get Professional Liability (Errors and Omissions) insurance to help protect you and your company from claims arising out of mistakes in designs and calculations. Contractor's Licenses - Information changes rapidly so check online for your local county or contact us and we can help 206-361-3950 or email sharie@fasteasyaccounting.com. Performance Bonds - If you are doing public sector work you will probably be required to provide a performance bond to ensure that you complete the work in accordance with terms of the contract. Bonds or guarantees are provided by surety companies. Getting your construction company qualified is a process because the surety company will go through a due diligence process on your company to determine how much money they will write or guarantee for your bonds. Business Planning And Strategy Development - Is the blueprint for your business to succeed. You get out of them what you put into them. Garbage In = Garbage Out! Your business plan is a living breathing document that you will change and update as needed. It provides the baseline and milestones for your business and lets you make decisions in advance in the calm environment of your office instead of "on the fly" while driving, talking on your cell, eating lunch, and putting together a bid. It is a must have to borrow money from a bank. Paperwork - Begin the habit of putting all paperwork into manila envelopes which you write the job name on both sides in big letter. If you are thinking of doing your own bookkeeping think again, your time is more valuable in managing your business, getting customers and keeping them happy. Let us take care of your accounting. Estimating Process - There is no one right answer. You can develop your own estimating and pricing process or you can use something like UDA. Contracts - We recommend seeking the advice of a qualified construction attorney to put together a contract that fits your specific needs. Your contracts need a well-defined scope of work, clear payment terms, a reasonable schedule and a good change order clause. No work should ever be performed based on verbal agreements. Get everything in writing, always, no exceptions! Invoicing - For small projects we have a Free Invoice Template you can download and for larger projects with multiple deposits, change orders, progress payments check out our Pay Application. No Financing - Your customer or client's project by providing a substantial amounts of labor, material, subcontractors and rental equipment hoping to get paid later on down the road. McDonald's restaurant model: #1 Customer places order #2 Customer pays #3 Customer gets food. I have owned and operated several construction businesses and have clients who do it now and always work on "Other People's Money (O.P.M.). Nothing will kill your business and your hopes and dreams faster than running out of money. Marketing Then Sales - Is a process that never stops. Selling convinces your customer or client to buy your construction services and it comes after the marketing step. Knowing how to write proposals for customers or respond to a request for proposal (RFQ). What makes your company different than the competition? What are your strengths, weaknesses, opportunities and strengths? Perform a SWOT Analysis. Never ever bad-mouth your competition; it's temping but unprofessional and they might actually do a better job than you do. Join Trade Organizations - This is a great place to meet new customers and get lots of referrals because construction is deep and wide and no company does it all. The best one we have found is The Master Builders Association. And spend time learning about Networking For Contractors. This organization is good for all construction and related industries. www.FastEasyAccounting.com/mba Labor - Can include yourself in the beginning, construction workers, subcontractors and labor pools like Madden Industrial Contractors. Subcontractors are specialty trade contractors that you can delegate certain portions of the work you intend to perform. Make sure they have appropriate experience, properly licensed, bonded and insured. It is important in order to maintain future long term relationships that pay dividend to pay your subcontractors on time and treat them well. Employees - Bring lots of flexibility and responsibility. Flexible because you can allocate resources as need and scheduling is in your direct control. Responsibility because someone has too process payroll and the payroll tax returns. You need to manage cash flow to have money for their wages, benefits you offer and any applicable state and federal withholding taxes related to their wages, such as Social Security, income tax withholding, workers Compensation and unemployment insurance. In addition you may be responsible for employee benefits such as vacation pay, health insurance, and contributions to a retirement program. With labor Pools they take care of all of that and you pay a fixed cost per hour or whatever you negotiate with the service. Check with your construction attorney and your liability insurance agent to make certain you are covered. Lessons You Will Learn The Easy Way Or The Hard Way Lesson #01 - A new contractor meets an experienced customer and money changes hands and not the way you expect it The Contract Abuse - This is typical of what happens when you first get started. You bid on a project and you are the low bidder. You are given the client's standard contract, which contains the client's favorite set of commercial terms and conditions, to sign as a condition of getting the project. You close your and sign the contract because you don't want to ask for changes in the terms or consult your construction attorney. You put the signed contract in your bottom desk drawer and pray hard nothing will happen during the course of the project that will cause you to ever have to read the contract again. That Is Not What Happens This Is What Usually Happens: Poorly defined scopes of work create claims and disputes. The completion schedule is too short and exposes you to monetary damages for failure to finish on time. Payment terms put you in never ending negative cash flow by loaning the customer money at 0% and borrowing on your credit cards at 24% The customer keeps 5% to 10% of the contract price as retention for up a year or more after the entire project is finished which could be all your profit in the project. Indemnity clauses could make you financially responsible for bodily injury and property damage claims caused by customer negligence. Indemnity clauses could make you pay the customer's attorney fees and costs. Your insurance company may be required to provide additional insured coverage for the project giving the customer free insurance and full access to the policy coverage and limits. Oftentimes the term and coverage of the warranty is beyond normal industry standards. Dispute resolution clauses that require arbitration first and then litigation, probably the two worst ways ever invented to resolve disputes. The client's pre-printed final waiver of lien document (necessary for contractor to receive final payment) waives all contractor's rights to recover unpaid extra work and to pursue any claims that arose during the course of the project. Your Construction Attorney - Is your friend and ally and can save you a lot of grief. Most contracts are easy to read and understand. Scope of Work - Description in the contract is of key importance and a well-defined scope of work with details that outlines specific work to be performed by you, the contractor.  The scope of work needs to also define work that is excluded and all work to be done by others, including the owner, which may interface with the contractor's scope of work. Never worry about too much detail; that detail will significantly help with the avoidance or resolution of claims and disputes that may arise out of the scope of work.Schedule And Gantt Chart - Make sure you have enough time in the schedule to perform the scope of work. This is where every minute spent developing your Work-Breakdown-Structure (WBS) is worth an hour or more in time needed to do the work. Add Contingency To Your Schedule - Minor delays, weather, equipment problems, etc. always happen and do not expect the customer to be sympathetic and allow more time for delays. This is extremely important if the contract has liquidated money penalty damages for late completion. Payment Terms - Should need to add positive cash flow. Get cash coming in early and often. Paid when paid and paid if paid terms are ridiculous and we recommend not signing them ever! Clients who want these types of payment terms all have access to plenty of money and can pay you. Remember cash is king! Retention - Instead of retention being withheld from your progress payment invoices consider providing a warranty guaranty instead but check with your construction attorney first! Indemnities - Can be an open door to your cash reserves and everything you own, be careful! Indemnities typically cover claims for bodily injury, death of persons and property damage. The broad and intermediate form indemnities may require you to pay for bodily injury, death and property damage claims caused by the client, and you could be liable for the customer's attorney's fees and costs. Indemnity in contracts can be a dangerous risk transfer if enforced in a court of law could possibly bankrupt your company for something you didn't do. Again your construction attorney is the person to ask and don't be afraid to walk away from a project.  Three types of indemnities: Broad Form:  A broad form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of any amount of the client's negligence, including his sole negligence.  The 100% indemnity. Intermediate Form:  An intermediate form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of the client's negligence, excluding only those claims arising out of the client's sole negligence.  The 99.9% indemnity. Limited Form:  A limited form indemnity contractually obligates both the contractor and the client to be responsible only to the extent they are negligent for a claim.Additionally Insured - Is a typical requirement in a contract that means something like: "Contractor will name customer as an additional insured on his General Liability Insurance policy." Understand that when you name your customer as an additional insured to your general liability insurance policy (bodily injury and property damage coverage) he receives full access to the policy monetary limits and coverage provided by the policy at no cost, FREE, $0.00! The customer may also receive the legal defense of a claim because your general liability policy for FREE! Other Things To Be Aware Of: Warranty - Is a good thing because it shows your commitment to stand behind your work and fix or replace defective parts or workmanship. Standing behind your work with a good warranty will give you a very good reputation. However, warranties don't have to go on forever and you don't need to marry the project, one year is about right and perhaps you could offer extended warranties as well. Your warranty should exclude things like normal wear and tear, corrosion, improper usage, etc.  Make sure your warranty is specific as to what it includes and excludes, when it starts and when it ends.Dispute Resolution- Well defined and documented dispute resolution clause in all your contracts that outlines the process to try and resolve disputes with negotiation as the starting place and if negotiation fails, then mediation. If that will not work provide for a senior executive in each organization to try and resolve the dispute. If all else fails arbitration and/or litigation is the end and both parties will lose. Lien Waiver - Do not ever give a lien waiver in advance of the check clearing the bank. All 50 states have lien laws that provide contractors with some limited protection against customers that refuse to pay. Make sure your construction attorney reviews the original contract looking for the customer's final lien wavier that could be hidden deep in the contract documents. Some final lien waivers also waive your rights to collect outstanding change orders and/or bodily injury or property damage claims against your employees or property caused by the negligence of the customer so be careful. Board Of Advisors - Finally one of the best things you can do at very little cost is put together your own Board of Advisors to help guide you. Find A Mentor - Someone who has been were you want to go and can guide you. We would like to be that person for you. Call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. Click Here For More. This is one more example of how Fast Easy Accounting is helping construction company owners just like you put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com

Let Us Help Reduce Construction Business Start Up Stress New Contractor's Levels of Stress You Quit Your Job - And started a construction business only to discover you need a contractor’s license and bond. Suddenly you realize it costs real money. Now that's stressful. Ask A Friend Or Relative - To loan you some start-up capital and they agree on condition you are partners in the business and each have an equal share. You do all the work they get half the profits and you politely refuse. This is getting very stressful Go To Your Bank - And they offer you a line of credit. They don't want to be partners they just want everything you own used for collateral. You say O.K. and then find out the interest rate is 24% and they can call the loan due if you miss a payment and take everything you own. This is getting extremely stressful Use Credit Cards - And supplier accounts to finance your new business and be very careful about what you buy. What To Do Next - You have never run a business. The only thing you know is your old boss was a terrible business manager and anyone could do better than that. But now that you are the boss you don't know where to start NOW THAT'S STRESS! Spending Time To Set Up - Your construction company properly will save you grief, time, money and pay you dividends in the future. In addition you will do a better job protecting your business and personal assets. Get Organized - Pick a company name that says something about what you are doing. We strongly recommend a Subchapter S Corp (a Sub S) for tax advantages, protecting your personal assets in the event of a claim or lawsuit against your company and for future expansion. Consult with a construction attorney and follow their advice. Tax Advantages For LLC or a Sub S - The profit or loss from your business is passed through to the owners as normal income. Since the LLC or Sub S does not pay state or federal income tax (as separate business entities), you may be able to save money over a Sole Proprietorship; no double taxation. Partnerships Are The Only Ships - Designed to sink. We recommend stay away from them like the plague. Bookkeeping Service - That understands construction is best when you start because we can setup QuickBooks correctly in the beginning and take care of the accounting until you are ready to take over. Bank Accounts - Set up two bank accounts in your company name. All large income and expenses go through one account and keep the debit card in your personal safe. The second bank account is for your debit card you keep in your wallet and has no more than $500 or whatever you need for small purchases during the week. Never Co-Mingle - Personal and business money or you could lose the tax benefits and personal protection of your corporation. Put Money In And Take Money Out - Of your business is O.K. in done correctly. Your bookkeeping service can advise you on how to do it so that it is recorded in QuickBooks properly. Insurance - Is critical to your construction company. General Liability and Auto/rental equipment insurance can help protect you and your company against claims for personal injury and property damage, and may provide you with legal defense of those claims. Talk to an insurance agent that understands construction about your insurance needs. Architectural or Engineering Designs - Similar services are good reason to get Professional Liability (Errors and Omissions) insurance to help protect you and your company from claims arising out of mistakes in designs and calculations. Contractor's Licenses - Information changes rapidly so check online for your local county or contact us and we can help 206-361-3950 or email sharie@fasteasyaccounting.com. Performance Bonds - If you are doing public sector work you will probably be required to provide a performance bond to ensure that you complete the work in accordance with terms of the contract. Bonds or guarantees are provided by surety companies. Getting your construction company qualified is a process because the surety company will go through a due diligence process on your company to determine how much money they will write or guarantee for your bonds. Business Planning And Strategy Development - Is the blueprint for your business to succeed. You get out of them what you put into them. Garbage In = Garbage Out! Your business plan is a living breathing document that you will change and update as needed. It provides the baseline and milestones for your business and lets you make decisions in advance in the calm environment of your office instead of "on the fly" while driving, talking on your cell, eating lunch, and putting together a bid. It is a must have to borrow money from a bank. Paperwork - Begin the habit of putting all paperwork into manila envelopes which you write the job name on both sides in big letter. If you are thinking of doing your own bookkeeping think again, your time is more valuable in managing your business, getting customers and keeping them happy. Let us take care of your accounting. Estimating Process - There is no one right answer. You can develop your own estimating and pricing process or you can use something like UDA. Contracts - We recommend seeking the advice of a qualified construction attorney to put together a contract that fits your specific needs. Your contracts need a well-defined scope of work, clear payment terms, a reasonable schedule and a good change order clause. No work should ever be performed based on verbal agreements. Get everything in writing, always, no exceptions! Invoicing - For small projects we have a Free Invoice Template you can download and for larger projects with multiple deposits, change orders, progress payments check out our Pay Application. No Financing - Your customer or client's project by providing a substantial amounts of labor, material, subcontractors and rental equipment hoping to get paid later on down the road. McDonald's restaurant model: #1 Customer places order #2 Customer pays #3 Customer gets food. I have owned and operated several construction businesses and have clients who do it now and always work on "Other People's Money (O.P.M.). Nothing will kill your business and your hopes and dreams faster than running out of money. Marketing Then Sales - Is a process that never stops. Selling convinces your customer or client to buy your construction services and it comes after the marketing step. Knowing how to write proposals for customers or respond to a request for proposal (RFQ). What makes your company different than the competition? What are your strengths, weaknesses, opportunities and strengths? Perform a SWOT Analysis. Never ever bad-mouth your competition; it's temping but unprofessional and they might actually do a better job than you do. Join Trade Organizations - This is a great place to meet new customers and get lots of referrals because construction is deep and wide and no company does it all. The best one we have found is The Master Builders Association. And spend time learning about Networking For Contractors. This organization is good for all construction and related industries. www.FastEasyAccounting.com/mba Labor - Can include yourself in the beginning, construction workers, subcontractors and labor pools like Madden Industrial Contractors. Subcontractors are specialty trade contractors that you can delegate certain portions of the work you intend to perform. Make sure they have appropriate experience, properly licensed, bonded and insured. It is important in order to maintain future long term relationships that pay dividend to pay your subcontractors on time and treat them well. Employees - Bring lots of flexibility and responsibility. Flexible because you can allocate resources as need and scheduling is in your direct control. Responsibility because someone has too process payroll and the payroll tax returns. You need to manage cash flow to have money for their wages, benefits you offer and any applicable state and federal withholding taxes related to their wages, such as Social Security, income tax withholding, workers Compensation and unemployment insurance. In addition you may be responsible for employee benefits such as vacation pay, health insurance, and contributions to a retirement program. With labor Pools they take care of all of that and you pay a fixed cost per hour or whatever you negotiate with the service. Check with your construction attorney and your liability insurance agent to make certain you are covered. Lessons You Will Learn The Easy Way Or The Hard Way Lesson #01 - A new contractor meets an experienced customer and money changes hands and not the way you expect it The Contract Abuse - This is typical of what happens when you first get started. You bid on a project and you are the low bidder. You are given the client's standard contract, which contains the client's favorite set of commercial terms and conditions, to sign as a condition of getting the project. You close your and sign the contract because you don't want to ask for changes in the terms or consult your construction attorney. You put the signed contract in your bottom desk drawer and pray hard nothing will happen during the course of the project that will cause you to ever have to read the contract again. That Is Not What Happens This Is What Usually Happens: Poorly defined scopes of work create claims and disputes. The completion schedule is too short and exposes you to monetary damages for failure to finish on time. Payment terms put you in never ending negative cash flow by loaning the customer money at 0% and borrowing on your credit cards at 24% The customer keeps 5% to 10% of the contract price as retention for up a year or more after the entire project is finished which could be all your profit in the project. Indemnity clauses could make you financially responsible for bodily injury and property damage claims caused by customer negligence. Indemnity clauses could make you pay the customer's attorney fees and costs. Your insurance company may be required to provide additional insured coverage for the project giving the customer free insurance and full access to the policy coverage and limits. Oftentimes the term and coverage of the warranty is beyond normal industry standards. Dispute resolution clauses that require arbitration first and then litigation, probably the two worst ways ever invented to resolve disputes. The client's pre-printed final waiver of lien document (necessary for contractor to receive final payment) waives all contractor's rights to recover unpaid extra work and to pursue any claims that arose during the course of the project. Your Construction Attorney - Is your friend and ally and can save you a lot of grief. Most contracts are easy to read and understand. Scope of Work - Description in the contract is of key importance and a well-defined scope of work with details that outlines specific work to be performed by you, the contractor.  The scope of work needs to also define work that is excluded and all work to be done by others, including the owner, which may interface with the contractor's scope of work. Never worry about too much detail; that detail will significantly help with the avoidance or resolution of claims and disputes that may arise out of the scope of work.Schedule And Gantt Chart - Make sure you have enough time in the schedule to perform the scope of work. This is where every minute spent developing your Work-Breakdown-Structure (WBS) is worth an hour or more in time needed to do the work. Add Contingency To Your Schedule - Minor delays, weather, equipment problems, etc. always happen and do not expect the customer to be sympathetic and allow more time for delays. This is extremely important if the contract has liquidated money penalty damages for late completion. Payment Terms - Should need to add positive cash flow. Get cash coming in early and often. Paid when paid and paid if paid terms are ridiculous and we recommend not signing them ever! Clients who want these types of payment terms all have access to plenty of money and can pay you. Remember cash is king! Retention - Instead of retention being withheld from your progress payment invoices consider providing a warranty guaranty instead but check with your construction attorney first! Indemnities - Can be an open door to your cash reserves and everything you own, be careful! Indemnities typically cover claims for bodily injury, death of persons and property damage. The broad and intermediate form indemnities may require you to pay for bodily injury, death and property damage claims caused by the client, and you could be liable for the customer's attorney's fees and costs. Indemnity in contracts can be a dangerous risk transfer if enforced in a court of law could possibly bankrupt your company for something you didn't do. Again your construction attorney is the person to ask and don't be afraid to walk away from a project.  Three types of indemnities: Broad Form:  A broad form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of any amount of the client's negligence, including his sole negligence.  The 100% indemnity. Intermediate Form:  An intermediate form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of the client's negligence, excluding only those claims arising out of the client's sole negligence.  The 99.9% indemnity. Limited Form:  A limited form indemnity contractually obligates both the contractor and the client to be responsible only to the extent they are negligent for a claim.Additionally Insured - Is a typical requirement in a contract that means something like: "Contractor will name customer as an additional insured on his General Liability Insurance policy." Understand that when you name your customer as an additional insured to your general liability insurance policy (bodily injury and property damage coverage) he receives full access to the policy monetary limits and coverage provided by the policy at no cost, FREE, $0.00! The customer may also receive the legal defense of a claim because your general liability policy for FREE! Other Things To Be Aware Of: Warranty - Is a good thing because it shows your commitment to stand behind your work and fix or replace defective parts or workmanship. Standing behind your work with a good warranty will give you a very good reputation. However, warranties don't have to go on forever and you don't need to marry the project, one year is about right and perhaps you could offer extended warranties as well. Your warranty should exclude things like normal wear and tear, corrosion, improper usage, etc.  Make sure your warranty is specific as to what it includes and excludes, when it starts and when it ends.Dispute Resolution- Well defined and documented dispute resolution clause in all your contracts that outlines the process to try and resolve disputes with negotiation as the starting place and if negotiation fails, then mediation. If that will not work provide for a senior executive in each organization to try and resolve the dispute. If all else fails arbitration and/or litigation is the end and both parties will lose. Lien Waiver - Do not ever give a lien waiver in advance of the check clearing the bank. All 50 states have lien laws that provide contractors with some limited protection against customers that refuse to pay. Make sure your construction attorney reviews the original contract looking for the customer's final lien wavier that could be hidden deep in the contract documents. Some final lien waivers also waive your rights to collect outstanding change orders and/or bodily injury or property damage claims against your employees or property caused by the negligence of the customer so be careful. Board Of Advisors - Finally one of the best things you can do at very little cost is put together your own Board of Advisors to help guide you. Find A Mentor - Someone who has been were you want to go and can guide you. We would like to be that person for you. Call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. Click Here For More. This is one more example of how Fast Easy Accounting is helping construction company owners just like you put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com

Let Us Help Reduce Construction Business Start Up Stress New Contractor's Levels of Stress You Quit Your Job - And started a construction business only to discover you need a contractor’s license and bond. Suddenly you realize it costs real money. Now that's stressful. Ask A Friend Or Relative - To loan you some start-up capital and they agree on condition you are partners in the business and each have an equal share. You do all the work they get half the profits and you politely refuse. This is getting very stressful Go To Your Bank - And they offer you a line of credit. They don't want to be partners they just want everything you own used for collateral. You say O.K. and then find out the interest rate is 24% and they can call the loan due if you miss a payment and take everything you own. This is getting extremely stressful Use Credit Cards - And supplier accounts to finance your new business and be very careful about what you buy. What To Do Next - You have never run a business. The only thing you know is your old boss was a terrible business manager and anyone could do better than that. But now that you are the boss you don't know where to start NOW THAT'S STRESS! Spending Time To Set Up - Your construction company properly will save you grief, time, money and pay you dividends in the future. In addition you will do a better job protecting your business and personal assets. Get Organized - Pick a company name that says something about what you are doing. We strongly recommend a Subchapter S Corp (a Sub S) for tax advantages, protecting your personal assets in the event of a claim or lawsuit against your company and for future expansion. Consult with a construction attorney and follow their advice. Tax Advantages For LLC or a Sub S - The profit or loss from your business is passed through to the owners as normal income. Since the LLC or Sub S does not pay state or federal income tax (as separate business entities), you may be able to save money over a Sole Proprietorship; no double taxation. Partnerships Are The Only Ships - Designed to sink. We recommend stay away from them like the plague. Bookkeeping Service - That understands construction is best when you start because we can setup QuickBooks correctly in the beginning and take care of the accounting until you are ready to take over. Bank Accounts - Set up two bank accounts in your company name. All large income and expenses go through one account and keep the debit card in your personal safe. The second bank account is for your debit card you keep in your wallet and has no more than $500 or whatever you need for small purchases during the week. Never Co-Mingle - Personal and business money or you could lose the tax benefits and personal protection of your corporation. Put Money In And Take Money Out - Of your business is O.K. in done correctly. Your bookkeeping service can advise you on how to do it so that it is recorded in QuickBooks properly. Insurance - Is critical to your construction company. General Liability and Auto/rental equipment insurance can help protect you and your company against claims for personal injury and property damage, and may provide you with legal defense of those claims. Talk to an insurance agent that understands construction about your insurance needs. Architectural or Engineering Designs - Similar services are good reason to get Professional Liability (Errors and Omissions) insurance to help protect you and your company from claims arising out of mistakes in designs and calculations. Contractor's Licenses - Information changes rapidly so check online for your local county or contact us and we can help 206-361-3950 or email sharie@fasteasyaccounting.com. Performance Bonds - If you are doing public sector work you will probably be required to provide a performance bond to ensure that you complete the work in accordance with terms of the contract. Bonds or guarantees are provided by surety companies. Getting your construction company qualified is a process because the surety company will go through a due diligence process on your company to determine how much money they will write or guarantee for your bonds. Business Planning And Strategy Development - Is the blueprint for your business to succeed. You get out of them what you put into them. Garbage In = Garbage Out! Your business plan is a living breathing document that you will change and update as needed. It provides the baseline and milestones for your business and lets you make decisions in advance in the calm environment of your office instead of "on the fly" while driving, talking on your cell, eating lunch, and putting together a bid. It is a must have to borrow money from a bank. Paperwork - Begin the habit of putting all paperwork into manila envelopes which you write the job name on both sides in big letter. If you are thinking of doing your own bookkeeping think again, your time is more valuable in managing your business, getting customers and keeping them happy. Let us take care of your accounting. Estimating Process - There is no one right answer. You can develop your own estimating and pricing process or you can use something like UDA. Contracts - We recommend seeking the advice of a qualified construction attorney to put together a contract that fits your specific needs. Your contracts need a well-defined scope of work, clear payment terms, a reasonable schedule and a good change order clause. No work should ever be performed based on verbal agreements. Get everything in writing, always, no exceptions! Invoicing - For small projects we have a Free Invoice Template you can download and for larger projects with multiple deposits, change orders, progress payments check out our Pay Application. No Financing - Your customer or client's project by providing a substantial amounts of labor, material, subcontractors and rental equipment hoping to get paid later on down the road. McDonald's restaurant model: #1 Customer places order #2 Customer pays #3 Customer gets food. I have owned and operated several construction businesses and have clients who do it now and always work on "Other People's Money (O.P.M.). Nothing will kill your business and your hopes and dreams faster than running out of money. Marketing Then Sales - Is a process that never stops. Selling convinces your customer or client to buy your construction services and it comes after the marketing step. Knowing how to write proposals for customers or respond to a request for proposal (RFQ). What makes your company different than the competition? What are your strengths, weaknesses, opportunities and strengths? Perform a SWOT Analysis. Never ever bad-mouth your competition; it's temping but unprofessional and they might actually do a better job than you do. Join Trade Organizations - This is a great place to meet new customers and get lots of referrals because construction is deep and wide and no company does it all. The best one we have found is The Master Builders Association. And spend time learning about Networking For Contractors. This organization is good for all construction and related industries. www.FastEasyAccounting.com/mba Labor - Can include yourself in the beginning, construction workers, subcontractors and labor pools like Madden Industrial Contractors. Subcontractors are specialty trade contractors that you can delegate certain portions of the work you intend to perform. Make sure they have appropriate experience, properly licensed, bonded and insured. It is important in order to maintain future long term relationships that pay dividend to pay your subcontractors on time and treat them well. Employees - Bring lots of flexibility and responsibility. Flexible because you can allocate resources as need and scheduling is in your direct control. Responsibility because someone has too process payroll and the payroll tax returns. You need to manage cash flow to have money for their wages, benefits you offer and any applicable state and federal withholding taxes related to their wages, such as Social Security, income tax withholding, workers Compensation and unemployment insurance. In addition you may be responsible for employee benefits such as vacation pay, health insurance, and contributions to a retirement program. With labor Pools they take care of all of that and you pay a fixed cost per hour or whatever you negotiate with the service. Check with your construction attorney and your liability insurance agent to make certain you are covered. Lessons You Will Learn The Easy Way Or The Hard Way Lesson #01 - A new contractor meets an experienced customer and money changes hands and not the way you expect it The Contract Abuse - This is typical of what happens when you first get started. You bid on a project and you are the low bidder. You are given the client's standard contract, which contains the client's favorite set of commercial terms and conditions, to sign as a condition of getting the project. You close your and sign the contract because you don't want to ask for changes in the terms or consult your construction attorney. You put the signed contract in your bottom desk drawer and pray hard nothing will happen during the course of the project that will cause you to ever have to read the contract again. That Is Not What Happens This Is What Usually Happens: Poorly defined scopes of work create claims and disputes. The completion schedule is too short and exposes you to monetary damages for failure to finish on time. Payment terms put you in never ending negative cash flow by loaning the customer money at 0% and borrowing on your credit cards at 24% The customer keeps 5% to 10% of the contract price as retention for up a year or more after the entire project is finished which could be all your profit in the project. Indemnity clauses could make you financially responsible for bodily injury and property damage claims caused by customer negligence. Indemnity clauses could make you pay the customer's attorney fees and costs. Your insurance company may be required to provide additional insured coverage for the project giving the customer free insurance and full access to the policy coverage and limits. Oftentimes the term and coverage of the warranty is beyond normal industry standards. Dispute resolution clauses that require arbitration first and then litigation, probably the two worst ways ever invented to resolve disputes. The client's pre-printed final waiver of lien document (necessary for contractor to receive final payment) waives all contractor's rights to recover unpaid extra work and to pursue any claims that arose during the course of the project. Your Construction Attorney - Is your friend and ally and can save you a lot of grief. Most contracts are easy to read and understand. Scope of Work - Description in the contract is of key importance and a well-defined scope of work with details that outlines specific work to be performed by you, the contractor.  The scope of work needs to also define work that is excluded and all work to be done by others, including the owner, which may interface with the contractor's scope of work. Never worry about too much detail; that detail will significantly help with the avoidance or resolution of claims and disputes that may arise out of the scope of work.Schedule And Gantt Chart - Make sure you have enough time in the schedule to perform the scope of work. This is where every minute spent developing your Work-Breakdown-Structure (WBS) is worth an hour or more in time needed to do the work. Add Contingency To Your Schedule - Minor delays, weather, equipment problems, etc. always happen and do not expect the customer to be sympathetic and allow more time for delays. This is extremely important if the contract has liquidated money penalty damages for late completion. Payment Terms - Should need to add positive cash flow. Get cash coming in early and often. Paid when paid and paid if paid terms are ridiculous and we recommend not signing them ever! Clients who want these types of payment terms all have access to plenty of money and can pay you. Remember cash is king! Retention - Instead of retention being withheld from your progress payment invoices consider providing a warranty guaranty instead but check with your construction attorney first! Indemnities - Can be an open door to your cash reserves and everything you own, be careful! Indemnities typically cover claims for bodily injury, death of persons and property damage. The broad and intermediate form indemnities may require you to pay for bodily injury, death and property damage claims caused by the client, and you could be liable for the customer's attorney's fees and costs. Indemnity in contracts can be a dangerous risk transfer if enforced in a court of law could possibly bankrupt your company for something you didn't do. Again your construction attorney is the person to ask and don't be afraid to walk away from a project.  Three types of indemnities: Broad Form:  A broad form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of any amount of the client's negligence, including his sole negligence.  The 100% indemnity. Intermediate Form:  An intermediate form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of the client's negligence, excluding only those claims arising out of the client's sole negligence.  The 99.9% indemnity. Limited Form:  A limited form indemnity contractually obligates both the contractor and the client to be responsible only to the extent they are negligent for a claim.Additionally Insured - Is a typical requirement in a contract that means something like: "Contractor will name customer as an additional insured on his General Liability Insurance policy." Understand that when you name your customer as an additional insured to your general liability insurance policy (bodily injury and property damage coverage) he receives full access to the policy monetary limits and coverage provided by the policy at no cost, FREE, $0.00! The customer may also receive the legal defense of a claim because your general liability policy for FREE! Other Things To Be Aware Of: Warranty - Is a good thing because it shows your commitment to stand behind your work and fix or replace defective parts or workmanship. Standing behind your work with a good warranty will give you a very good reputation. However, warranties don't have to go on forever and you don't need to marry the project, one year is about right and perhaps you could offer extended warranties as well. Your warranty should exclude things like normal wear and tear, corrosion, improper usage, etc.  Make sure your warranty is specific as to what it includes and excludes, when it starts and when it ends.Dispute Resolution- Well defined and documented dispute resolution clause in all your contracts that outlines the process to try and resolve disputes with negotiation as the starting place and if negotiation fails, then mediation. If that will not work provide for a senior executive in each organization to try and resolve the dispute. If all else fails arbitration and/or litigation is the end and both parties will lose. Lien Waiver - Do not ever give a lien waiver in advance of the check clearing the bank. All 50 states have lien laws that provide contractors with some limited protection against customers that refuse to pay. Make sure your construction attorney reviews the original contract looking for the customer's final lien wavier that could be hidden deep in the contract documents. Some final lien waivers also waive your rights to collect outstanding change orders and/or bodily injury or property damage claims against your employees or property caused by the negligence of the customer so be careful. Board Of Advisors - Finally one of the best things you can do at very little cost is put together your own Board of Advisors to help guide you. Find A Mentor - Someone who has been were you want to go and can guide you. We would like to be that person for you. Call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. Click Here For More. This is one more example of how Fast Easy Accounting is helping construction company owners just like you put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com